Accrued salary, accrued retirement, and incentive fee - related party

3 Months Ended

Mar. 31, 2024

Payables and Accruals [Abstract]

Accrued salary, accrued retirement, and incentive fee - related party

Note 14 - Accrued salary, accrued retirement, and incentive fee - related party

The Company had an outstanding liability to its CEO as follows:

	March 31, 2024			December 31, 2023
Accrued salaries and benefits	$	37,255		$	30,517
Accrued retirement and other benefits		671,980			667,648
Offset by shareholder advance		(261,653	)		(261,653	)
	$	447,582		$	436,512

As approved by resolution of the Board of Directors in 1998, the CEO will be paid an incentive fee and a bonus, which are payable in installments at the CEO’s option. The incentive fee is 1% of the increase in market capitalization based on the bid price of the Company’s stock beyond the book value at confirmation of the bankruptcy, which was approximately $260,000. The bonus is 0.5% of the increase in market capitalization for each $1 increase in stock price up to a maximum of $8 per share (4%) based on the bid price of the stock beyond the book value at confirmation of the bankruptcy. For the three months ended March 31, 2024 and 2023, there were no incentive fee expenses.