v3.25.2
CONVERTIBLE NOTES PAYABLE
6 Months Ended
Jun. 30, 2025
Convertible Notes Payable  
CONVERTIBLE NOTES PAYABLE

NOTE 7 –CONVERTIBLE NOTES PAYABLE

 

Issuance date  Principal Amount   Maturity date  Interest
rate
   June 30,
2025
   December 31,
2024
 
September 30, 2019  $30,000   September 30, 2021   8%  $30,000   $30,000 
January 29, 2020  $10,000   January 29, 2021   8%  $10,000   $10,000 
February 26, 2020  $10,000   February 26, 2021   8%  $10,000   $10,000 
March 6, 2020  $7,500   March 6, 2021   8%  $7,500   $7,500 
March 5, 2020  $3,700   March 5, 2021   8%  $5,900   $5,900 
March 9, 2020  $1,200   March 9, 2021   8%  $1,200   $1,200 
March 26, 2020  $60,000   March 26, 2021   10%  $60,000   $60,000 
March 5, 2021  $11,300   March 5, 2022   8%  $11,300   $11,300 
July 11, 2023  $11,000   July 11, 2024   7%  $11,000   $11,000 
August 22, 2023  $10,000   August 22, 2024   7%  $10,000   $10,000 
November 1, 2023  $7,000   October 31, 2024   7%  $7,000   $7,000 
April 4, 2024  $109,379   October 3, 2024   10%  $109,379   $109,379 
April 23, 2024  $5,000   April 23, 2025   10%  $5,000   $5,000 
May 8, 2024  $25,000   May 8, 2025   20%  $25,000   $25,000 
May 8, 2024  $50,000   May 8, 2025   10%  $50,000   $50,000 
June 5, 2024  $50,000   June 1, 2025   10%  $50,000   $50,000 
June 27, 2024  $700   June 27, 2025   10%  $700   $700 
July 17, 2024  $50,000   July 17, 2025   10%  $50,000   $50,000 
November 13, 2024  $52,750   November 13, 2025   10%  $52,750   $52,750 
December 30,2024  $1,000   January 30, 2025   10%  $1,000   $- 
January 2.2025  $1,500   January 31, 2025   10%  $1,500   $- 
January 17.2025  $37,500   January 17, 2026   10%  $37,500   $- 
February 5,2025  $56,100   February 4, 2026   10%  $56,100   $- 
February 19.2025  $1,000   February 19, 2026   8%  $1,000   $- 
April 30, 2025  $90,815   April 29, 2026   10%  $90,815   $- 
May 7, 2025  $566,666   December 7, 2025   6%  $566,666   $- 
May 14, 2025  $55,000   February 14, 2026   8%  $55,000   $- 
Total carrying amount                1,316,310    506,729 
Less: Unamortized debt discount     (605,514)   (126,839)
Total convertible notes payable    710,796    379,890 
Less: Current portion    710,796    379,890 
Long-term portion   $-   $- 

 

 

The components of convertible notes payable as of June 30, 2025, and December 31, 2024, were as follows:

 

Convertible notes payable consists of the following:

 

  Terms ranging from five months to one year.
  Annual interest rates range from 6% – 10%.
  Convertible at the option of the holders at any time during the period of note, after maturity date or 6 months after issuance date.
  Conversion prices is a fixed of $0.50 for certain notes. Certain notes have a conversion price of 25% and 45% discount to the operative market valuation of the Company.
  Conversion price of the note dated May 7,2025, is market piece on date of conversion notice without discount.

 

During the six months ended June 30, 2025, and 2024, the Company issued convertible notes of $809,581 and $172,300, respectively.

 

On February 5,2025, the Company entered into a convertible promissory note of $51,000 with 10% original issue discount (OID), interest rate of 10% per annum, conversion price of 45% of the average price of the Company’s common stock during the 20 consecutive trading days prior to the date of the conversion with maturity date of February 4,2026. During the six months ended June 30,2025, the Company obtained the initial consideration of $51,000 with 10% OID of $5,100 for total initial principal amount of $56,100.

 

During the six months ended June 30, 2025, the Company entered into four (4) convertible promissory notes agreements of $41,000 with an interest rate of 8% and 10% per annum for a term of one (1) and twelve (12) months. The noteholders have the right from time to time during the period of the note to convert the unpaid principal into common stock at a price of 25% discount to the average trading price during the ten (10) day period ending on the last complete training day prior to the conversion date.

 

On April 30,2025, the Company entered into a convertible promissory note of $210,000 with 10% original issue discount (OID), interest rate of 10% per annum, conversion price of 45% of the average price of the Company’s common stock during the 20 consecutive trading days prior to the date of the conversion with maturity date of April 29,2026. During the six months ended June 30,2025, the Company obtained the initial consideration of $82,559 with 10% OID of $8,256 for total initial principal amount of $90,815.

 

On May 7,2025, the Company entered into a convertible promissory note of $566,666 with 10% original issue discount (OID), interest rate of 6% per annum, conversion price of the Company’s common stock market price on date of notice of conversion, with maturity date of December 7,2025. On May 7,2025, the Company entered into a warrant agreement of 3,631,083 shares, with exercise price per share of common stock subject to adjustment, which would be equal to the closing price of the common stock on trading market on the initial date, for the period of five (5) years and six (6) months. During the six months ended June 30,2025, the Company obtained the initial consideration of $510,000 with 10% OID of $56,666 for total initial principal amount of $566,666.

 

On May 14,2025, the Company entered into a convertible promissory note of $55,000 with 10% original issue discount (OID), interest rate of 8% per annum, conversion price of 30% of the lowest traded price immediately on date notice of conversion commencing 90 days after the issuance date, with maturity date of February 14,2026. During the six months ended June 30,2025, the Company obtained the initial consideration of $50,000 with 10% OID of $5,000 for total initial principal amount of $55,000

 

As of June 30, 2025, and December 31, 2024, twenty-one (21) and twelve (12) convertible notes with unpaid balance of $509,229 and $273,279 are in default, respectively

 

During the six months ended June 30, 2025, and 2024, the Company recognized interest of $61,577 and $9,578, amortization debt discount of $300,252 and $47,650, respectively.

 

As of June 30, 2025, and December 31, 2024, the Company had convertible notes payable of $1,316,310 and $506,729, unamortized debt discount of $605,514 and $126,839 and accrued interest of $139,965 and $78,388, respectively.