Convertible Note Payable |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Convertible Note Payable [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| CONVERTIBLE NOTE PAYABLE | NOTE 5 – CONVERTIBLE NOTE PAYABLE
On January 10, 2024, the Company issued a 10% Convertible Promissory Note (the “Note”) for $143,000 to 1800 Diagonal Lending LLC (“1800 Diagonal”). The Note includes an OID of $18,000 and matures on January 10, 2025. The OID includes $5,000 withheld for legal fees. The Note is convertible into shares of common stock, beginning 180 days after the issue date, at a 25% discount to the average of the three lowest trades during the ten days prior to the date of conversion. The Company recorded an original debt discount of $118,887 ($18,000 OID, $100,877 from derivative) to be amortized over the one-year term of the loan. On July 16, 2024, 1800 Diagonal converted $50,000 of principal into 5,000,000 shares of common stock. On July 24, 2024, the remaining principal and interest of $93,000 and $6,246, respectively, was repaid, along with an additional $16,574 early payment penalty fee.
During the year ended December 31, 2024, $118,877 was amortized to interest expense. The debt discount balance as of December 31, 2024, is $0.
On November 18, 2024, the Company issued a 10% Convertible Promissory Note for $116,600 to 1800 Diagonal. The Note includes an OID of $16,600 and matures on August 30, 2025. The OID includes $6,000 withheld for legal fees. The Note is convertible into shares of common stock, beginning 180 days after the issue date, at a 25% discount to the average of the three lowest trades during the ten days prior to the date of conversion. The Company recorded an original debt discount of $116,600 ($16,600 OID, $100,000 from derivative) to be amortized over the one-year term of the loan. As of December 31, 2024, there is $116,600 and $1,406 of principal and interest, respectively, due on the loan.
During the year ended December 31, 2024, $16,438 was amortized to interest expense. The debt discount balance as of December 31, 2024, is $100,162.
A summary of the activity of the derivative liability for the notes above is as follows:
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 December 31, 2024 is as follows:
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