v3.25.2
CONVERTIBLE PROMISSORY NOTE, NET
6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
CONVERTIBLE PROMISSORY NOTE, NET

NOTE 8 – CONVERTIBLE PROMISSORY NOTE, NET

 

1800 Diagonal Lending LLC

 

On April 16, 2025 the Company entered into a Securities Purchase Agreement with 1800 Diagonal Lending LLC (“Holder”) relating to the issuance and sale of a Convertible Note (the “Note”) with an original principal amount of $94,300 less original issue discount of $12,300 and transaction costs of $7,000 bearing an 10% annual interest rate and maturing February 1, 2026 for $75,000 in cash. After 180 days after the issue date, the Note together with any unpaid accrued interest is convertible into shares of common stock of the Company at the Holder’s option at a variable conversion price calculated at 75% of the lowest closing bid price during the 10 trading days prior to the conversion date. Additionally, the Holder of the Note is entitled to deduct $1,500 from the conversion amount in each note conversion to cover the holder’s deposit fees associated with the conversion. The Company may prepay the Note in cash, if repaid within 90 days of date of issue, at 115% of the original principal amount plus interest, between 91 days and 150 days at 120% of the original principal amount plus interest and between 151 days and 180 days at 125% of the original principal amount plus interest. On June 30, 2025 and December 31, 2024, the Note was recorded at amortized cost of $2,912 (comprised of principal of $94,300 plus accrued interest of $1,938 less debt discount of $93,326) and $0, respectively.