v3.26.1
Notes Payable
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Notes Payable

 

6. Notes Payable

 

Notes payable at June 30, 2026 and December 31, 2025 consisted of the following:

        
  

June 30,

2026

   December 31,
2025		 
AJB Capital Investments, LLC 20% convertible note  $320,000   $320,000 
AJB Capital Investments, LLC 10% supplemental note   3,225    3,225 
Sorensen 6% convertible promissory note   25,000    25,000 
Corrigan 10% promissory note   20,000    20,000 
Total notes payable  $368,225   $368,225 

 

Convertible Promissory Note (AJB Notes)

 

On November 10, 2021, the Company entered into a Securities Purchase Agreement with AJB Capital Investments, LLC for the purchase of a Convertible Promissory Note. Through a series of amendments and modifications, the principal balance was increased to $320,000, and the note bears interest at 20% per annum, effective September 2023. In November 2024, the lender issued a supplemental note of $3,225 at a 10% interest rate. The note is convertible only upon an event of default. There were no changes to the terms of the AJB Capital notes during the six months ended June 30, 2026. Interest expense relating to these notes for the six months ended June 30, 2026 was approximately $32,032, as compared to approximately $27,873 for the six months ended June 30, 2025.

 

The lender has extended the note until September 30, 2026.

 

6% Convertible Promissory Note (Sorensen)

 

On April 28, 2023, the Company issued a convertible promissory note to a non-related third party in the principal amount of $25,000. The unsecured note bears interest at 6% per annum. The note has matured and remains outstanding as a cash obligation. There were no changes to the terms of this note during the six months ended June 30, 2026.

 

10% Promissory Note (Corrigan)

 

On August 1, 2022, the Company issued a promissory note to a non-related third party in the principal amount of $20,000. The unsecured note bears interest at 10% per annum and is currently past its original maturity date. There were no changes to the terms of this note during the six months ended June 30, 2026.