| Convertible Notes Payable consists of the following: | |
June 30, | |
December 31, |
| | |
2026 | |
2025 |
On June 30, 2019, the
Company renegotiated accrued salaries and interest and outstanding convertible notes for a former employee. Under the terms of the
agreements, all outstanding notes totaling $224,064, accrued interest of $119,278, accrued salaries of $7,260 and accrued vacation
of $1,473 were converted to a promissory note convertible into common stock with a warrant feature. The convertible promissory note
is unsecured, due five years from issuance, and bears an interest rate of 10%. At the noteholder’s option until the repayment
date, the note may be converted to shares of the Company’s common stock at a fixed price of $0.20 per share along with
warrants to purchase one share for every two shares issued at the exercise price of $0.30 per share for three years after the
conversion date. As of June 30, 2026, the note has not been paid and is in default.
The Company has determined the value
associated with the beneficial conversion feature in connection with the notes to be $152,642 as valued under the intrinsic value
method. | |
| 352,075 | | |
| 352,075 | |
| Unamortized debt discount | |
| — | | |
| — | |
| Total, net of unamortized discount | |
| 352,075 | | |
| 352,075 | |
| Total Convertible Notes | |
$ | 352,075 | | |
$ | 352,075 | |
| Current portion: | |
| 352,075 | | |
| 352,075 | |
| Total long-term convertible notes | |
$ | — | | |
$ | — | |