Debt |
6 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Debt Disclosure [Abstract] | |
| Debt | Note 7 — Debt
Convertible Note Payable
On November 24, 2023, the Company executed a 10% convertible note payable agreement with a principal amount of $250,000, net of an original issue discount of $20,000, resulting in proceeds of $230,000 (the “2023 Note”). The 2023 Note, which was scheduled to mature originally on November 24, 2024, is convertible by the holder at $0.50 per share of common stock for the first six months, then is convertible by the holder at 66% of the lowest traded price of the Company’s common stock for the ten days prior to conversion. The note contains certain default provisions which may increase the balance of the note by up to 150%. On November 22, 2024, the Company executed an extension of the 2023 Note from November 24, 2024 to May 24, 2025. On May 23, 2025, the Company executed an extension of the 2023 Note from May 24, 2025 to December 31, 2025. On March 23, 2026, the Company executed an extension of the 2023 Note from December 31, 2025 to September 30, 2026. During the six months ended June 30, 2026, the note holder converted $25,000 principal and $ accrued interest into shares of common stock. At June 30, 2026, the remaining principal balance is $205,000.
During the six months period ending June 30, 2026, the Company accrued $10,986 in interest expense related to the 2023 Note. At the end of the six months period ending June 30, 2026, the accrued interest payable due on the 2023 Note is $52,912.
Promissory Notes
During the six months ending June 30, 2026, the Company executed six Promissory Notes with separate individuals for a total of $500,000 (the “2026 Promissory Notes”). In addition, each holder of the 2026 Promissory Notes is entitled to receive shares of the Company’s common stock for each $100,000 of principal invested. Each holder can elect to have the outstanding principal and accrued interest convert into shares of common stock in subsequent financing at a conversion price equal to a 25% discount to the price per share paid by investors in that financing. The 2026 Promissory Notes have a 90-day maturity date and a 10% interest rate. Subsequent to the period ended June 30, 2026, the maturity was reached and an amendment to the 2026 Promissory Notes was prepared incorporating the 2026 Promissory Notes information and extended the maturity date to December 31, 2026.
During the six months ended June 30, 2026, the Company accrued $6,301 in interest expense which is the balance currently due. The 2026 Promissory Notes described above were outstanding as of June 30, 2026. The shares of common stock issuable to the holders in connection with their original investment were issued subsequent to June 30, 2026.
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