| CONVERTIBLE NOTES PAYABLE |
10.
CONVERTIBLE NOTES PAYABLE
Convertible
notes payable consisted of the following:
SCHEDULE
OF CONVERTIBLE NOTES
| | |
June
30, 2025 | | |
September
30, 2024 | |
| | |
| | |
| |
| Lender
1 – May 5, 2017 – Annual interest rate at 10%, maturity date May 5, 2020 | |
$ | 200,000 | | |
$ | 200,000 | |
| Lender
2 – May 8, 2016 – Annual interest rate at 8%, maturity date March 7, 2019 | |
| 100,000 | | |
| 100,000 | |
| Lender
3 – April 6, 2016 – Annual interest rate at 8%, maturity date April 5, 2019 | |
| 50,000 | | |
| 50,000 | |
| Lender
4 – December 20, 2017 – Annual interest rate at 10%, maturity date December 20, 2020 | |
| 100,000 | | |
| 100,000 | |
| Lender
5 – October 31, 2016 – Annual interest rate at 10%, maturity date October 30, 2018 | |
| 49,880 | | |
| 49,880 | |
| Lender
6 – September 4, 2024 | |
| 250,000 | | |
| - | |
| Lender
7 – October 28, 2024 | |
| 28,500 | | |
| - | |
| | |
| | | |
| | |
| Total
convertible notes payable | |
| 778,380 | | |
| 499,880 | |
| | |
| | | |
| | |
| Less
– unamortized debt discount | |
| (8,475 | ) | |
| - | |
| | |
| | | |
| | |
| Toal
convertible notes payable | |
$ | 769,905 | | |
$ | 499,880 | |
| Total
convertible notes payable | |
$ | 769,905 | | |
$ | 499,880 | |
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i. |
On
May 5, 2017 (“Issue date”) the Company issued a Convertible Note (“Note”) in the face amount of $200,000
for consideration consisting of $200,000 cash. The Note pays simple interest in the amount of 10% per annum. The maturity of the
Note is May 5, 2020. The Note is convertible into the Common Shares of Regen at a price per share (“Conversion Price”)
equivalent to the lower of (a) a 75% discount to the closing price of the common stock of the Company on the trading day immediately
prior to the date a conversion notice is given by the Lender to Regen or (b) $375 per common share as of the date which is the earlier
of: As of June 30, 2025 $200,000 of the principal amount of the Note remains outstanding. |
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ii. |
On
March 8, 2016 (“Issue date”) the Company issued a Convertible Note (“Note”) in the face amount of $100,000
for consideration consisting of $100,000 cash. The Note pays simple interest in the amount of 8% per annum. The maturity of the Note
is three years from the issue date. As of June 30, 2025 $100,000 of the principal amount of the Note remains outstanding |
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iii. |
On
April 6, 2016 (“Issue date”) the Company issued a Convertible Note (“Note”) in the face amount of $50,000
for consideration consisting of $50,000 cash. The Note pays simple interest in the amount of 8% per annum. The maturity of the Note
is three years from the issue date. As of June 30, 2025 $50,000 of the principal amount of the Note remains outstanding. |
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iv. |
On
December 20, 2017 (“Issue date”) the Company issued a Convertible Note (“Note”) in the face amount of $100,000
for consideration consisting of $100,000 cash. The Note pays simple interest in the amount of 10% per annum. The maturity of the
Note is December 20, 2020. The Note may be converted into the Common Shares of Regen at a price per share (“Conversion Price”)
equivalent to the lower of (a) a 75% discount to the closing price of the common stock of the Company on the trading day immediately
prior to the date a conversion notice is given by the Lender to Regen or (b) $37.50 per common share as of the date which is the
earlier of: As of June 30, 2025 $100,000 of the principal amount of the Note remains outstanding. |
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v. |
On
October 31, 2016 (“Issue date”) the Company issued a Convertible Note (“Note”) in the face amount of $50,000
for consideration consisting of $50,000 cash. The Note pays simple interest in the amount of 10% per annum. The maturity of the Note
is two years from the issue date. As of June 30, 2025 $50,000 of the principal amount of the Note remains outstanding. |
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vi. |
Effective
September 4, 2024 the Company entered into a securities purchase agreement (the “Purchase Agreement”) with Coventry Enterprises,
LLC (“Coventry”), pursuant to which Coventry Enterprises purchased a 10% unsecured promissory Note (the “Note”)
from the Company in the principal amount of $250,000 for consideration of $200,000. |
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The
Note carries “Guaranteed Interest” on the principal amount at the rate of 10%
per annum for the 10 ten month term of the Note for an aggregate Guaranteed Interest $25,000.
The Principal Amount and the Guaranteed Interest shall be due and payable in ten equal monthly
payments $27,500 commencing on November 4, 2024, and continuing on the fourth day of each
month thereafter (each, a “Monthly Payment Date”) until paid in full not later
than September 4, 2025.
Upon
an Event of Default (as such term is defined in the Note) the Note became convertible, in whole or in part, into shares of Common
Stock at the option of the Holder at price per share equivalent to 90% of the lowest per-share trading price for the 20 Trading Days
preceding a Conversion Date. |
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vii. |
On
October 28, 2024 a promissory note in the amount $48,500 (“Note”) was reclassified as a convertible note payable due
to a negotiated change in the terms and conditions of the Note. The Note may be converted into the Common Shares of Regen at a price
per share (“Conversion Price”) equivalent to the lower of (a) a 50% discount to the lowest closing bid price of the common
stock of the Company during the ten reading day period immediately prior to the date a conversion notice is given by the Lender to
Regen or (b) $0.04 per common share. As of June 30, 2025 $28,500 of the principal balance of the Note remained outstanding. |
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