v3.26.1
CONVERTIBLE NOTES – SERIES “F” NOTES
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
CONVERTIBLE NOTES – SERIES “F” NOTES

NOTE 8 – CONVERTIBLE NOTES – SERIES “F” NOTES

 

During the first 3 quarters of 2024, the Company issued a total of 20 new Series “F” convertible promissory notes (Series “F” Notes”) to finance its operations with aggregate amount of $1,585,004. The Series “F” has a maximum total authorized amount of $3 million. Series “F” Notes mature in 24 months from issuance, if not earlier converted into shares of common stock of the Company at $1.25 per share (“Conversion Price”). The Company has the right to force conversion of both principal and interest then due on the Series “F” Notes at any time prior to maturity at the Conversion Price, provided however, (i) the Company shall have completed a successful registration statement for the underlying shares and (ii) the Company’s stock is trading above $2.50 per share for 10 trading days. The Series “F” Notes pay 10% interest per annum due at maturity or if earlier converted, up to the conversion date. The following Series “F” Notes were issued:

 

Seq#  Loan Holder  Principal Amount   Issue Date  Maturity Date  Current   Non Current 
1  Arastou Mahjoory  $65,000   02/20/2024  12/31/2026   -   $65,000 
2  Ann Mollicone   25,000   02/21/2024  12/31/2026   -    25,000 
3  Ann Mollicone   25,000   02/23/2024  12/31/2026   -    25,000 
4  Ann Mollicone   50,000   03/20/2024  12/31/2026   -    50,000 
5  Ann Mollicone   200,000   03/28/2024  12/31/2026   -    200,000 
6  Arastou Mahjoory   250,000   04/03/2024  12/31/2026   -    250,000 
7  Ann Mollicone   100,000   04/18/2024  12/31/2026   -    100,000 
8  Arastou Mahjoory   174,004   05/15/2024  12/31/2026   -    174,004 
9  Arastou Mahjoory   75,000   05/16/2024  12/31/2026   -    75,000 
10  Ann Mollicone   25,000   05/17/2024  12/31/2026   -    25,000 
11  Ann Mollicone   25,000   05/22/2024  12/31/2026   -    25,000 
12  Arastou Mahjoory   70,000   07/16/2024  07/16/2026   -    70,000 
13  Arastou Mahjoory   20,000   08/09/2024  08/08/2026   -    20,000 
14  Arastou Mahjoory   6,000   08/23/2024  08/22/2026   -    6,000 
15  Arastou Mahjoory   5,000   08/16/2024  08/15/2026   -    5,000 
16  Ann Mollicone   30,000   08/30/2024  8/29/2026   -    30,000 
17  Arastou Mahjoory   55,000   09/24/2024  09/23/2026   -    55,000 
18  Arastou Mahjoory   20,000   09/30/2024  09/29/2026   -    20,000 
19  Arastou Mahjoory   165,000   10/16/2024  10/15/2026   -    165,000 
20  Arastou Mahjoory   200,000   11/18/2024  11/17/2026   -    200,000 
   Total  $1,585,004         $-   $1,585,004 

 

On February 20, 2024, a Series “F” Note with a face value of $65,000 issued to a non-related third-party shareholder that will mature February 19, 2026.

 

On February 20, 2026, Note extended until December 31, 2026.

 

On February 21, 2024, a Series “F” Note with a face value of $25,000 issued to a non-related third-party shareholder that will mature February 20, 2026.

 

On February 20, 2026, Note extended until December 31, 2026.

 

On February 23, 2024, a Series “F” Note with a face value of $25,000 issued to a non-related third-party shareholder that will mature February 22, 2026.

 

On February 23, 2026, Note extended until December 31, 2026.

 

On March 20, 2024, a Series “F” Note with a face value of $50,000 issued to a non-related third-party shareholder that will mature March 19, 2026.

 

On March 20, 2026, Note extended until December 31, 2026.

 

On March 28, 2024, a Series “F” Note with a face value of $200,000 issued to a non-related third-party shareholder that will mature March 27, 2026.

 

On March 27, 2026, Note extended until December 31, 2026.

 

On April 3, 2024, a Series “F” Note with a face value of $250,000 issued to a non-related third-party shareholder that will mature April 2, 2026.

 

On April 3, 2026, Note extended until December 31, 2026.

 

On May 15, 2024, a Series “F” Note with a face value of $174,004 issued to a non-related third-party shareholder that will mature May 14, 2026.

 

On May 14, 2026, Note extended until December 31, 2026.

 

On May 16, 2024, a Series “F” Note with a face value of $75,000 issued to a non-related third-party shareholder that will mature May 15, 2026.

 

On May 16, 2026, Note extended until December 31, 2026.

 

On May 17, 2024, a Series “F” Note with a face value of $25,000 issued to a non-related third-party shareholder that will mature May 17, 2026.

 

On May 17, 2026, Note extended until December 31, 2026.

 

On April 18, 2024, a Series “F” Note with a face value of $100,000 issued to a non-related third-party shareholder that will mature April 18, 2026.

 

On June 2, 2026, Note extended until December 31, 2026.

 

On May 22, 2024, a Series “F” Note with a face value of $25,000 issued to a non-related third-party shareholder that will mature May 21, 2026.

 

On May 22, 2026, Note extended until December 31, 2026.

 

 

On July 16, 2024, a Series “F” Note with a face value of $70,000 issued to a non-related third-party shareholder that will mature July 15, 2026.

 

On August 9, 2024, a Series “F” Note with a face value of $20,000 issued to a non-related third-party shareholder that will mature August 8, 2026.

 

On August 16, 2024, a Series “F” Note with a face value of $5,000 issued to a non-related third-party shareholder that will mature August 15, 2026.

 

On August 23, 2024, a Series “F” Note with a face value of $6,000 issued to a non-related third-party shareholder that will mature August 22, 2026.

 

On August 30, 2024, a Series “F” Note with a face value of $30,000 issued to a non-related third-party shareholder that will mature August 29, 2026

 

On September 24, 2024, a Series “F” Note with a face value of $55,000 issued to a non-related third-party shareholder that will mature September 23, 2026

 

On September 30, 2024, a Series “F” Note with a face value of $20,000 issued to a non-related third-party shareholder that will mature September 30, 2026

 

On October 16, 2024, a Series “F” Note with a face value of $165,000 issued to a non-related third-party shareholder that will mature October 15, 2026

 

On November 18, 2024, a Series “F” Note with a face value of $200,000 issued to a non-related third-party shareholder that will mature November 17, 2026

 

At fiscal year end 2024, the Company recognized interest expense on its Series “F” Notes of $87,878.

 

Series “F” NOTES issued in 2025;

 

On January 3, 2025, a Series “F” Note with a face value of $145,000 issued to a non-related third-party shareholder will mature January 3, 2027.

 

On April 7, 2025, a Series “F” Note with a face value of $75,000 issued to a non-related third-party shareholder will mature April 7, 2027.

 

On April 17, 2025, a Series “F” Note with a face value of $100,000 issued to a non-related third-party shareholder will mature April 17, 2027.

 

On May 20, 2025, a Series “F” Note with a face value of $75,000 issued to a non-related third-party shareholder will mature May 20, 2027.

 

On May 30, 2025, a Series “F” Note with a face value of $100,000 issued to a non-related third-party shareholder will mature May 30, 2027.