| Convertible Notes Payable consists of the following: | |
March 31, | |
December 31, |
| | |
2026 | |
2025 |
On June 30, 2019, the Company renegotiated accrued salaries and interest and outstanding convertible notes for a former employee. Under the terms of the agreements, all outstanding notes totaling $224,064, accrued interest of $119,278, accrued salaries of $7,260 and accrued vacation of $1,473 were converted to a promissory note convertible into common stock with a warrant feature. The convertible promissory note is unsecured, due five years from issuance, and bears an interest rate of 10%. At the noteholder’s option until the repayment date, the note may be converted to shares of the Company’s common stock at a fixed price of $0.20 per share along with warrants to purchase one share for every two shares issued at the exercise price of $0.30 per share for three years after the conversion date.
The Company has determined the value associated with the beneficial conversion feature in connection with the notes to be $152,642 as valued under the intrinsic value method. | |
| 352,075 | | |
| 352,075 | |
| Unamortized debt discount | |
| — | | |
| — | |
| Total, net of unamortized discount | |
| 352,075 | | |
| 352,075 | |
| Total Convertible Notes | |
$ | 352,075 | | |
$ | 352,075 | |
| Current portion: | |
| 352,075 | | |
| 352,075 | |
| Total long-term convertible notes | |
$ | — | | |
$ | — | |