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NOTE 12 - RELATED PARTY TRANSACTIONS
 6 Months Ended
Jun. 30, 2025
Related Party Transactions [Abstract]  
NOTE 12 - RELATED PARTY TRANSACTIONS

NOTE 12 - RELATED PARTY TRANSACTIONS

 

Due from related party

 

During the six months ended June 30, 2025 and 2024, the Company loaned $29,462 and $111,602 and collected $839 and $0, respectively to a related party.

 

As of June 30, 2025 and December 31, 2024, the Company had amounts due from related parties of $659,338 and $630,715, respectively. The loans are unsecured, non-interest bearing and due on demand.

 

Due to related parties

 

As of June 30, 2025 and December 31, 2024, the Company had amounts due to related parties of $26,613. The amounts are unsecured, non-interest bearing and due on demand.

 

Employment agreements

 

On June 23, 2025, the board of directors of the Company approved amended employment agreements in favor of its Chief Executive Officer, Leandro Iglesias, and its Chief Financial Officer, Alvaro Quintana Cardona.

 

In case the monthly remuneration is not set in full on time , the amended agreements provide that Messrs. Iglesias and Quintana  may convert their accrued salary/bonus into shares of common stock or Series B Preferred Stock of the Company. For common stock, the number of shares issuable is determined by considering the average price per share of common stock on the Nasdaq Capital Market  during the last 10 days and applying a discount of 25% and then dividing the accrued salary by the average price per share. For Series B Preferred stock, the number of shares issuable is determined by considering the discounted average price per share of common stock on the Nasdaq Capital Market during the last 10 days, dividing the accrued salary by the discounted average price per share, and then dividing that number of shares by 12.5.

 

During the six months ended June 30, 2025, the Company issued 6,571 shares of Series B Preferred Stock to settle salary payable for our CEO and CFO of $631,500. As a result, the Company recorded a loss on settlement of salary payable of $216,981.

 

During the six months ended June 30, 2025 and 2024, the Company recorded management salaries of $549,000 and $423,000, and stock-based compensation bonuses of $55,198 and $77,665, respectively.

 

As of June 30, 2025 and December 31, 2024, the Company recorded and accrued management salaries of $172,946 and $420,447, respectively.