Accounts Payable and Accrued Liabilities |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2026 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accounts Payable and Accrued Liabilities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ACCOUNTS PAYABLE AND ACCRUED LIABILITIES | NOTE 8 – ACCOUNTS PAYABLE AND ACCRUED LIABILITIES
Accounts payable and accrued liabilities at September 30, 2026 and December 31, 2025, consisted of the following:
Retirement and Pension Plans
The Company does not currently sponsor a defined contribution retirement plan in the United States. Accordingly, expense was recognized for employer retirement plan contributions for the three and nine months ended September 30, 2026 and 2025.
In Germany, the Company participates in government-mandated pension and social security programs. Contributions to these plans are required by law and are based on a percentage of employee compensation. The Company’s obligation is limited to the statutory contributions, which are recognized as expense in the period in which the related payroll costs are incurred. The Company has no further obligations beyond these contributions.
Total pension and related expense for each of the nine months ended September 30, 2026 and 2025 was $0.
Insurance Finance Agreement
In April 2026, the Company entered into a premium finance agreement to finance its directors’ and officers’ insurance premium. The loan repayment is $21,761 per month for ten (10) months, beginning May 2026, with an interest rate of 8.50% per annum.
In November 2025, the Company entered into a premium finance agreement to finance its directors’ and officers’ insurance premium. The loan repayment was $21,132 per month for ten (10) months, beginning December 2025, with an interest rate of 6.99% per annum. During the nine months ended September 30, 2026, the Company paid the remaining balance and terminated the contract.
In November 2024, the Company entered into a premium finance agreement to finance its directors’ and officers’ insurance premium. The loan repayment was $20,389 per month for ten (10) months, beginning December 2024, with an interest rate of 8.99% per annum. This was fully repaid during 2025.
The Company repaid $289,059 and $176,814 under premium finance agreements during the nine months ended September 30, 2026 and 2025, respectively. As of September 30, 2026 and December 31, 2025, the outstanding balance under premium finance agreements, included in accounts payable and accrued liabilities, was $106,532 and $183,706, respectively. |
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