Company: SCTH
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001017386-25-000028
Chunk: 4

Company: Securetech Innovations, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 11
Chunk 4
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 part of SecureTech’s ongoing Share Reduction Program. SecuretTech recorded a $51,057 loss due to the issuance of additional Series A Preferred Shares based on the market’s closing price of $0.25 a share of SecureTech’s common stock on the date of the issuance.

Accrued Payroll

As of December 31, 2024, the Company had aggregated $322,448 in related party accrued payroll, consisting of $311,812 in accrued payroll and $10,636 in accrued employer taxes.

As of December 31, 2023, the Company had aggregated $63,090 in related party accrued payroll, consisting of $58,500 in accrued payroll and $4,590 in accrued employer taxes.

Notes Payable and Imputed Interest

As of December 31, 2023, the Company had no outstanding notes payable to related parties or imputed interest expenses.

As of December 31, 2024, the Company had outstanding non-interest bearing notes payable to a related party aggregating $39,611. The Company recorded an imputed interest expense of $2,212 for the fiscal year ended December 31, 2024 on these notes outstanding with maturity dates ranging between October 13, 2024 and April 30, 2025. The related party has suspended the maturity dates without penalty until the Company is able to raise sufficient funds to satisfy these outstanding notes.

Indemnification

Section 78.138 of the Wyoming Revised Statutes (“WRS”) provides that directors and officers of Wyoming corporations may, under certain circumstances, be indemnified against expenses (including attorneys’ fees) and other liabilities incurred as a result of any suit brought against them in their capacity as a director or officer. This indemnification applies if they acted in good faith and in a manner they reasonably believed to be in or not opposed to the best interests of the corporation, and, with respect to any criminal action or proceeding, if they had no reasonable cause to believe their conduct was unlawful. WRS also allows for indemnification against expenses (including attorneys’ fees) incurred in connection with a derivative suit if the directors and officers acted in good faith and in a manner they reasonably believed to be in or not opposed to the best interests of the corporation, except that no indemnification may be made without court approval if the person was adjudged liable to the corporation.

Article X of our bylaws also contains provisions that allow SecureTech to indemnify its officers, directors, employees, and agents.

Insofar