Related Party Disclosures |
12 Months Ended |
|---|---|
Dec. 31, 2024 | |
| LOAN PAYABLE, RELATED PARTIES | |
| RELATED PARTY TRANSACTIONS |
NOTE 11 - RELATED PARTY TRANSACTIONS
Loan Payable - Related Party
See “Note 5 - Loan Payable, Related Parties” for disclosure of loans payable to related parties.
Employment Agreement
The company presently has in place employment agreements with the Chief Executive Officer and the Chief Financial Officer.
Accounts Payable
On December 31, 2024, and December 31, 2023, the Company had accounts payable to related parties of $194,762 and $172,670, respectively. These amounts due were the result of the Company’s delayed payment of cash service fees to the non-employee directors of the Company per the Non Employee Directors Compensation Policy.
Stock and Warrant Sales and Issuances
During the year ended December 31, 2024, the Company issued 195,435 shares of common stock for total proceeds of $1,318,882 including $1,240,781 in cash and $78,101 in accounts payable to four related parties. In addition to the issued common stock, warrants for 6,185 shares were issued to related parties with no additional proceeds to the Company.
During the year ended December 2023, the Company sold and issued 437,692 shares of common stock for proceeds of $485,000 to two related parties. |
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- References No definition available.
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- Definition The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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