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

 

4. Convertible Notes Payable

        
  

June 30,
2026

(unaudited)

  

December 31,

2025

 
Convertible notes  $609,000   $822,000 
Accrued interest   592,000    545,000 
Total outstanding debt, including $1,201,000 and $1,116,000 in default at June 30, 2026 and December 31, 2025, respectively   1,201,000    1,367,000 
Convertible note discount   –    (16,000)
Balance on convertible notes, net of note discounts  $1,201,000   $1,351,000 

 

Convertible notes

 

At December 31, 2025, total outstanding convertible notes payable totaled $822,000. During the six-month period ended June 30, 2026, the Company issued no convertible promissory notes.

 

During the period ended June 30, 2026, convertible notes and accrued interest of $233,000, net of unamortized discount of $10,000, were converted into 2,557,500 shares of common stock (see related accrued interest below). At June 30, 2026, total outstanding convertible notes payable totaled $609,000. As of June 30, 2026, convertible notes payable and accrued interest are convertible into approximately 14,461,844 shares of common stock at conversion rates ranging from $0.03 to $0.48 per share. As of June 30, 2026, a total of 46 convertible notes and accrued interest in the aggregate of $1,201,000 have reached maturity and are past due.

 

Accrued interest

 

At December 31, 2025, accrued interest on convertible notes payable totaled $545,000. During the six-month period ended June 30, 2026, accrued interest of $67,000 was recorded and accrued interest of $22,000 was converted into 176,011 shares of common stock. At June 30, 2026, accrued interest on convertible notes payable totaled $592,000.

 

Debt discount

 

At December 31, 2025, the unamortized debt discount was $16,000. During the six-month period ended June 30, 2026, debt discount amortization of $6,000 was recorded, and $10,000 of debt discount was removed and included in the carrying amount of related convertible notes payable that were converted into shares of common stock. At June 30, 2026, the unamortized debt discount was $0.