Related Party Transactions

6 Months Ended

Jun. 30, 2025

Related Party Transactions [Abstract]

RELATED PARTY TRANSACTIONS

13 RELATED PARTY TRANSACTIONS

The following transactions were entered into with related parties:

William Corbett

In terms of an employment agreement entered into on January 7, 2025, with Mr. Corbett, which is for a term expiring on December 31, 2025 at a base salary of $20,000 per month, Mr. Corbett was awarded ten year options exercisable for 600,000 shares of common stock at an exercise price of $0.09 per share. With the resignation of Mr. Rosenblum, disclosed below, Mr. Corbett assumed the role of Chief Executive Officer, Chief Financial Officer and President of the Company.

The option expense for options still vesting for Mr. Corbett was $1,371 and $66,587 for the three months ended June 30, 2025 and 2024, respectively and $19,186 and $133,134 for the six months ended June 30, 2025 and 2024, respectively.

On April 18, 2025, the Company entered into a convertible note agreement, whereby $240,000 of payroll accrued to Mr. Corbett was exchanged for a convertible note, bearing interest at 8% per annum and maturing on January 6, 2026. The convertible note was convertible into shares of common stock at a conversion price of $0.02 per share. On April 29, 2025, the board of directors approved an amendment to the exercise price to $0.005 per share.

As of June 30, 2025 and December 31, 2024, the company owed Mr. Corbett $5,106 and $0, respectively. Mr. Corbett paid certain operating expenses on behalf of the Company. 

Richard Rosenblum

An option expense for options still vesting for Mr. Rosenblum was $0 and $27,877 for the three months ended June 30, 2025 and 2024, respectively and $0 and $55,754 for the six months ended June 30, 2025 and 2024, respectively.

On April 18, 2025, the Company entered into a convertible note agreement, whereby $210,000 of payroll accrued to Mr. Rosenblum was exchanged for a convertible note, bearing interest at 8% per annum and maturing on January 6, 2026. The convertible note was convertible into shares of common stock at a conversion price of $0.02 per share. On April 29, 2025, the board of directors approved an amendment to the exercise price to $0.005 per share.

Mr. Rosenblum resigned all his positions with the Company with effect from January 7, 2025.