RELATED PARTY TRANSACTIONS

12 Months Ended

Dec. 31, 2023

Related Party Transactions [Abstract]

RELATED PARTY TRANSACTIONS

(5) RELATED PARTY TRANSACTIONS

At December 31, 2023, the Company had loans and notes outstanding from Ironbound, Moyo Partners, LLC and Dakota Group, Ltd. in the aggregate amount of $73,000 plus accrued interest of $4,556. At December 31, 2022, the Company had loans and notes outstanding from the Purchasers in the aggregate amount of $50,000 plus accrued interest of $1,521. The foregoing amounts represent amounts loaned to the Company to pay the Company’s expenses of operations.

The following table reflects details related party debt on a year-by-year basis:

	As of		As of
	12/31/23		12/31/22
Principal balance	$	73,000	$	50,000
Accrued Interest	$	4,556	$	1,521

In October 2007, the Company entered into a Services Agreement with Fountainhead Capital Management (“FHM”), a shareholder who owns 98.48% of the issued and outstanding shares of common stock of the Company. The services which FHM provides under this Agreement, includes the following:

(a) FHM will familiarize itself to the extent it seems appropriate with the business, operations, financial condition and prospects of the Company;

(b) At the request of the Company’s management, FHM will provide strategic advisory services relative to the achievement of the Company’s business plan;

(c) FHM will undertake to identify potential merger and acquisition targets for the Company and assist in the analysis of proposed transactions;

(d) FHM will assist the Company in identifying potential investment bankers, placement agents and broker-dealers who are qualified to act on behalf of the Company to achieve its strategic goals;

(e) FHM will assist in the identification of potential investors which might have an interest in evaluating participation in financing transactions with the Company;

(f) FHM will assist the Company in the negotiation of merger, acquisition and corporate finance transactions;

(g) At the request of the Company’s management, FHM will provide advisory services related to corporate governance and matters related to the maintenance of the Company’s status as a publicly-reporting company; and

(h) At the request of the Company’s management, FHM will assist the Company in satisfying various corporate compliance matters.

FHM is not a licensed broker-dealer. Under no circumstances will FHM engage in any activities which would require licensure as a broker-dealer or otherwise.

The initial term of the Services Agreement is one-year and the term extends automatically on a year-to-year basis until terminated by mutual agreement of the parties. The Company is obligated to pay FHM a quarterly fee in the amount of $10,000, in cash or in kind, on the first day of each calendar quarter commencing October 1, 2007. The Services Agreement was terminated by mutual consent effective June 30, 2021.