CONVERTIBLE NOTES PAYABLE |
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CONVERTIBLE NOTES PAYABLE | NOTE 7 –CONVERTIBLE NOTES PAYABLE
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:
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 % 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.
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