RELATED PARTY TRANSACTIONS |
6 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Related Party Transactions [Abstract] | |
| RELATED PARTY TRANSACTIONS | NOTE 5 — RELATED PARTY TRANSACTIONS
In 2007, we issued a 10% promissory note to a family member of our president in exchange for $300,000. The note was due on demand after May 2008. There were no repayments made during the periods presented. At June 30, 2026 and December 31, 2025, the principal amount owing on the note was $151,833 and $151,833, respectively. No demand for payment has been made.
On March 31, 2008, we issued to this same family member, along with two other company shareholders, promissory notes totaling $315,000 ($ each). Under the terms of these three $ notes, we received total proceeds of $300,000 and agreed to repay the amount received plus a 5% borrowing fee. The notes were due April 30, 2008, after which they were due on demand, with interest accruing at 12% per annum. We made no payments towards the outstanding notes during the periods presented. The principal balance owing on the notes as of June 30, 2026 and December 31, 2025, was $72,466 and $72,466, respectively. No demand for payment has been made.
There were $1,424,661 and $1,400,699 short-term advances due to related parties as of June 30, 2026 and December 31, 2025, respectively.
As of June 30, 2026 and December 31, 2025, we owed our president a total of $433,379 and $433,379, respectively, in unsecured advances. The advances and short-term bridge loans were approved by our board of directors under a 5% borrowing fee. The borrowing fees were waived by our president on these loans. These amounts are included in our liabilities from discontinued operations.
Total inventory purchases from the related parties were $0 and $251,394 during the six months ended June 30, 2026 and 2025, respectively. All transactions were at a 2% markup over the related party’s cost paid for inventory in arm’s-length transactions.
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