v3.25.2
14. CONVERTIBLE DEBENTURES
6 Months Ended
Jun. 30, 2025
Notes  
14. CONVERTIBLE DEBENTURES

14.CONVERTIBLE DEBENTURES 

 

Lender

 

Maturity Date

Interest Rate

Principal Due

June 30, 2025

Principal Due
December 31, 2024

Private Lender C

 

November 24, 2026

9%

$2,093,042 

$2,092,084 

Private Lender D

 

July 16, 2025

9%

60,866 

- 

 

 

 

 

$2,153,908 

$2,092,084 

 

On November 24, 2023, the Company issued a promissory note in the amount of $2,000,000, convertible at the election of the holder into shares of common stock at an exercise price of $1.60 per share prior to the reverse split and $4.80 post reverse split, with a maturity date of November 24, 2026. The note has a term of thirty-six months and bears interest at a rate of 9% per annum payable semi-annually, with any outstanding interest and principal due on maturity. On April 30, 2024, the note holder elected to convert the accumulated interest as of December 31, 2023 totaling $18,247 to 3,802 shares of common stock. On June 30, 2024, elected to convert the accumulated interest totaling $89,260 to 18,596 shares of common stock. On March 16, 2025, elected to convert the accumulated interest totaling $92,073 to 108,334 shares of common stock.

 

On April 16, 2025, the Company issued a promissory note in the amount of $100,000, convertible at the election of the holder into shares of common stock at an exercise price of eighty percent (80%) of the lowest trading price of the common stock during the ten (10) consecutive trading days including and immediately preceding the conversion date, subject to a floor price of $0.40 per share. On May 5, 2025, the note holder elected to convert debt in the amount of $79,197 and the accumulated interest as of May 5, 2025, totaling $247 to 40,000 shares of common stock.