v3.26.1
Notes Payable
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Notes Payable

7. Notes Payable

 

Notes payable were comprised of the following as of March 31, 2026 and December 31, 2025:

 

Notes Payable  March 31, 2026   December 31, 2025 
Phil Zobrist  $60,000   $60,000 
Total Notes Payable   60,000    60,000 
Less Short-Term Notes Payable   (60,000)   (60,000)
Total Long-Term Notes Payable  $-   $- 

 

Phil Zobrist – On January 11, 2013, the Company issued an unsecured Promissory Note to Phil Zobrist in the principal amount of $60,000 (the “Note”) due on demand and bearing 0% per annum interest. The total net proceeds the Company received was $60,000. On October 2, 2015, the Company entered into a new convertible note with Phil Zobrist that matures on December 31, 2016 and bore interest at 18% per annum. The Company agreed to accrue interest from inception of these Notes in the amount of $29,412 which was recorded as interest expense during the year ended December 31, 2015. The Note was convertible, at holder’s option, at a price of $0.99 (0.18 pre-split) or a 50% discount to the average of the three lowest VWAP of the common stock during the 20-trading day period prior to conversion. On October 2, 2016, the Company renegotiated the note payable. The convertible feature was removed, and the note was extended until December 31, 2024. The Company recognized a gain on the extinguishment of debt of $121,337 for the remaining derivative liability and of $11,842 for the remaining debt discount. The Note contains no default provisions. As of March 31, 2026 and December 31, 2025, the gross balance of the note was $60,000 and $60,000 and accrued interest was $142,826 and $140,163, respectively. The Note is past its maturity date and is therefore in default.