NOTES PAYABLE

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

NOTES PAYABLE

NOTE 4 – NOTES PAYABLE

Notes payable totaled $270,000 and $299,458 for September 30, 2024, and December 31, 2023, respectively.

On April 2, 2021, the Company issued a promissory note with an investor in exchange for $200,000 bearing an interest rate of 18% per annum and payable on October 2, 2022. The Company also issued a warrant to purchase 2,000,000 shares of Common Stock at an exercise price of $0.20 per share expiring in 5 years. The note was not paid by its due date. As of the date of this filing, the noteholder has agreed to extend the due date of the note payable for a one-year extension, the new maturity date of the note payable is April 2, 2025.

On April 9, 2021, the Company issued a promissory note with an investor in exchange for $50,000 bearing an interest rate of 18% per annum and payable on October 9, 2022. The Company also issued a warrant to purchase 500,000 shares of Common Stock at an exercise price of $0.20 per share expiring in 5 years. The note was not paid by its due date. As of the date of this filing, the noteholder has agreed to extend the due date of the note payable for a one-year extension, the new maturity date of the note payable is April 9, 2025.

On April 16, 2021, the Company issued a promissory note with an investor in exchange for $20,000 bearing an interest rate of 18% per annum and payable on October 16, 2022. The Company also issued a warrant to purchase 250,000 shares of Common Stock at an exercise price of $0.25 per share expiring in 5 years. The note was not paid by its due date. As of the date of this filing, the noteholder has agreed to extend the due date of the note payable for a one-year extension, the new maturity date of the note payable is April 16, 2025.

During the three and nine months ended September 30, 2024, the Company made principal payments in the amount of $0 on notes payable.

Interest expense for the Company’s notes payable for the three and nine months ended September 30, 2024 was $20,100 and $57,233 compared to $17,051 and $34,102 for the three and nine months ended September 30, 2023.

Accrued interest for the Company’s notes payable on September 30, 2024 and December 31, 2023 was $216,864 and $159,630, respectively, and is included in accrued expenses on the accompanying condensed consolidated balance sheets.