CONVERTIBLE PROMISSORY NOTES AND WARRANTS (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Schedule of convertible promissory notes

	1% Convertible Promissory Notes, due in 2025		1% Convertible Promissory Notes, due in 2027			Total
Net carrying value of convertible promissory notes as of December 31, 2022	$	645,000	$	-		$	645,000
Proceeds of new 1% convertible promissory notes		-		2,500,000			2,500,000
Less: Allocated intrinsic value of beneficial conversion feature (Note a)		-		(400,000	)		(400,000	)
Add: Accumulated amortization of debt discount		-		147,062			147,062
Net carrying value of convertible promissory notes as of December 31, 2023	$	645,000	$	2,247,062		$	2,892,062

Note:

(a) At the time of issuance, the Company evaluated the intrinsic value of the beneficial conversion feature (“BCF”) associated with the conversion feature of the convertible promissory note. The BCF was recorded into additional paid-in capital. Additionally, the convertible promissory note was considered to have an embedded BCF because the effective conversion price was less than the fair value of the Company’s common stock on notes issuance date. The value of the BCF was recorded as a discount on the convertible promissory note. Hence, in connection with the issuance of the convertible promissory note, the Company recorded a total debt discount of $400,000 that will be amortized over the term of the Note using effective interest rate method.

Schedule of amortization of debt discount

	2023		2022
1% convertible promissory notes, due in 2025	$	-	$	-
1% convertible promissory notes, due in 2027		74,577		72,485
Total	$	74,577	$	72,485

Schedule of interest expenses

	2023		2022
1% convertible promissory notes, due in 2025	$	6,450	$	6,450
1% convertible promissory notes, due in 2027		25,000		23,767
Total	$	31,450	$	30,217