Related Party Transactions |
6 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Related Party Transactions [Abstract] | |
| Related Party Transactions | Note 6 — Related Party Transactions
Under the terms of a consulting agreement with the Company’s Executive Chairman and CFO, the Company is obligated to compensate him $43,667 per month, consisting of $41,667 in consulting fees and a $2,000 monthly allowance. During the six months ended June 30, 2026, the Company incurred $262,000 in expenses related to the consulting agreement. During the six months ended June 30, 2026, the Company paid $160,444. At the periods ended June 30, 2026 and December 31, 2025, the balance due to the Executive Chairman and CFO was $606,055 and $505,499, respectively. During the year ended December 31, 2025, the Board of Directors approved the accrual of interest payable on the unpaid consultant fees retroactive to August 1, 2024. During the six months ended June 30, 2026, the Company accrued $21,060 interest. At the periods ending June 30, 2026 and December 31, 2025, the accrued interest payable due for unpaid consultant fees was $69,847 and $45,480, respectively.
Under the terms of a consulting agreement with the Company’s President and Chief Executive Officer, the Company is obligated to compensate him $43,667 per month, consisting of $41,667 in consulting fees and a $2,000 monthly allowance. During the year ended December 31, 2025, the Board of Directors approved the consulting fee to be increased to $56,167 per month, consisting of $54,167 in consulting fees and a $2,000 monthly allowance. During the six months ended June 30, 2026, the Company incurred $337,000 in expenses related to the consulting agreement. During the six months ended June 30, 2026, the Company paid $141,167 consulting expense to the President and Chief Executive Officer. At the periods ended June 30, 2026 and December 31, 2025, $327,834 and $132,001, respectively remained unpaid under the agreement. During the year ended December 31, 2025, the Board of Directors approved the accrual of interest payable on the unpaid consultant fees retroactive to August 1, 2024. During the six months ended June 30, 2026, the Company accrued $7,703 interest. At the periods ending June 30, 2026 and December 31, 2025, the accrued interest payable due for unpaid consultant fees was $26,756 and $18,230, respectively.
Under the terms of agreements with the Company’s directors, the Company is obligated to compensate each of them $10,000 per month. During the six months ended June 30, 2026, the Company incurred $180,000 in expenses related to director agreements. During the six months ended June 30, 2026, the Company paid $0. At the periods ending June 30, 2026 and December 31, 2025, $640,000 and $460,000, respectively remained unpaid.
The Company reimburses related party business expenses. During the six months ended June 30, 2026, the Company incurred $39,852 related party business expenses with a director. As of June 30, 2026, the balance due to the director is $21,512.
As of June 30, 2026, the Company has an account payable to a vendor, who is a more than 5% beneficial owner, in an amount of $350,000. The Company also has an account payable to a separate vendor, which is controlled by the Executive Chairman, in an amount of $350,000. At the end of December 31, 2025, the balances due to these two vendors was $350,000 each.
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