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Subsequent Events
9 Months Ended
Sep. 30, 2024
Subsequent Events [Abstract]  
Subsequent Events

 

  11. Subsequent Events

 

In October and November 2024, the Company issued convertible notes payable in the aggregate of $376,000 for cash proceeds of $342,000, net of OID $34,000. The notes are unsecured, with an 10% OID, mature in twelve months from issuance, and are convertible into 12,526,523 shares of the Company’s common stock at $0.03 per share. In addition, the Company granted the note holders warrants to purchase 12,526,523 shares of the Company’s common stock at $0.04 per share. The warrants are fully vested and expire one year from the date of issuance.

 

In addition, in October 2024, the Company paid $105,000 of compensation to its Chief Executive Officer (CEO) who also serves as the Company’s Chief Financial Officer (CFO). The Company will also pay additional compensation to its CEO and CFO of $50,000 no later than the end of December 2024.