Related Party Transactions |
12 Months Ended |
|---|---|
Dec. 31, 2025 | |
| Related Party Transactions [Abstract] | |
| Related Party Transactions |
Note 12. Related Party Transactions
Revenue and Accounts Receivable
The Company recognized revenue of $1,607,014 and $798,942 for the years ended December 31, 2025 and 2024 and accounts receivable of $1,727,939 and $641,376 and contract asset of $209,673 and $46,953 and contract liability of $0 and $46,953 as of December 31, 2025 and 2024, respectively, from contracts entered into by CTC, a principal stockholder, and subcontracted to the Company for four customers.
Accounts Payable
As of December 31, 2025 and 2024, the Company owed $876,007 and $581,243 to related parties of which $527,476 in both periods relates to advances from CTC which are unsecured, due on demand and non-bearing-interest. See Note 18 for subsequent events related to these advances.
As of December 31, 2025 and 2024, the Company recorded accounts payable of $75,006 and $92,759, respectively, related to Q4 2025 and Q4 2024 Board of Director compensation payments.
Cost of Revenue and Operating expenses
For the years ended December 31, 2025 and 2024, the Company recorded cost of revenue to CTC of $1,619,275 and $712,669, and general and administrative expense of $0 and $93,476, respectively.
Professional Service Agreements
A Professional Services Agreement, effective November 15, 2021, was made, between the Company and CTC. The period of performance for this Agreement was December 1, 2021, through November 30, 2022. The agreement was amended and the term of agreement was extended to June 30, 2025.
During the year ended December 31, 2025 and 2024, the Company recorded professional services of $203,270 and $160,221, respectively.
Sublease
On August 1, 2021, the Company entered into a sublease agreement with its related party, CTC (“Sublandlord”), whereby the Company subleases certain offices, rooms and shared use of common spaces located at 150 Sykes Creek Parkway, Merritt Island, FL. The sublease agreement is a month-to-month lease and may be terminated with 30 days’ notice to the Sublandlord. The monthly rent shall be $4,618.03 from February 1, 2024 to January 31, 2025, $4,756.57 from February 1, 2025 to January 31,2026 and $4,899.27 from February 1, 2026 to January 31, 2027. A common area maintenance fee (CAM) will be charged in addition to the monthly rent. During the years ended December 31, 2025 and 2024, the Company recorded $82,469 and $79,005 directly related to this short-term month to month lease to lease expenses.
|