Convertible Notes Payable

9 Months Ended

Sep. 30, 2024

Convertible Notes Payable

Convertible Notes Payable

9. Convertible Notes Payable

Convertible notes payable were comprised of the following as of September 30, 2024 and December 31, 2023:

Convertible Notes Payable	September 30, 2024			December 31, 2023
1800 Diagonal Lending	$	226,075		$	77,701
Total Convertible Notes Payable		226,075			77,701
Less Unamortized Discount		-			(40,161	)
Total Convertible Notes Payable, Net of Unamortized Debt Discount		226,075			37,540
Less Short-Term Convertible Notes Payable		(226,075	)		(37,540	)
Total Long-Term Convertible Notes Payable, Net of Unamortized Debt Discount	$	-		$	-

1800 Diagonal Lending LLC – On September 12, 2023, the Company issued an unsecured Convertible Promissory Note (“Note”) to 1800 Diagonal Lending, LLC (“1800”), in the principal amount of $116,550 (the “Note”) due on June 15, 2024 and bears 11% per annum interest, due at maturity. The total net proceeds the Company received was $100,000 (less an original issue discount (“OID”) of $16,550). The Note is convertible into common stock, at holder’s option, at a 25% discount of the average of the three lowest trading price of the common stock during the 10 trading day period prior to conversion. Beginning in October 2023, the Company paid $86,248 towards the principal balance of $77,701 and $8,547 in accrued interest. Beginning in September 2023, the Company has amortized $50,065 of debt discount as interest expense. As of September 30, 2024, the gross balance of the note was $0 and accrued interest was $0.

1800 Diagonal Lending LLC – On January 23, 2024, the Company issued an unsecured Convertible Promissory Note (“Note”) to 1800 Diagonal Lending, LLC (“1800”), in the principal amount of $63,250 (the “Note”) due on October 30, 2024 and bears 12% per annum interest, due at maturity. The total net proceeds the Company received was $50,000 (less an original issue discount (“OID”) of $13,250). The Note is convertible into common stock, at holder’s option, at a 25% discount of the average of the three lowest trading price of the common stock during the 10 trading day period prior to conversion. During the nine months ended September 30, 2024, the Company paid $23,613 towards the principal balance of $21,083 and $2,530 in accrued interest. For the nine months ended September 30, 2024, the Company amortized $63,250 of debt discount to current period operations as interest expense. On June 4, 2024, the Company was notified by the lender that the note was in default. The Company recognized default penalties for principal of $21,083 and interest of $2,530. As of September 30, 2024, the gross balance of the note was $51,250 and accrued interest was $12,628.

1800 Diagonal Lending LLC – On May 3, 2024, the Company issued an unsecured Convertible Promissory Note (“Note”) to 1800 Diagonal Lending, LLC (“1800”), in the principal amount of $116,550 (the “Note”) due on February 15, 2025 and bears 12% per annum interest, due at maturity. The total net proceeds the Company received was $100,000 (less an original issue discount (“OID”) of $16,550). The Note is convertible into common stock, at holder’s option, at a 35% discount of the lowest trading price of the common stock during the 10 trading day period prior to conversion. For the nine months ended September 30, 2024, the Company amortized $116,550 of debt discount to current period operations as interest expense. On June 4, 2024, the Company was notified by the lender that the note was in default. The Company recognized default penalties for principal of $58,275 and interest of $6,993. As of September 30, 2024, the gross balance of the note was $174,825 and accrued interest was $34,905.