v3.26.1
Convertible Promissory Notes (Tables)
 3 Months Ended
Mar. 31, 2026
Convertible Promissory Notes  
Schedule of Outstanding Convertible Promissory Notes

Convertible promissory notes

 

$2,617,692

 

Less current portion

 

 

1,864,520

 

Total long-term liabilities

 

$753,172

 
Schedule of Maturities of Long-Term Debt

Period ending March 31, 2026

 

Amount

 

2027

 

$60,000

 

2028

 

 

693,172

 

 

 

$753,172

 
Schedule of Unsecured Convertible Promissory Notes Outstanding

Note Description

 

Balance

 

 

Classification

 

Terms & Features

 

2014-2015 Notes

 

$683,700

 

 

Short-term

 

10% annual interest; convertible at $4,200 - $9,800 /share or 50% of lowest post-issuance trade price; derivative under ASC 815.

 

OID Notes

 

$62,275

 

 

Long-term

 

Extended to June 30, 2028; convertible at lesser of $5,600/share or 50% of lowest post-issuance trade price; derivative under ASC 815.

 

2025 Notes

 

$1,200,000

 

 

Short-term

 

10% interest; convertible at $1,400–$5,600/share or 50% of lowest trade price; derivative liability.

 

Dec 2015 Note

 

$167,048

 

 

Short-term

 

Issued for AP; convertible at 75% of lowest 3-day average over 25-day period; reclassified from BCF to derivative under ASC 815.

 

Sept 2016 Note

 

$430,896

 

 

Long-term

 

Issued for AP; similar to Dec 2015 Note; convertible at 75% of lowest 3-day average over 25 days; derivative under ASC 815.

 

Nov 2020 Note

 

$13,773

 

 

Short-term

 

10% interest; extended for 60 months; convertible at $0.05 or 50% of lowest post-issuance trade price; derivative under ASC 815.

 

Jan 2021 Note

 

$60,000

 

 

Long-term

 

10% interest; extended 60 months; convertible at lesser of (a) $0.05, (b) 50% of lowest post-issuance trade price, or (c) lowest price granted; penalty for late shares.