Related Party Transactions

3 Months Ended

Mar. 31, 2026

Related Party Transactions [Abstract]

Related Party Transactions

Note 6 — Related Party Transactions

Under the terms of a consulting agreement with the Company’s Executive Chairman and CFO, the Company is obligated to compensate him $43,667 per month, consisting of $41,667 in consulting fees and a $2,000 monthly allowance. During the three months ended March 31, 2026, the Company incurred $131,000 in expenses related to the consulting agreement. During the three months ended March 31, 2026, the Company paid $90,444. As of the three months ended March 31, 2026, $545,055 remained unpaid under the agreement. During the year ended December 31, 2025, the Board of Directors approved the accruing of interest payable on the unpaid consultant fees retroactive to August 1, 2024. During the three months ended March 31, 2026, the Company accrued $9,969 interest. At the three months ended March 31, 2026, the accrued interest due is $58,756.

Under the terms of a consulting agreement with the Company’s President and Chief Executive Officer, the Company is obligated to compensate him $43,667 per month, consisting of $41,667 in consulting fees and a $2,000 monthly allowance. During the year ended December 31, 2025, the Board of Directors approved the consulting fee to be increased to $56,167 per month, consisting of $54,167 in consulting fees and a $2,000 monthly allowance. During the three months ended March 31, 2026, the Company incurred $168,500 in expenses related to the consulting agreement. During the three months ended March 31, 2026, the Company paid $89,167 consulting expense to the President and Chief Executive Officer. As of the three months ended March 31, 2026, $214,334 remained unpaid under the agreement. During the year ended December 31, 2025, the Board of Directors approved the accruing of interest payable on the unpaid consultant fees retroactive to August 1, 2024. During the three months ended March 31, 2026, the Company accrued $2,890 interest. At the three months ended March 31, 2026, the accrued interest due is $21,943.

Under the terms of agreements with the Company’s directors, the Company is obligated to compensate each of them $10,000 per month. During the three months ended March 31, 2026, the Company incurred $90,000 in expenses related to director agreements. During the three months ended March 31, 2026, the Company paid $0. At the period ended March 31, 2026, $550,000 remained unpaid to all directors.

The Company reimburses related party business expenses. During the three months ended March 31, 2026, the Company incurred $23,593 related party business expenses with a director. At the three months ended March 31, 2026, the balance due to the director is $23,593.

As of March 31, 2026, the Company has an account payable to a vendor, who is a more than 5% beneficial owner, in an amount of $350,000. The Company also have an account payable to a vendor, which is controlled by the Executive Chairman, in an amount of $350,000.