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COMMITMENTS AND CONTINGENCIES
3 Months Ended
Mar. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES

NOTE 4 – COMMITMENTS AND CONTINGENCIES

 

Operating Leases

 

On July 1, 2023, the Company commenced an office space license to use designated office space at #144-V, 10 Fairway Drive, Suite 1000, Deerfield Beach, Florida 33441. The short-term lease is a month-to-month agreement for professional office space for a monthly fee of $75 with a security deposit of $75. The agreement may be terminated by the Company or the licensor of the office space upon a written notice provided thirty (30) days in advance.

 

Employment Agreements

 

On February 5, 2020, the Company entered into a new Employment Agreement with Stewart Wallach, whereby Mr. Wallach will be paid $301,521 per annum. The initial term of this new agreement began February 5, 2020, and ended February 5, 2023. The parties may extend the employment period of this agreement by mutual consent with approval of the Company’s Board of Directors, but the extension may not exceed two years in length. On February 5, 2023, the employment agreement was extended for an additional two-year period through February 5, 2025.

 

Beginning in 2020 and through 2024, executive salaries and consulting fees have been deferred to conserve cash flow. Deferrals amounted to $969,603 and $734,156, as of September 30, 2024 and December 31, 2023, respectively, and were included in accounts payable and accrued liabilities. See Note 3 – Notes Payable to Related and Unrelated Parties for cancellation agreement for the deferred wages and consulting fees in exchange of issuance of Preferred B-1 Stock.

 

On December 4, 2024, the CEO of Coppermine Ventures, Alexander Jacobs, was appointed as CEO and Director of Capstone Companies, Inc. with former CEO S. Wallach voluntarily resigning and remaining as Capstone Companies, Inc Chair of the Board of Directors. There is no employment agreement for Mr. Jacobs as of the date of this filing Form 10-Q. Mr. Jacobs has agreed to accrual of a base salary of One Dollar per year.

 

Directors Compensation

 

On July 5, 2022, the Board voted to suspend granting compensation to the independent directors for the remainder of the fiscal year 2022. There have been no payments to the Board of Directors since the year ended December 31, 2022.