v3.26.1
NOTES PAYABLE
12 Months Ended
Dec. 31, 2025
NOTES PAYABLE  
NOTES PAYABLE

NOTE 10 - NOTES PAYABLE

 

Notes payable consist of the following at:

 

 

 

December 31,

2025

 

 

December 31,

2024

 

Note payable, secured, 12% interest, due April 2026

 

$95,000

 

 

$95,000

 

Notes payable, secured, 12% interest, due December 2023-in default

 

 

10,000

 

 

 

10,000

 

Notes payable, 12% interest, due starting August 2024-in default

 

 

210,000

 

 

 

285,000

 

Notes payable, 18% interest, due starting August 2024-in default

 

 

100,000

 

 

 

350,000

 

Note payable, 18% interest, due January 2025-in default

 

 

100,000

 

 

 

100,000

 

Note payable, 18% interest, due November 2025-in default

 

 

50,000

 

 

 

50,000

 

Note payable, 24% interest, due February 2026

 

 

100,000

 

 

 

100,000

 

Note payable, 24% interest, due April 2026

 

 

100,000

 

 

 

100,000

 

Total notes payable

 

$765,000

 

 

$1,090,000

 

Less current portion

 

 

(765,000)

 

 

(995,000)

Total Notes Payable - long term

 

$-

 

 

$95,000

 

 

On April 26, 2021, the Company entered into a $95,000, 12% note payable due on April 26, 2026. As of December 31, 2025 and 2024, the balance of the note was $95,000 and $95,000, respectively.

 

On August 18, 2021, the Company entered into a $10,000, 12% note payable due on August 18, 2022. On April 10, 2022 the note was amended to have a due date of December 7, 2023. This Note is currently in default. The Company has not received a notice of default from the lender. As of December 31, 2025 and 2024, the balance of the note was $10,000 and $10,000, respectively.

 

On August 3, 2023 the Company’s wholly owned subsidiary initiated an offering of 12% Notes with maturity dates starting on August 3, 2024. As of December 31, 2023, the Company has raised $625,000 under the offering. During the year ended December 31, 2024, the Company converted $290,000 of the notes and accrued interest of $24,353 into 4,657,143 shares of common stock. During the year ended December 31, 2025, the Company paid off one of the notes for $125,000. These Notes are currently in default. The Company has not received a notice of default from any of the lenders. As of December 31, 2025 and 2024, the balance of the notes was $210,000 and $335,000, respectively.

 

On January 25, 2024 the Company’s wholly owned subsidiary issued a $125,000 18% promissory note with a maturity date of January 25, 2025. On July 3, 2025, the Company made a payment of $125,000 on this note. As of December 31, 2025 and 2024, the balance of the notes was $0 and $125,000, respectively.

 

On April 4, 2024 the Company’s wholly owned subsidiary issued a $100,000 18% promissory note with a maturity date of April 4, 2025. This Note is currently in default. The Company has not received a notice of default from the lender. As of December 31, 2025 and 2024, the balance of the notes was $100,000 and $100.000, respectively.

 

On April 10, 2024 the Company’s wholly owned subsidiary issued a $75,000 12% promissory note with a maturity date of January 10, 2025. On January 1, 2025, this note was converted to the Royalty Program. As of December 31, 2025 and 2024, the balance of the notes was $0 and $75,000, respectively.

 

On July 24, 2024 the Company issued a $50,000 18% promissory note with a maturity date of January 24, 2025. This Note is currently in default. The Company has not received a notice of default from the lender. As of December 31, 2025 and 2024, the balance of the notes was $50,000 and $50,000, respectively.

 

On July 26, 2024 the Company issued a $100,000 18% promissory note with a maturity date of January 25, 2025. This Note is currently in default. The Company has not received a notice of default from the lender. As of December 31, 2025 and 2024, the balance of the notes was $100,000 and $100,000, respectively.

 

On August 5, 2024 the Company issued a $100,000 24% promissory note with a maturity date of February 5, 2025. This Note is currently in default. The Company has not received a notice of default from the lender. As of December 31, 2025 and 2024, the balance of the notes was $100,000 and $100,000, respectively.

