Company: SCTH
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001017386-25-000028
Chunk: 2

Company: Securetech Innovations, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 11
Chunk 2
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,309,329 common shares issued and outstanding as of March 31, 2025. 

(2)Based on 17,710 Series A Preferred shares issued and outstanding as of March 31, 2025. 

Securities Authorized for Issuance Under Equity Compensation Plans

As of December 31, 2024, we did not have any authorized Equity Compensation Plans.  Further, we have no plans to create any plans during the fiscal year ending December 31, 2025.

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Changes in Control

We are unaware of any contract or other arrangement that could result in a change of control of SecureTech.

Item 13.  Certain Relationships and Related Transactions, and Director Independence

We do not have a formal written policy for reviewing and approving transactions with related parties. However, our Code of Ethics and Corporate Governance Principles require actual or potential conflicts of interest to be reported to our executive officers and/or legal counsel. Employees must disclose personal interests that may conflict with ours and avoid activities that conflict with their responsibilities to us.

Periodically, we inquire whether any directors have entered into transactions, arrangements, or relationships that constitute related party transactions. If any actual or potential conflict of interest is reported, our entire Board of Directors, along with outside legal counsel, reviews the disclosed transaction or relationship. The Board then makes a formal determination regarding each director's independence. If a transaction presents a conflict of interest, the Board of Directors will determine the appropriate action.

Related Party Transactions

Patent License

On March 2, 2017, SecureTech entered into a Patent License Agreement with Shongkawh, LLC (“Licensing Agreement”), which is controlled by our executive officers Kao Lee and Anthony Vang (and directly owned by Mr. Lee and his brother, Thao Lee) is deemed a related party.  This Licensing Agreement gives us exclusive use and control of United States Patent No. 8,436,721.

Under the Licensing Agreement terms, ShongKawh will receive a royalty of 2% of all products manufactured under this patent, including our Top Kontrol product.  The 2% royalty is based on SecureTech’s selling price of any products utilizing this patent, which would typically be the wholesale price we offer to distributors.  Royalties are to accrue and be paid in quarterly calendar payments.

As of December 31, 2024, SecureTech had no accrued patent license royalties owed to ShongKawh