v3.25.2
CONVERTIBLE PROMISSORY NOTE
 3 Months Ended
Mar. 31, 2025
CONVERTIBLE PROMISSORY NOTE  
CONVERTIBLE PROMISSORY NOTE

Note 7 – CONVERTIBLE PROMISSORY NOTE

 

On February 09, 2023, the Company issued a convertible promissory note (the “February 2023 Note”) at a face value of $133,000 to a third party at an interest rate of 12% per annum. Net proceeds received against the promissory note are $116,000 with a discount of $17,000. Maturity date of the note is 12 months from the date of issue with a conversion price of $0.10

 

 

 

As of March 31, 2025

 

 

 

Face value

 

 

Discount on

Promissory Note

 

 

Net payable

 

 

Accrued Interest

 

Convertible Promissory Note

 

$132,500

 

 

$0

 

 

$132,500

 

 

$34,032

 

Total

 

$132,500

 

 

$0

 

 

$132,500

 

 

$34,032

 

 

 

As of December 31, 2024

 

 

 

Face value

 

 

Discount on

Promissory Note

 

 

Net payable

 

 

Accrued Interest

 

Convertible Promissory Note

 

$132,500

 

 

$0

 

 

$132,500

 

 

$30,111

 

Total

 

$132,500

 

 

$0

 

 

$132,500

 

 

$30,111

 

 

On October 27, 2023, 500,000 shares of common stock were issued at a rate of $0.001 to settle the promissory note value of $500.

 

Accrued Interest as of March 31, 2025, is $34,032 and December 31, 2024, is $30,111. The promissory note payable is $ 132,500 and $132,500 as of March 31, 2025, and December 31, 2024.

 

Total interest expenses of $3,921 and $3,964 for the three months ended March 31, 2025, and 2024.