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Subsequent Events
6 Months Ended
Jun. 30, 2026
Subsequent Events [Abstract]  
Subsequent Events

Note 9. Subsequent Events

 

On July 1, 2026, the Company executed and consummated the transactions contemplated by an asset purchase agreement (the “Asset Purchase Agreement”) by and among Sunrise Paddleboards LLC, a Florida limited liability company (“Sunrise Paddleboards”), Brian Galton, the sole member of Sunrise Paddleboards (the “LLC Member”), the Company and LBI. Pursuant to the terms of the Asset Purchase Agreement, LBI acquired substantially all of Sunrise Paddleboards’ assets and assumed certain liabilities of the business associated with these assets. Sunrise Paddleboards is in the business of providing paddleboarding and kayaking experiences, including paddleboard rental, tour, retail and training. In consideration for the assets purchased, the Company issued 41,000,000 shares of its common stock to the LLC Member and in connection with the acquisition, 2,000,000 shares to an employee of Sunrise Paddleboards, each at a price of $0.0044 per share, based upon the closing price of the Company’s common stock on the OTC Markets on June 30, 2026.

 

On November 20, 2025, the “Company, and Charles Hyatt, a director of the Company (“Hyatt”), executed (a) a third amendment to a promissory note in the principal amount of $150,000, which was originally issued by the Company to Hyatt on November 7, 2023 (the “2023 Note”), to further extend the 2023 Note’s maturity date from November 7, 2025 to May 7, 2026, and (b) a third amendment to a promissory note in the principal amount of $280,000, which was originally issued by the Company to Hyatt on February 5, 2024 (the “2024 Note”), to further extend the 2024 Note’s maturity date from November 5, 2025 to May 5, 2026. The Company is in discussions with Mr. Hyatt regarding the further extensions of these Notes. The Company has not received any notice of default under the Notes.

 

Effective August 1, 2026, the Company entered into a seven-year lease with Orangemen Holdings, Inc., a Florida corporation, for 20,728 square feet of office and warehouse space in Davie, Florida. Monthly base rent under the lease is approximately $38,001, $39,141, $40,316, 41,525, 42,771, $44,054 and $45,376 from year one through the term of the lease. The Company will also be responsible for its pro rata share of certain operating expenses.