Company: SCTH
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001017386-25-000073
Chunk: 9

Company: Securetech Innovations, Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 8
Chunk 9
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322,448 in unpaid wages and commissions owed to employees and an independent sales representative. The value of the common stock issued was based on the closing price of the Company’s common stock on the date of issuance, which was $1.00 per share, and no gain or loss was recognized as a result.
 
As of March 31, 2024, the Company had aggregated $84,120 in related party accrued payroll, consisting of $78,000 in accrued payroll and $6,120 in accrued employer taxes.
 
As of March 31, 2025, the Company had aggregated $29,499 in related party accrued payroll, consisting solely of accrued payroll.
 
Notes Payable and Imputed Interest
 
As of March 31, 2024, the Company had no outstanding notes payable to related parties or imputed interest expenses.
 
As of March 31, 2025, the Company had outstanding
notes payable to related parties aggregating $134,611
with interest rates between 0%
and 10% per annum.
For the three months ended March 31, 2025, the Company recorded an imputed interest expense of $1,204 and accrued interest payable of $1,636 on
these notes outstanding with maturity dates ranging between October 13, 2024 and March 21, 2026. The related parties have suspended the
maturity dates without penalty until the Company can raise sufficient funds to satisfy these outstanding notes.
 
Patent Royalties
 
On March 2, 2017, the Company entered into a Patent License Agreement with Shongkawh, LLC, which is controlled by our executive officers Kao Lee and Anthony Vang (and directly owned by Mr. Lee and his brother, Thao Lee). Under this agreement, ShongKawh is to receive a royalty of 2% of all products manufactured under this covered patent.
 
As of March 31, 2025, the Company had no accrued patent license royalties owed to ShongKawh.

NOTE 6 – CONTINGENCY/LEGAL
 
As of March 31, 2025, and during the preceding ten years, no director, person nominated to become a director or executive officer, or promoter of the Company has been involved in any legal proceeding that would require disclosure hereunder.
 
From time to time, the Company may become subject to various legal proceedings and claims that arise in the ordinary course of our business activities. However, litigation is subject