Notes Payable and Convertible Notes Payable |
12 Months Ended |
|---|---|
Dec. 31, 2025 | |
| Notes Payable and Convertible Notes Payable | |
| Notes Payable, Line of Credit and Convertible Notes Payable | 5. Notes Payable and Convertible Notes Payable
On June 22, 2023, the Company issued a $2,000,000 senior secured convertible promissory note to Platinum Capital Partners, Inc. During the year ended December 31, 2024, the Company issued 879,051 shares of common stock related to the conversion of $2,000,000 of the senior secured convertible promissory note.
On October 3, 2023, the Company issued senior secured convertible promissory notes for $600,000 to two private investors. At the option of the holders, the notes were convertible into cash, common stock or a combination of cash and stock. On March 5, 2024, the two private investors converted the notes with a face value of $600,000 and interest into 169,204 shares of the Company’s common stock valued at $835,610. On September 13, 2024, the Company issued an additional 86,198 shares of common stock related to the conversion of notes at $2.65 per share.
During the year ended December 31, 2024, the Company recorded an unrealized loss due to the increase in the fair value of the convertible notes payable totaling $141,636 and a loss of $1,144,676 for the conversion of these convertible notes. |