Company: SCTH
Filing Date: 2025-11-20
Form Type: 10-Q
Source: 0001017386-25-000148
Chunk: 16

Company: Securetech Innovations, Inc.
Filing Date: 2025-11-20
Form: 10-Q
Item: Part I, Item 8
Chunk 16
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 including 67,100,000 pursuant to a series of Share Exchange Agreements described below.

Share Exchange and Cancellations
 
During the fiscal year ended December 31, 2023, the Company entered into a Share Exchange Agreement with one of its Founders, Kao Lee, whereby it issued 2,500 shares of its Series A Preferred Stock in exchange for an aggregate of 25,000,000 shares of its common stock.
 
During the nine months ended September 30, 2025, the Company entered into Share Exchange Agreements with two of its Founders, Kao Lee and Abdikarim Farah, whereby it issued an aggregate of 4,210 shares of its Series A Preferred Stock in exchange for an aggregate of 42,100,000 shares of its common stock.
 
All shares of common stock received in these stock exchanges were subsequently canceled. No consideration was paid or received in connection with the share exchanges.
 
Accrued Payroll
 
During the nine months ended September 30, 2025, the Company issued 322,448 shares of common stock as payment in place of cash to settle $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 September 30, 2025, the Company had aggregated $70,331 in related party accrued payroll, consisting solely of accrued payroll.
 
As of September 30, 2024, the Company had aggregated $215,150 in related party accrued payroll, consisting of $207,500 in accrued payroll and $7,650 in accrued employer taxes.
 
Amounts Due to Related Parties and Imputed Interest
 
As of September 30, 2025, the Company had outstanding amounts due to related parties aggregating $188,914 with stated interest rates between 0% and 10% per annum. For the nine months ended September 30, 2025, the Company recorded imputed interest expense of $5,152 and accrued interest payable of $7,303 on notes with below‑market or no stated interest. The related parties have agreed to suspend stated maturity dates without penalty until the Company raises sufficient funds.
 
As of September 30, 2024, the Company had outstanding notes payable to Kao Lee aggregating