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CONVERTIBLE NOTES PAYABLE (Tables)
12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
SCHEDULE OF OUTSTANDING CONVERTIBLE NOTES

At December 31, 2023 and 2022, the outstanding convertible notes were as follows:

 

Name      Principal due   Accrued interest   Total
amount due
 
       December 31, 2022 
Notes sold in exchange for cash   (1)   $1,165,000   $34,471   $1,199,471 
Note issued in exchange for defaulted Old Notes   (2)    1,000,000    100,110    1,100,110 
        $2,165,000   $134,581   $2,299,581 

 

       December 31, 2023 
Notes sold in exchange for cash   (3)   $900,000   $63,814   $963,814 
Note issued in exchange for defaulted Old Notes        1,000,000    159,945    1,159,945 
        $1,900,000   $223,759   $2,123,759 

 

(1)

Net cash received for these notes were $1,045,150, after a Debt Discount of $119,850 was paid to the sole Placement Agent: WallachBeth Capital, LLC (Member FINRA / SIPC).

(2)

All earlier issued Notes were paid off and assumed by a different entity/company. Portions of the balance was forgiven and a new note of $1,000,000 was issued to a third party.

(3) During 2023 a total of $316,588 (whereof $51,588 in interest) was converted into 2,435,291 shares of Common Stock.
SCHEDULE OF CONVERTIBLE CONVERSION OF ACCRUED INTEREST AND PRINCIPAL

 

Name      Principal Converted   Accrued interest converted   No. of shares issued 
Private Placement, 2022 Notes   (1)   $1,467,000   $53,371    6,081,484 

 

(1) Net cash received for these notes were $1,380,960, after a Debt Discount of $86,040 was paid to the sole Placement Agent: WallachBeth Capital, LLC (Member FINRA / SIPC).