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Related-Party Transactions and Loans Payable to Stockholders
6 Months Ended
Jun. 30, 2024
Related Party Transactions [Abstract]  
Related-Party Transactions and Loans Payable to Stockholders

Note 8 - Related-Party Transactions and Loans Payable to Stockholders

Effective September 1, 2022 the Company signed an employment agreement with its chief executive officer for $90,000 per year plus incentive stock options until year-end December 31, 2022, thereafter for $120,000 per year over the term. Subsequent to the end of the period the Board of Directors terminated the CEO’s employment for cause and appointed a new CEO on July 17, 2024. The new CEO’s compensation will be $60,000 per year beginning in August of 2024. At June 30, 2024 and December 31, 2023 accrued payroll of $0 and $30,000, respectively, is included in related-party payables.

During the year ended December 31, 2022 the Company issued 600,000 shares of common stock at the price of $0.067 with a fair value of $40,000 to settle $40,000 in accounts payable owed to a company controlled by the Company'’s chief executive officer. There was no gain or loss on the settlement.

At June 30, 2024 and December 31, 2023 the Company accrued $600 and $1,200, respectively, to board members for services rendered. This amount is included in related-party payables.

At June 30, 2024 and December 31, 2023 the Company owed $0 and $15,000, respectively, to a company controlled by a related party for website creation, website development, and hosting services.

During the six-month period ended June 30, 2024 and the year ended December 31, 2023 the Company recorded share-based compensation of $105,284 and $249,952, respectively, from the grant of stock options to its chief executive officer and board members.

During the six-month period ended June 30, 2024 and the year ended December 31, 2023 the Company has repaid non-interest-bearing notes payable to related parties totaling $132,000 and $0, respectively, that were due at various dates between May 30, 2024 and January 15, 2025.

 

The Company has an interest bearing note payable to a related party totaling $300,000 that is due on February 22, 2025.

 

The Company has a non-interest bearing note payable to a related party totaling $50,000 that is due on April 23, 2025.