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Related Party Note Receivable
3 Months Ended
Mar. 31, 2025
Related Party Note Receivable [Abstract]  
RELATED PARTY NOTE RECEIVABLE

NOTE 5 – RELATED PARTY NOTE RECEIVABLE

 

On July 7, 2023, the Company entered into a loan agreement with Alpha Seven Therapeutics, Inc., (“Alpha Seven”) a related party through a common director and officers of the Company, to advance an amount up to $150,000. The unsecured outstanding balance carries an interest rate of 12% per annum, a term of 12 months, no payments are due until maturity. As of March 31, 2025, and December 31, 2024, the Company had advanced $55,000 and accrued interest of $nil and $1,645, respectively.

 

As of December 31, 2024, management determined the credit risk of the loan to Alpha Seven had increased significantly since initial recognition and the Company recorded a provision for credit losses for the outstanding principal balance of $55,000 and reversed the accrued interest of $1,243 in the condensed interim consolidated statement of operations and comprehensive loss.