| SCHEDULE OF CONVERTIBLE NOTES PAYABLE |
The
following table summarizes the Company’s convertible notes payable:
SCHEDULE OF CONVERTIBLE NOTES PAYABLE
| | |
Three Months ended
March 31,
2026 | | |
Year
ended
December 31,
2025 | |
| Beginning convertible notes principal
balance | |
$ | 4,083,229 | | |
$ | 25,000 | |
| New convertible note issuances | |
| 222,000 | | |
| 600,000 | |
| Convertible notes issued in exchange for promissory
note and accrued interest as a result of loan modification | |
| - | | |
| 3,558,229 | |
| Less: conversion | |
| - | | |
| (100,000 | ) |
| Less: unamortized discounts | |
| (602,636 | ) | |
| (1,334,724 | ) |
| Ending balance, net of discounts | |
$ | 3,702,593 | | |
$ | 2,748,505 | |
|
The
following table summarizes the Company’s convertible notes payable:
SCHEDULE OF CONVERTIBLE NOTES PAYABLE
| | |
Year
ended
December 31, 2025 | | |
Year
ended
December 31, 2024 | |
| Beginning
balance | |
$ | 25,000 | | |
$ | 25,000 | |
| New
convertible note issuances | |
| 600,000 | | |
| - | |
| Convertible
notes issued in exchange for promissory note and accrued interest as a result of loan modification (see Note 6) | |
| 3,558,229 | | |
| - | |
| Less:
conversion | |
| (100,000 | ) | |
| - | |
| Less:
unamortized discounts | |
| (1,334,724 | ) | |
| - | |
| Ending
balance, net of discounts | |
$ | 2,748,505 | | |
$ | 25,000 | |
|
| SCHEDULE OF DERIVATIVE LIABILITIES AT FAIR VALUE |
A
summary of the activity related to derivative liabilities for the three months ended March 31, 2026, and 2025, is as follows:
SCHEDULE OF DERIVATIVE LIABILITIES AT FAIR VALUE
| | |
Derivative
liabilities associated with
warrants | | |
Derivative
liabilities associated with
convertible notes | | |
Total derivative
liabilities | |
| | |
| | |
| | |
| |
| Balance January 1, 2026 | |
$ | 1,644,738 | | |
$ | 2,548,696 | | |
$ | 4,193,434 | |
| Fair value of issuances | |
| - | | |
| 245,779 | | |
| 245,779 | |
| Change in fair value | |
| (120,823 | ) | |
| 151,096 | | |
| 30,273 | |
| Reclassified
to equity | |
| (1,513,786 | ) | |
| - | | |
| (1,513,786 | ) |
| Write off for conversions | |
| - | | |
| - | | |
| - | |
| Balance March 31, 2026 | |
$ | 10,129 | | |
$ | 2,945,571 | | |
$ | 2,955,700 | |
| | |
Derivative
liabilities associated with
warrants | | |
Derivative
liabilities associated with
convertible notes | | |
Total
derivative
liabilities | |
| | |
| | |
| | |
| |
| Balance January 1, 2025 | |
$ | 176,103 | | |
$ | 34,390 | | |
$ | 210,493 | |
| Fair
value of issuances | |
| - | | |
| - | | |
| - | |
| Change
in fair value | |
| (118,783 | ) | |
| 7,024 | | |
| (111,759 | ) |
| Balance March 31, 2025 | |
$ | 57,320 | | |
$ | 41,414 | | |
$ | 98,734 | |
|
A
summary of the activity related to derivative liabilities for the years ended December 31, 2025, and 2024, is as follows:
SCHEDULE OF DERIVATIVE LIABILITIES AT FAIR VALUE
| | |
Derivative
liabilities associated with warrants | | |
Derivative
liabilities associated with convertible notes | | |
Total
derivative liabilities | |
| | |
| | |
| | |
| |
| Balance
January 1, 2025 | |
$ | 176,103 | | |
$ | 34,390 | | |
$ | 210,493 | |
| Fair
value of issuances during the year | |
| 2,137,502 | | |
| 2,385,913 | | |
| 4,523,415 | * |
| Change
in fair value | |
| (668,867 | ) | |
| 182,312 | | |
| (486,555 | ) |
| Write
off for conversions | |
| - | | |
| (53,919 | ) | |
| (53,919 | ) |
| Balance
December 31, 2025 | |
$ | 1,644,738 | | |
$ | 2,548,696 | | |
$ | 4,193,434 | |
| * | | The amount included
$2,107,583 that was charged to derivative expense at issuance due to fair value of the derivative instruments exceeding the carrying
amount of the debt host. |
| | |
Derivative
liabilities associated with warrants | | |
Derivative
liabilities associated with convertible notes | | |
Total
derivative liabilities | |
| | |
| | |
| | |
| |
| Balance
January 1, 2024 | |
$ | 1,187,076 | | |
$ | 29,002 | | |
$ | 1,216,078 | |
| Change
in fair value | |
| (1,010,973 | ) | |
| 5,388 | | |
| (1,005,585 | ) |
| Balance
December 31, 2024 | |
$ | 176,103 | | |
$ | 34,390 | | |
$ | 210,493 | |
|