Debt |
1 Months Ended |
|---|---|
Dec. 31, 2025 | |
| Debt Disclosure [Abstract] | |
| Debt | Note 8 — Debt
Convertible Note Payable
On November 24, 2023, the Company entered into a 10 % convertible note payable agreement with proceeds totaling $250,000, net of an original issuance discount of $20,000. The note, which matures on November 24, 2024, is convertible by the holder at $0.50 per share of common stock for the first six months, then is convertible by the holder at 66% of the lowest traded price of the Company’s common stock for the ten days prior to conversion. The note contains certain default provisions which may increase the balance of the note by up to 150%. On November 22, 2024, the Company entered into an extension of this note payable from November 24, 2024 to May 24, 2025. On May 23, 2025, the Company entered into an extension of this note payable from May 24, 2025 to December 31, 2025. On March 23, 2026, the Company entered into an extension of this note payable from December 31, 2025 to September 30, 2026. During the transition period ended December 31, 2025, the note holder converted $40,000 principal and $ accrued interest into shares of common stock.
During the transition period ending December 31, 2025, the Company accrued $2,150 interest expense. At the end of the transition period ending December 31, 2025, the accrued interest payable due on this loan is $47,910.
Notes Payable
During the fiscal year ended November 30, 2023, the Company entered into a loan agreement with the Company’s Executive Chairman. The loan, which bears interest at 7%, is due on demand. During the fiscal years ended November 30, 2025 the Executive Chairman loaned the Company $0. During the fiscal year ended November 30, 2025, the Company repaid $36,050 to the Executive Chairman. At the transition period ended December 31, 2025, the amount due to the Executive Chairman was $0. During the transition period ended December 31, 2025, the Company paid the accrued interest of $21,190. At the transition period ended December 31, 2025, accrued interest payable due to the loans from the Executive Chairman totaled $0.
During the fiscal year ended November 30,, 2024, the Company entered into a Promissory Note with the former President and CEO who resigned on August 23, 2024 for the amount of $302,960 for payment of accumulated unpaid consultant fees. The note, which bears interest at 8%, is due and payable by October 30, 2025. During the fiscal year ended November 30, 2025, the note and accrued interest were repaid. Therefore, at the end of the transition period ended December 31, 2025, the balance due on the note and accrued interest were both $0.
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