Subsequent Events |
9 Months Ended | ||
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Sep. 30, 2023 | |||
Subsequent Events [Abstract] | |||
SUBSEQUENT EVENTS |
On October 19, 2023, the Company closed a transaction with Red Road Holdings Corporation (“RRH”) pursuant to which the Company received net proceeds of $60,000, after an original issue discount and fees of $13,450 in exchange for the issuance of a $73,450 Convertible Note, bearing interest at 13%, or $9,548, which interest is earned on issuance of the note and maturing on July 30,2024. The RRH Note is convertible into shares of Common Stock at a variable conversion rate of 60% of the lowest trading price twenty trading days before conversion.
On October 20, 2023, the Company entered into Securities Purchase Agreements with an accredited investor, pursuant to which the Company received an aggregate of $50,000 in gross proceeds in a private placement through the issuance of a Convertible Promissory Note and a five-year warrant to purchase an aggregate 144,928 shares of Common Stock at an exercise price of $0.345 per share (as adjusted for stock splits, stock combinations, dilutive issuances and similar events. The convertible Promissory Note matures on October 20, 2024 and bears interest at 8% per annum, and are convertible into shares of Common Stock at a conversion price of $0.345 per share (as adjusted for stock splits, stock combinations, dilutive issuances and similar events). The 2023 Notes may be prepaid at any time without penalty. The Company is under no obligation to register the shares of Common Stock underlying the Notes or the 2023 Warrants for public resale.
On November 1, 2023, the Company received an extension of the payment date of the third Tranche due under the IPSIPay Express Operating Agreement from October 31, 2023 to November 30, 2023.
On November 8, 2023, the Company received a notice of conversion from Cavalry, converting $100,000 of accrued interest into 289,855 shares of common stock at a conversion price of $0.345 per share.
Other than the above, the Company has evaluated subsequent events through the date the financial statements were issued, and did not identify any subsequent events that would have required adjustment or disclosure in the financial statements. |