v3.26.1
NOTE 12 - SUBSEQUENT EVENTS
6 Months Ended
Jun. 30, 2026
Notes  
NOTE 12 - SUBSEQUENT EVENTS

NOTE 12 – SUBSEQUENT EVENTS

 

The Company evaluated its June 30, 2026 financial statements for subsequent events through August 12, 2026, the date the financial statements were available to be issued.

 

On July 1st, 2026, Kevin “Duke” Pitts resigned as our President, Chief Operating Officer, and as a member of our Board of Directors.  The position of President and Chief Operating Officer will remain vacant until further notice.

 

On July 7th, 2026, Aaron Hefter resigned as our Chief Brand Officer. The position of Chief Brand Officer will remain vacant until further notice.

 

On July 17th, 2026, we entered into a Securities Purchase Agreement whereby we issued a Promissory Note in the principal amount of $258,750 to LABRYS FUND II, L.P., a Delaware limited partnership. The Note has an original issue discount of $33,750, a maturity date of one year, and bears interest at the rate of ten percent (10%) per annum (which is earned in full in advance). We received a net amount of $225,000, minus expenses, upon issuance of the Note. The Note may not be prepaid without the Holder’s consent. The Note is convertible after 180 days at a conversion price of the lesser of (i) $2.00 per share, or (ii) 75% of the lowest closing bid price of our common stock during the fifteen (15) trading days immediately preceding the conversion date. We are further required to make monthly amortization payments of principal and interest in the amount of $36,964.28 beginning January 18, 2027 and continuing for six (6) months thereafter, unless some or all of the Note has been converted into our common stock.