 

On November 5, 2024 the Company issued a $100,000 24% promissory note with a maturity date of May 5, 2025. This Note is currently in default. The Company has not received a notice of default from the lender. As of December 31, 2025 and 2024, the balance of the notes was $100,000 and $100,000, respectively.

 

Interest expense including amortization of the associated debt discount for the year ended December 31, 2025 and 2024 was $140,243 and $141,559, respectively.

 

Convertible notes payable, net of debt discount consist of the following:

 

 

 

December 31,

2025

 

 

December 31,

2024

 

Convertible note payable, secured, 12% interest, due August 31, 2019, in default

 

$40,000

 

 

$40,000

 

Convertible note payable, secured, 10% interest, due February 2024-in default

 

 

45,000

 

 

 

45,000

 

Convertible note payable, secured, 12% interest, due Feb 15, 2026

 

 

75,000

 

 

 

75,000

 

Convertible note payable ,12% interest, due May 2020, in default

 

 

108,500

 

 

 

108,500

 

Convertible note payable, 12% interest, due May 25-in default

 

 

25,000

 

 

 

25,000

 

Convertible notes payable, 8% interest, due March 2025-in default

 

 

30,000

 

 

 

30,000

 

Convertible notes payable, 0% interest, due March 2026

 

 

64,000

 

 

 

76,500

 

Convertible notes payable, 12% interest, due April 2026

 

 

150,000

 

 

 

150,000

 

Convertible notes payable, 12% interest, due May 2026

 

 

100,000

 

 

 

100,000

 

Convertible note payable, 12% interest, due July 2026

 

 

50,000

 

 

 

50,000

 

Convertible note payable, 0% interest, due December 2025-in default

 

 

60,000

 

 

 

60,000

 

Total convertible notes payable

 

 

747,500

 

 

 

760,000

 

Less current portion

 

 

(747,500)

 

 

(308,500)

Total convertible notes payable, net of discounts - long-term

 

$-

 

 

$451,500

 

 

On September 2, 2016, the Company issued $50,000 of principal amount of 12% secured convertible promissory notes and 6,250 warrants to purchase common stock (post-split). The note was due on August 31, 2018, was later extended to August 31, 2019, bears interest of twelve percent (12%) and is currently in default. The Company has not received a notice of default from the lender. The outstanding principal amounts and accrued but unpaid interest of the notes is convertible at any time at the option of the holder into common stock at a conversion price of $8.00 per share (post-split). The notes were issued with warrants to purchase up to 6,250 shares of the Company’s common stock at an exercise price of $12 per share (post-split). During the year ended December 31, 2024, the Company made a payment of $10,000 towards the principal balance. As of December 31, 2025 and 2024, the balance of the note was $40,000 and $40,000, respectively.

 

On May 2, 2017, the Company issued $50,000 of principal amount of 10% secured convertible promissory notes and 10,000 warrants to purchase common stock. The note was due on May 2, 2020 and is secured by the Company’s accounts receivable and inventory. On April 22, 2020, the note was extended to May 2, 2021. The outstanding principal amounts and accrued but unpaid interest of the notes is convertible at any time at the option of the holder into common stock at a conversion price of $4 per share (post-split). The notes were issued with warrants to purchase up to 1,250 shares (post-split) of the Company’s common stock at an exercise price of $8.00 per share (post-split). One December 31, 2021 the note was amended to cease accruing interest as of May 1,2022 and the due date of the note was amended to April 1, 2023 and on February 8, 2023 the note was extended to February 8, 2024.

This Note is currently in default. The Company has not received a notice of default from the lender. As of December 31, 2025 and 2024, the balance of the note was $45,000 and $45,000, respectively.

 

On February 15, 2018, the Company issued a $75,000 12% secured convertible promissory note. The note was due on February 24, 2020 and is secured by the Company’s accounts receivable and inventory. On April 22, 2020, the due date of the note was extended to February 15, 2021 for the issuance of 6,250 shares of common stock (post-split) valued at $8,995 and is currently in default. On February 22, 2022 the due date of the note was further extended to February 15, 2024. On September 3, 2024, the due date of the note was extended until February 15, 2026. As of December 31, 2025 and 2024, the balance of the note was $75,000 and $75,000, respectively.

