v3.26.1
RELATED PARTY TRANSACTIONS (Tables)
 6 Months Ended
Jun. 30, 2026
Related Party Transactions [Abstract]  
Schedule of related party transactions
                    
   Three months ended
June 30,		   Six months ended
June 30,		 
   2026   2025   2026   2025 
Revenue  $276,218   $231,608   $903,680   $231,608 
Lease expense due to Formosa included in cost of goods sold   270,896    270,940    544,270    532,225 
Professional fees   28,155    61,643    81,913    174,007 
Royalty expense   63,875    55,599    195,095    55,599 
Interest expense   354,708    628,431    714,896    1,213,495 
Imputed interest expense   293,463    –    605,005    – 
Other expense   –    –    –    1,930,000 
Rent expense   –    2,168    –    3,213 
Schedule of lease expense
                    
   Three months ended
June 30,		   Six months ended
June 30,		 
   2026   2025   2026   2025 
Lease expense (1)  $270,896   $270,940   $544,270   $532,225 
Interest expense related to rent in default, associated with unpaid lease payments   169,646    135,040    330,969    289,742 
Total  $440,542   $405,980   $875,239   $821,967 

 

(1)Lease expense is included in cost of goods sold.
Schedule of professional fees
                    
   Three months ended
June 30,		   Six months ended
June 30,		 
   2026   2025   2026   2025 
Invictus Accounting Group LLP (“Invictus”) (1)  $27,255   $48,456   $69,988   $126,820 
Fabian Vancott (2)   900    13,187    11,925    47,187 
Total  $28,155   $61,643   $81,913   $174,007 

 

(1)Invictus provides part-time CFO, financial reporting, and bookkeeping services to the Company. Mr. Oliver Foeste is the Managing Partner of Invictus.
(2)Anthony Panek who is a partner in Fabian Vancott, is also a director of the Company.
Schedule of interest expense
                    
   Three months ended
June 30,		   Six months ended
June 30,		 
   2026   2025   2026   2025 
Promissory and convertible notes with Mr. Tal  $9,515   $26,959   $20,668   $54,137 
Promissory and convertible notes with Koze   146,952    441,370    307,060    820,955 
Promissory note with Formosa   28,595    25,062    56,199    48,661 
Rent in default with Formosa   169,646    135,040    330,969    289,742 
Total  $354,708   $628,431   $714,896   $1,213,495 
Schedule of imputed interest expense
                    
   Three months ended
June 30,		   Six months ended
June 30,		 
   2026   2025   2026   2025 
Promissory and convertible notes with Mr. Tal  $15,263   $       –   $32,362   $       – 
Promissory and convertible notes with Koze   231,492    –    479,600    – 
Promissory note with Formosa   46,708    –    93,043    – 
Total  $293,463   $–   $605,005   $– 
Schedule of due to related parties
          
  

June 30,

2026

  

December 31,

2025

 
Accounts payable and accrued liabilities  $5,752,511   $5,416,889 
Accrued interest   1,743,532    1,352,899 
Loans payable to related parties   13,410,379    13,116,485 
Royalty payable   483,554    305,492 
Liability for right-of-use building   5,782,769    6,034,080 
Obligation to issue shares   1,090,155    2,166,681 
Total  $28,262,900   $28,392,526 
Schedule of accounts payable and accrued liabilities
          
  

June 30,

2026

  

December 31,

2025

 
Outstanding lease payments to Formosa  $4,659,570   $4,283,706 
Part-time CFO, financial reporting, and bookkeeping services outstanding to Invictus   115,425    146,306 
Unpaid directors’ fees for 2021 through 2023 to Mr. Orman   319,279    319,279 
Unpaid salary and expense reimbursement amounts to Dominic Colvin, a director of the Company (1)   532,377    551,953 
Unpaid legal fees to Fabian Vancott   125,860    115,645 
Total  $5,752,511   $5,416,889 

 

(1)For amounts related to Mr. Colvin’s employment with the Company as its CEO during the years 2019 through 2022. Mr. Colvin has disputed this amount and is asserting a claim for $1,679,060. As at June 30, 2026, the Company is in the process of reviewing the claim and remains in ongoing discussions with Mr. Colvin. No resolution has been reached with respect to this matter.
Schedule of outstanding principal
          
  

June 30,

2026

  

December 31,

2025

 
PLC International Investments Inc. (“PLC”) (a)  $12,975   $13,430 
Koze Lucky Tackle Box Management, LLC (“LTB”) (b)   3,063,682    3,093,478 
Koze A (c)   1,639,002    1,400,243 
Koze B (d)   5,577,005    5,529,686 
Koze C (e)   336,807    343,701 
Koze convertible note (“Koze CN”) (f)   128,664    131,298 
Mr. Tal LTB (g)   410,626    447,647 
Mr. Tal convertible note (“Mr. Tal CN”) (h)   298,144    306,571 
Formosa (i)   1,943,474    1,850,431 
Total  $13,410,379   $13,116,485 
Schedule of accrued interest to related parties
          
  

June 30,

2026

  

December 31,

2025

 
Koze LTB  $88,728   $76,062 
Koze A   43,394    31,070 
Koze B   156,538    132,215 
Koze C   9,754    8,394 
Koze CN   3,726    3,207 
Mr. Tal LTB   9,895    11,887 
Mr. Tal CN   8,640    7,488 
Formosa   101,607    45,396 
Total  $422,282   $315,719 
Schedule of interest expense related parties
                    
   Three months ended
June 30,		   Six months ended
June 30,		 
   2026   2025   2026   2025 
Koze LTB  $42,621   $82,648   $88,728   $164,388 
Koze A   21,368    50,040    43,394    91,155 
Koze B   76,664    288,066    161,458    524,408 
Koze C   4,558    16,503    9,754    32,777 
Koze CN   1,741    4,113    3,726    8,227 
Mr. Tal LTB   5,515    14,206    12,033    28,630 
Mr. Tal CN   4,000    12,753    8,635    25,507 
Formosa   28,595    25,062    56,199    48,661 
Total  $185,062   $493,391   $383,927   $923,753 
Schedule of imputed interest expense related parties
                    
   Three months ended
June 30,		   Six months ended
June 30,		 
   2026   2025   2026   2025 
Koze LTB  $69,332   $        –   $138,933   $        – 
Koze A   33,459    –    67,948    – 
Koze B   118,841    –    251,610    – 
Koze C   7,134    –    15,274    – 
Koze CN   2,726    –    5,835    – 
Mr. Tal LTB   8,998    –    18,842    – 
Mr. Tal CN   6,265    –    13,520    – 
Formosa   46,708    –    93,043    – 
Total  $293,463   $–   $605,005   $–