NOTES PAYABLE |
12 Months Ended |
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Dec. 31, 2024 | |
Debt Disclosure [Abstract] | |
NOTES PAYABLE | NOTE 6. NOTES PAYABLE
On January 3, 2020, specific terms were reached between the Company and Pure Energy 714 LLC on the remaining $170,046 of prior advances made to the Company (See Note 5) pursuant to an unsecured demand note entered into between the Company and Pure Energy 714 LLC. The terms call for repayment of the advances including interest on any unconverted principal amount at a rate of 12% per annum and a repayment date on or before June 3, 2021, at the rate of 12% per annum. If the demand note is unpaid by June 3, 2021, default interest of 3% monthly will apply. On January 17, 2020, the Company repaid $20,000 of the principal outstanding reducing the note balance to $150,046. An additional $10,000 was received on March 16, 2021, but subsequently returned in April 20, 2021. Accrued interest on this note totaled $90,521 and $72,515 at December 31, 2024 and 2023, respectively. On February 26, 2025, the lender converted 100% of the debt and all of the accrued interest into shares of the Company’s common stock.
During 2022 and 2023, the Company received proceeds from various loans from Adriatic Advisors LLC. At December 31, 2023 and 2022, the Company had $383,146 and $332,825 due to Adriatic Advisors LLC, respectively. The notes mature on the earlier of (i) the closing of the Company’s next equity financing, or (ii) six months after the date of issue. At the note holder’s sole election on the maturity date, the note holder may convert the interest accrued on the note into shares of common stock of the Company at $0.05 per share. Accrued interest on these notes totaled $129,427 and $110,440 at December 31, 2024 and December 31, 2023, respectively. On March 11, 2025, the lender converted 100% of the debt and all of the accrued interest into shares of the Company’s common stock.
During May 2024, the Company received proceeds of $11,500 from an investor. The note matures on the earlier of (i) the closing of the Company’s next equity financing, or (ii) six months after the date of issue. At the note holder’s sole election on the maturity date, the note holder may convert the interest accrued on the note into shares of common stock of the Company at $0.05 per share. Accrued interest on this note totaled $1,357 at December 31, 2024. During the first quarter of 2025, the lender converted 100% of the debt and all of the accrued interest into shares of the Company’s common stock.
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