XML 25 R14.htm IDEA: XBRL DOCUMENT v3.25.2
RELATED PARTY TRANSACTIONS
 12 Months Ended
Dec. 31, 2024
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS

NOTE 4 – RELATED PARTY TRANSACTIONS

 

In the year ended December 31, 2024 the amount due to Mr. Rechtman is $0 and Mr. Rechtman owes the Company $337 whereas the amount due by the Company to Mr. Rechtman in the year ended December 31, 2023 was $37,592. Funds were previously advanced by Mr. Rechtman to support the company during a shortage of cash due partially to lower revenues and Other cash flow needs.

 

The funds due to Mr. Rechtman have no formal agreement, no due date and no rate of interest.

 

In the year ended December 31, 2024 distributions to Mr Rechtman were $28,819 and $27,482 in the year ended December 31, 2023. These distributions/owners draw were not connected to the amounts advanced to the Company in the related party transactions.

 

On July 27th, 2021 Palisades purchased the assets of Landmark LLC from CorpTech Holding Inc. Mr. Rechtman - our CEO, owns 75% of our Company as well as 90% of CorpTech Holding Inc., while CorpTech owns 25% of our Company. Palisades paid for this purchase as follows: 25,000,000 shares of Palisades shares and $300,000 promissory Note with terms including no payments for 5 years, $5000 monthly payments for additional 5 years and a balloon payment at the end of the 10 years for all remaining balance. Palisades may prepay the note with no penalty at any time.

 

The due date of this note is July 25, 2031. The interest rate of the non-convertible note is 0.5%. The Company used the stated rate of 9.5% as imputed interest rate, which was $28,500 and $28,500 for the year ended December 31, 2023 and year ended December 31, 2022 respectively. As of December 31, 2023, and 2022, the balance of the debt was $300,000.

 

On February 2, 2023 the Company entered into a Service Level Agreement with CorpTech Holding where CorpTech will provide the Company with technical support and hosting of servers. The Company is paying CorpTech $2,500 a month for these services. In the period ended December 31, 2023 the Company incurred $25,000 of expenses related to this agreement and $30,000 for the year ended December 31, 2024. The specifics of this Service Level Agreement are detailed in the agreement attached to this document

 

RELATED PARTY NOTE AND INTEREST

                
Corptech Holdings, Inc.  Issuance Date  Maturity date  Amount   Interest Rate 
               
DETAIL  27-Jul-21  25-Jul-31   300,000    0.50% 
                 
Imputed interest addition              9.50% 
                 
Total Interest              10% 

 

   Note   Interest   Imputed
Interest		 
             
Opening Balance-December 31, 2021  $300,000   $645   $12,259 
                
Additions   –    –    – 
                
Repayments   –    –    – 
                
Interest   –    1,500    – 
                
Imputed Interest   –    –    28,500 
                
Balance as at December 31, 2022  $300,000   $2,145   $40,759 
                
Additions   –    –    – 
                
Repayments   –    –    – 
                
Interest   –    1,500    – 
                
Imputed Interest   –    –    28,500 
                
Balance as at December 31, 2023  $300,000   $3,645   $69,259 
                
Additions   –    –    – 
                
Repayments   –    –    – 
                
Interest   –    1,500    – 
                
Imputed Interest   –    –    28,500 
                
Balance as at December 31, 2024  $300,000   $5,145   $97,759