 

On November 19, 2019, the Company entered in to a $281,000 convertible note payable, including an original issue discount of $28,100 convertible promissory note pursuant to which $150,000 was borrowed, including a $18,500 discount during the year ended December 31, 2019. Interest under the convertible promissory note is 12% per annum, and the principal and all accrued but unpaid interest is due 180 days from funding, which has July 19, 2020 for the first tranche. On May 20, 2020, the noteholder agreed to extend the due date of the first tranche of funding until July 19, 2020 and is currently past due. The Company has not received a notice of default from the lender. The note is convertible at the lesser of (i) 70% multiplied by the lowest Trading Price during the previous twenty-five (25) trading day period ending on the latest complete Trading Day prior to the date of the note and 70% of the market price with a floor of $0.01. As an incentive to enter into the agreement, the noteholder was also granted 53,375 shares (post-split) valued at $175,070 As of December 31, 2025 and 2024, the balance of the note was $108,500 and $108,500, respectively.

 

On July 18, 2022, the Company entered into a $150,000 8% convertible grid note. The note is due on July 18, 2023 and is convertible at a rate of $0.80 per share (post-split). During the year ending December 31, 2023, the Company received $4,000 in advances from the note. During the year ended December 31, 2023, the Company converted the balance of the note and accrued interest into 2,254,986 shares of common stock valued at $45,100. During the year ended December 31, 2024, the Company received $30,000 under this grid note. This Note is currently in default. The Company has not received a notice of default from the lender. As of December 31, 2025 and 2024, the balance of the note was $30,000 and $30,000, respectively.

 

On April 23, 2024 the Company issued a $150,000 12% convertible promissory note with a maturity date of April 23, 2026 and is convertible at a rate of $0.10 per share. As of December 31, 2025 and 2024, the balance of the notes was $150,000 and $150,000, respectively.

 

On May 14, 2024 the Company issued a $25,000 12% convertible promissory note with a maturity date of May 14, 2025 and is convertible at a rate of $0.15 per share. This Note is currently in default. The Company has not received a notice of default from the lender. As of December 31, 2025 and 2024, the balance of the notes was $25,000 and $25,000, respectively.

 

On May 29, 2024 the Company issued a $100,000 12% convertible promissory note with a maturity date of May 29, 2026 and is convertible at a rate of $0.15 per share. As of December 31, 2025 and 2024, the balance of the notes was $100,000 and $100,000, respectively.

 

On July 3, 2024 the Company issued a $50,000 12% convertible promissory note with a maturity date of July 3, 2026 and is convertible at a rate of $0.15 per share. As of December 31, 2025 and 2024, the balance of the notes was $50,000 and $50,000, respectively.

 

On September 3, 2024, the Company negotiated a consolidated 12% secured convertible promissory note with a lender. The note consolidated a $75,000 note from February 18, 2018 and a $25,000 note from March 3, 2021 and forgave $20,353 in accrued interest. The Company recognized a gain on the settlement of $20,353. The new agreement also required monthly payments toward the note balance and the new maturity date is April 23, 2026. During the year ended December 31, 2024, the Company made payments of $23,500. During the year ended December 31, 2025, the Company made payments of $12,500 towards the note balance. This Note is currently in default. The Company has not received a notice of default from the lender. As of December 31, 2025 and 2024, the balance of the note was $64,000 and $76,500, respectively.

 

On December 1, 2024 the Company issued a $60,000 0% convertible promissory note with a maturity date of December 1, 2025 and is convertible at a rate of $0.15 per share. This Note is currently in default. The Company has not received a notice of default from the lender. As of December 31, 2025 and 2024, the balance of the notes was $60,000 and $60,000, respectively.

 

Interest expense including financing cost and amortization of the associated debt discount on all of the above convertible notes for the year ended December 31, 2025 and 2024 was $78,143 and $69,329, respectively.