| NOTE 4 – CONVERTIBLE NOTES PAYABLE |
NOTE 4 – CONVERTIBLE NOTES
PAYABLE
A summary of the Company’s convertible notes
as of March 31, 2024, is presented below:
| Note
Holder | |
Date | |
Maturity
Date | |
Interest | |
Balance
March 31, 2023 | |
Additions | |
Conversions | |
Balance
March 31, 2024 |
| Thirty
05, LLC (1) |
|
|
1/25/2022 |
|
|
1/25/2024 |
|
|
8 |
% |
|
$ |
5,000 |
|
|
$ |
— |
|
|
$ |
(5,000 |
) |
|
$ |
— |
|
| Thirty
05, LLC (2) |
|
|
3/7/2022 |
|
|
3/7/2024 |
|
|
8 |
% |
|
$ |
2,500 |
|
|
$ |
— |
|
|
$ |
(2,500 |
) |
|
$ |
— |
|
| Thirty
05, LLC (2) |
|
|
5/19/2022 |
|
|
5/19/2023 |
|
|
8 |
% |
|
$ |
15,000 |
|
|
$ |
— |
|
|
$ |
(15,000 |
) |
|
$ |
— |
|
| EROP
Enterprises (1) |
|
|
11/14/2022 |
|
|
11/14/2023 |
|
|
8 |
% |
|
$ |
10,000 |
|
|
$ |
— |
|
|
$ |
(10,000 |
) |
|
$ |
— |
|
| EROP
Enterprises (1) |
|
|
12/15/2022 |
|
|
12/15/2023 |
|
|
8 |
% |
|
$ |
51,444 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
51,444 |
|
| EROP
Enterprises (1) |
|
|
12/29/2022 |
|
|
12/29/2023 |
|
|
8 |
% |
|
$ |
25,000 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
25,000 |
|
| EROP
Enterprises (1) |
|
|
2/13/2023 |
|
|
2/13/2024 |
|
|
8 |
% |
|
$ |
10,000 |
|
|
$ |
— |
|
|
$ |
(10,000 |
) |
|
$ |
— |
|
| EROP
Enterprises (1) |
|
|
3/28/2023 |
|
|
3/28/2024 |
|
|
8 |
% |
|
$ |
20,000 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
20,000 |
|
| EROP
Enterprises (1) |
|
|
6/14/2023 |
|
|
6/14/2024 |
|
|
8 |
% |
|
$ |
— |
|
|
$ |
25,000 |
|
|
$ |
— |
|
|
$ |
25,000 |
|
| EROP
Enterprises (1) |
|
|
8/15/2023 |
|
|
8/15/2024 |
|
|
8 |
% |
|
$ |
— |
|
|
$ |
15,000 |
|
|
$ |
(15,000 |
) |
|
$ |
— |
|
| EROP
Enterprises (1) |
|
|
9/13/2023 |
|
|
9/13/2024 |
|
|
8 |
% |
|
$ |
— |
|
|
$ |
15,000 |
|
|
$ |
— |
|
|
$ |
15,000 |
|
| EROP
Enterprises (2) |
|
|
12/21/2023 |
|
|
12/21/2024 |
|
|
8 |
% |
|
$ |
— |
|
|
$ |
10,000 |
|
|
$ |
— |
|
|
$ |
10,000 |
|
| Thirty
05, LLC (2) |
|
|
12/31/2023 |
|
|
12/31/2024 |
|
|
8 |
% |
|
$ |
— |
|
|
$ |
2,500 |
|
|
$ |
(2,500 |
) |
|
$ |
— |
|
| EROP Enterprises (3) |
|
|
1/12/2024 |
|
|
1/12/2025 |
|
|
8 |
% |
|
|
— |
|
|
|
5,000 |
|
|
|
— |
|
|
|
5,000 |
|
| EROP Enterprises (4) |
|
|
2/28/2024 |
|
|
2/28/2025 |
|
|
8 |
% |
|
|
— |
|
|
|
12,000 |
|
|
|
— |
|
|
|
12,000 |
|
| EROP Enterprises (4) |
|
|
2/28/2024 |
|
|
2/28/2025 |
|
|
8 |
% |
|
|
— |
|
|
|
8,000 |
|
|
|
— |
|
|
|
8,000 |
|
| | |
| | | |
Total | | |
$ | 138,944 | | |
$ | 92,500 | | |
$ | (60,000 | ) | |
$ | 171,444 | |
| | |
| | | |
Less
Discount | | |
$ | (91,100 | ) | |
| | | |
| | | |
$ | (5,210 | ) |
| | |
| | | |
Total | | |
$ | 47,844 | | |
| | | |
| | | |
$ | 166,234 | |
On January 25, 2023, EROP Enterprises LLC, agreed
to extend the convertible promissory notes dated January 25, 2022 and March 7, 2022 by one additional year.
Total accrued interest on the above Notes as of March
31, 2024 and 2023 is $13,029 and $3,889, respectively.
| |
(1) |
On December 5, 2023, the note holders agreed to change the conversion rate to $0.02. |
| |
(2) |
Converts at $0.015 per share. |
| |
(3) |
Converts at $0.04 per share. |
| |
(4) |
Converts at $0.03 per share. |
A summary of the activity of the derivative liability
for the notes above is as follows:
| | |
|
| Balance at March 31, 2023 | |
$ | 88,169 | |
| Increase to derivative due to new issuances | |
| 35,872 | |
| Decrease to derivative due to conversion/repayments | |
| (3,972 | ) |
| Derivative loss due to mark to market adjustment | |
| 86,921 | |
| Eliminate derivative for change of conversion feature | |
| (206,990 | ) |
| Balance at March 31, 2024 | |
$ | — | |
A summary of quantitative information about significant
unobservable inputs (Level 3 inputs) used in measuring the Company’s derivative liability that are categorized within Level 3 of
the fair value hierarchy as of and March 31, 2024 and 2023, is as follows:
| Inputs | |
March 31, 2024 | |
March 31, 2023 |
| Stock price | |
$ | — | | |
$ | 0.051 | |
| Conversion price | |
$ | — | | |
$ | 0.015 – 0.056 | |
| Volatility (annual) | |
| — | | |
| 187.53% - 200.08 | % |
| Risk-free rate | |
| — | | |
| 4.64 - 4.94 | |
| Dividend rate | |
| — | | |
| — | |
| Years to maturity | |
| —
| | |
| .13 - .99 | |
A summary of quantitative information about significant
unobservable inputs (Level 3 inputs) used in measuring the Company’s derivative liability that are categorized within Level 3 of
the fair value hierarchy at the time of conversion is as follows:
| Inputs |
|
March 31, 2024 |
|
March 31, 2023 |
| Stock price |
|
$ |
0.036 |
|
|
$ |
0.01 – 0.0141 |
|
| Conversion price |
|
$ |
.0272 |
|
|
$ |
0.0106 – 0.0105 |
|
| Volatility (annual) |
|
|
238.38 |
% |
|
|
140.81 – 196.26 |
% |
| Risk-free rate |
|
|
5.59 |
% |
|
|
1.15 – 4.72 |
% |
| Dividend rate |
|
|
— |
|
|
|
— |
|
| Years to maturity |
|
|
.05 |
|
|
|
.25 – .45 |
|
The development and determination of the unobservable
inputs for Level 3 fair value measurements and fair value calculations are the responsibility of the Company’s management.
|