Related Party Transactions

6 Months Ended

Jun. 30, 2023

Related Party Transactions [Abstract]

Related Party Transactions

12. Related Party Transactions

Other than the transactions disclosed elsewhere in the condensed financial statements, the following are the other significant related party transactions and balances:

Included in common stock issued for services during the six months ended June 30, 2023, were 1,750,000 shares of common stock issued to the Executive Chairman of the Company (Note 11).

Included in common stock issued for services during the six months ended June 30, 2023, were 500,000 shares of common stock issued to the Chief Executive Officer of the Company (Note 11).

At June 30, 2023, $800,000 was due to the Company’s former interim Chief Executive Officer, who is also the Company’s Executive Chairman. The amount, which includes $750,000 in accrued bonus, is included in accrued liabilities in the condensed balance sheet. The accrued bonus is expected to be paid in the first quarter of 2024 and is subject to Board of Director approvals.

At June 30, 2023, $75,000 was due to the Company’s Chief Executive Officer. The amount is included in accrued liabilities in the condensed balance sheet.

At June 30, 2023, $23,201 was due to a company majority owned by the Company’s Chief Executive Officer. The amount is included in accounts payable in the condensed balance sheets.

At June 30, 2023, $24,480 was due to a company wholly owned by the Company’s Chief Financial Officer, who also is a shareholder. The amount is included in accounts payable in the condensed balance sheet.

At June 30, 2023, the outstanding balance on the related party line of credit note of $3,561,657 was due to a Lender, who is a member of the Board (Note 10). The amount is included in the related party line of credit note in the condensed balance sheet.