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ACCOUNTS PAYABLES AND ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

9 Months Ended

12 Months Ended

Sep. 30, 2024

Dec. 31, 2023

ACCOUNTS PAYABLES AND ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

NOTE 7 – ACCOUNTS PAYABLES AND ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

On September 30, 2024, there was $2,934 in interest due and $140,588 of principal and interest on loans from affiliates, and $40,000 of liability related to un-issued shares due to an affiliate. On December 31, 2023, there were $2,000 in accounts payable and $25,000 of principal and interest on loans from affiliates, and $515,904 in liability related to un-issued shares due to an affiliate.

The following table represents the major components of accounts payables and accrued expenses and other current liabilities at September 30, 2024, and at December 31, 2023:

		September 30,2024			December 31, 2023
Accounts payable affiliate	a	$	35,084		$	2,000
Professional fees			75,469			77,264
Payroll Tax			4,332			—
401K			18,625			—
Interest affiliate	b		2,934			—
Interest			123,352			223,759
Other			—			1,658
Un-issued share liability affiliate	c		40,000			507,242
Un-issued share liability			10,194			507,315
Short term loan affiliate	b		140,588			25,000
Short term loan			38,000			—
Debt discount			(50,000	)		—
Convertible note payable			805,000			1,900,000
Total current liabilities		$	1,243,578		$	3,244,238

a	As at September 30, 2024, there are $35,084 of accounts payable owed to an affiliate. Accumulated payroll for the month of September 2024 is $32,084, $11,667 for each the CEO and CFO and $8,750 for the CCO, each person also has $1,000 of reimbursable expense claims. On December 31, 2023, there was $2,000 due to the CFO for reimbursable expenses.

b	On September 30, 2024, the Company has a loan of $140,588 due to affiliates, the interest is 8% and currently $2,934 is owed in accrued interest. On December 31, 2023, the loan had a balance of $25,000 with no interest due.

c	On September 30, 2024, there are 82,476 shares of Preferred Stock awarded but not issued to four (4) Board Members in the second quarter of 2024. The total fair market value at the time of the award was $40,000. On December 31, 2023, there were 211,269 shares awarded to three (3) Board Members and 3,599,289 shares approved for conversion of debt. The total fair market value at the time of the award was $515,904.

NOTE 7 – ACCOUNTS PAYABLES AND ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

On December 31, 2023, there was $2,000 in Accounts Payables to related parties in form of payroll and advanced expenses. On December 31, 2022 there was $709,727 in Accounts Payables to related parties.

The following table represents the major components of accounts payables and accrued expenses and other current liabilities at December 31, 2023 and 2022:

	December 31, 2023		December 31, 2022
Accounts payable affiliates (1)	$	2,000	$	709,727
Professional fees		77,264		397,514
Interest		223,759		134,581
Payroll taxes		—		40,182
Pension/401K		—		180,557
Other accounts payable		1,658		990
Un-issued shares affiliates (2)		507,242		38,400
Un-issued shares		507,315		960
Loan from Affiliates (3)		25,000		—
Convertible note payable		1,900,000		2,165,000
Total	$	3,244,238	$	3,667,911

(1)	$2,000 due to the CFO for expenses at December 31, 2023, while there was $286,900 to the CEO, $269,400 to the CFO and $153,427 to the CCO in salary and expenses at December 31, 2022.

(2)	The amount is to be converted into shares of Common Stock whereof $30,000 is to our Directors for their attendance in board and committee meetings during the fourth quarter of 2023 and $485,904 to the Company’s officers for conversion of outstanding salaries and expenses.

(3)	On September 23, 2023, the Company received an interest free loan from an affiliated Company.