Related Party Transactions

6 Months Ended

Jun. 30, 2024

Related Party Transactions [Abstract]

Related Party Transactions

Note 14 – Related Party Transactions

The Company leases its current facilities month-to-month from Gold Team Inc., a company principally owned by the Company’s CEO, which owns both the Canoga Park, CA and Milford, Ohio locations. Rent expense for the six months ended June 30, 2024, and 2023 was $96,000 and $84,000, respectively. As of June 30, 2024, and December 31, 2023, amounts payable to Gold Team Inc. in connection with the above leases amount to $552,000 and $456,000, respectively (See Note 9).

As of June 30, 2024, and December 31, 2023, the Company had accrued compensation payable to its majority shareholder of $700,000 and $650,000, respectively and to its prior CFO, Richard Landry, of $210,000 and $210,000, respectively. 

During the year ended, December 31, 2023, the company issued 530,300 shares of common stock to Richard Landry for a value of $32,348 or $.061 per share, the fair value on date of grant.

Also see Note 7.