| CONVERTIBLE DEBENTURES |
NOTE
9 — CONVERTIBLE DEBENTURES
Convertible
debentures consisted of the following:
SCHEDULE OF CONVERTIBLE DEBENTURES
| | |
June 30,
2026 | | |
December 31,
2025 | |
| | |
| | |
| |
| Convertible debenture, 5% stated interest rate, secured by all our assets, due on April 30, 2027 | |
$ | 200,000 | | |
$ | 200,000 | |
| Convertible debenture, 5% stated interest rate, secured by all our assets, due on April 30, 2027 | |
| 25,000 | | |
| 25,000 | |
| Convertible debenture, 5% stated interest rate, secured by all our assets, due on April 30, 2027 | |
| 25,000 | | |
| 25,000 | |
| Convertible debenture, 5% stated interest rate, secured by all our assets, due on April 30, 2027 | |
| 25,000 | | |
| 25,000 | |
| Convertible debenture, 5% stated interest rate, secured by all our assets, due on April 30, 2027 | |
| 2,390,528 | | |
| 2,390,528 | |
| Subtotal | |
$ | 2,665,528 | | |
$ | 2,665,528 | |
| Less: discounts | |
| (62,847 | ) | |
| (117,400 | ) |
| Total | |
$ | 2,602,681 | | |
$ | 2,548,128 | |
| Less: current portion | |
| (264,284 | ) | |
| (264,284 | ) |
| Long-term portion | |
$ | 2,338,397 | | |
$ | 2,283,844 | |
The
convertible debentures and accrued interest are convertible into shares of our common stock at the lower of $100 or the lowest bid price
for the 20 trading days prior to conversion.
On
November 26, 2025, the Company and the lender entered into a Forbearance and Standstill Agreement, extending the maturity dates on all
debentures to April 30, 2027.
As
of June 30, 2026 and December 31, 2025, we had accrued interest on the convertible debentures totaling $2,243,282 and $2,179,837, respectively.
|