SUBSEQUENT EVENTS |
6 Months Ended |
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Jun. 30, 2025 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 16 – SUBSEQUENT EVENTS
On or about July 8, 2025, the Company issued 97,629.30 in principal, interest and fees owed under the convertible promissory note issued to Mast Hill dated September 16, 2022. shares of common stock to Mast Hill pursuant to its conversion of $
On or about July 11, 2025, the Company issued 86,544 in principal, interest and fees owed under the convertible promissory note issued to Mast Hill dated September 16, 2022. shares of common stock to Mast Hill pursuant to its conversion of $
On or about July 18, 2025, the Company issued 97,695 in principal, interest and fees owed under the convertible promissory note issued to Mast Hill dated January 16, 2025. shares of common stock to Mast Hill pursuant to its conversion of $
On July 18, 2025, the Company entered into a securities purchase agreement with FirstFire Global Opportunities Fund, LLC, a Delaware limited liability company (“FirstFire”), pursuant to which the Company sold, and FirstFire purchased, (i) a convertible promissory note in the principal amount of $201,250, and (ii) shares of Company common stock, for an aggregate purchase price of $175,000. The transaction closed on July 21, 2025, and on such date pursuant to the securities purchase agreement, FirstFire’s legal expenses of $5,500 were paid from the gross purchase price, the Company received net funding of $169,500, and the note and shares were issued to FirstFire. The note matures 12 months following the issue date, accrues guaranteed interest of 10% per annum (with the first 12 months of interest guaranteed and earned in full as of issuance of the note), and is unsecured. The Company is generally required to make monthly payments beginning September 18, 2025 (and on the 18th of each month thereafter) in the amount of $22,137.50 per month. The note is convertible into shares of the Company’s common stock at the election of the holder at a conversion price equal to 85% of the lowest traded price during the 10 trading days prior to the conversion date; provided, however, that the holder may not convert the note to the extent that such conversion would result in the holder’s beneficial ownership of the Company’s common stock being in excess of 4.99% of the Company’s issued and outstanding common stock. Additionally, the holder of the note is entitled to deduct $1,750 from the conversion amount in each note conversion to cover the holder’s fees associated with the conversion.
On or about July 21, 2025, the Company issued 195,390 in principal, interest and fees owed under the convertible promissory note issued to Mast Hill dated January 16, 2025. shares of common stock to Mast Hill pursuant to its conversion of $
On or about July 30, 2025, the Company entered into a securities purchase agreement with 1800 Diagonal Lending LLC, a Virginia limited liability company (“1800 Diagonal”), pursuant to which the Company sold, and 1800 Diagonal purchased, a convertible promissory note in the principal amount of $151,800 for a purchase price of $132,000. The transaction was funded by 1800 Diagonal and closed on July 31, 2025, and pursuant to the SPA, 1800 Diagonal’s legal expenses of $2,500 were paid from the gross purchase price, $4,500 was retained by 1800 Diagonal as a due diligence fee, the Company received net funding of $125,000, and the note was issued to 1800 Diagonal. The note matures on May 30, 2026, accrues a one-time interest charge of 10% on the issuance date, shall be paid in 10 monthly payments in the amount of $17,153.40 beginning on August 30, 2025, and continuing on the 15th of each month thereafter, and is convertible following default into shares of the Company’s common stock at the election of the holder at a conversion price equal to equal to 85% of the lowest closing bid price during the trading day prior to the conversion date; provided, however, that the holder may not convert the note (i) to the extent that such conversion would result in the holder’s beneficial ownership of the Company’s common stock being in excess of 4.99% of the Company’s issued and outstanding common stock, or (ii) when the shareholder approval required by Nasdaq Rule 5635(d) has not been obtained and conversion would result in more than 19.99% of the shares of Company common stock being issued after any required aggregation per Rule 5635(d). 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 fees associated with the conversion.
On or about August 1, 2025, the Company issued 192,150 in principal, interest and fees owed under the convertible promissory note issued to Mast Hill dated January 16, 2025. shares of common stock to Mast Hill pursuant to its conversion of $
On or about August 1, 2025, the Company issued 55,895 in principal, interest and fees owed under the convertible promissory note issued to Mast Hill dated January 16, 2025. shares of common stock to Mast Hill pursuant to its conversion of $
On or about August 6, 2025, the Company issued 286,475 in principal, interest and fees owed under the convertible promissory note issued to Mast Hill dated January 16, 2025 shares of common stock to Mast Hill pursuant to its conversion of $ |