Related Party Transactions

3 Months Ended

Feb. 28, 2025

Related Party Transactions [Abstract]

Related Party Transactions

Note 7 — Related Party Transactions

During the three months ended February 28, 2025, the Company repaid $36,050 of the loan from the Company’s Executive Chairman. This loan is recorded as a related party loan on the balance sheet. At the periods ending February 28, 2025 and November 30 2024, the balance due to the Executive Chairman was $0 and $36,050, respectively. This loan has a 7% interest rate. During the three months ended February 28, 2025, the Company recorded $88 interest expense. At February 28, 2025, accrued interest payable due to the loan from the Executive Chairman totalled $21,278.

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 February 28, 2025, the Company incurred $131,001 in expenses related to the consulting agreement. At the three months ended February 28, 2025, $524,000 remained unpaid under the agreement.

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 three months ended February 2, 2025, the Company incurred $131,001 in expenses related to the consulting agreement. At the three months ended February 28, 2025, $216,834 remained unpaid under the agreement.

The Company reimburses related party business expenses. During the three months ended February 28, 2025, the Company incurred $809 related party business expenses and paid $9,503 of previously recorded business expenses. At the three months ended February 28, 2025, the balance due to the Executive Chairman and CFO is $90,577.