RELATED PARTY TRANSACTIONS |
6 Months Ended |
|---|---|
Jun. 30, 2026 | |
| RELATED PARTY TRANSACTIONS | |
| RELATED PARTY TRANSACTIONS | Note 11 – RELATED PARTY TRANSACTIONS
Loans payable to officers were $98,301.68 at June 30, 2026 and at December 31, 2025. The amounts are owed to Richard Balles, an officer of the Company, arose from funds he paid over to the Company, are unsecured, non-interest-bearing and due on demand, and had no movement during the period.
A note payable of $21,829.90 is held by a person who was a Director of the Company at June 30, 2026 and who resigned effective July 24, 2026. The balance had no movement during the period.
A note receivable from Richard Balles, an officer of the Company, including accrued interest, was $251,155.19 at June 30, 2026 compared with $14,463 at December 31, 2025. The note is unsecured and due on demand. Amounts due to related parties were $81,161.20 at June 30, 2026 compared with $28,925 at December 31, 2025, of which $7,859.48 is owed to Richard Balles and is unsecured, non-interest-bearing and due on demand.
During the period the Company issued convertible promissory notes of $35,000, $80,000 and $133,000 to related parties on January 2, 2026, February 2, 2026 and May 1, 2026. Each bears simple interest at 6.00% per annum, is unsecured and is payable on demand.
On April 6, 2026 the Company acquired a 16.875% interest in RI Property Holdings, Inc. from a shareholder and related party in exchange for a convertible promissory note in the principal amount of $3,500,000. The $250,000 purchase money note described in Note 9 is guaranteed by an officer of a subsidiary of the Company. |