XML 28 R17.htm IDEA: XBRL DOCUMENT v3.25.3
NOTE 11 - RELATED PARTY TRANSACTIONS
 9 Months Ended
Sep. 30, 2025
Related Party Transactions [Abstract]  
NOTE 11 - RELATED PARTY TRANSACTIONS

NOTE 11 - RELATED PARTY TRANSACTIONS

 

Due from related party

 

During the nine months ended September 30, 2025 and 2024, the Company loaned $39,462 and $119,832 and collected $2,000 and $0, respectively to a related party.

 

At September 30, 2025 and December 31, 2024, the Company had amounts due from related parties of $668,177 and $630,715, respectively. The loans are unsecured, non-interest bearing and due on demand.

 

Due to related parties

 

At September 30, 2025 and December 31, 2024, the Company had amounts due to related parties of $65,829 and $26,613, respectively. For the nine months ended September 30, 2025, a related party paid $39,216 to purchase a vehicle on behalf of the Company. 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 nine months ended September 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 nine months ended September 30, 2025 and 2024, the Company recorded management salaries of $760,500 and $634,500, and stock-based compensation bonuses of $71,145 and $109,485, respectively. During the three months ended  September 30, 2025 and 2024, the Company recorded management salaries of $211,500 and $211,500, and stock-based compensation bonuses of $15,945 and $31,820, respectively.

 

At September 30, 2025 and December 31, 2024, the Company recorded and accrued management salaries of $73,365 and $420,447, respectively.