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SUBSEQUENT EVENTS
3 Months Ended
Mar. 31, 2024
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

NOTE 8 – SUBSEQUENT EVENTS

 

In relation to the convertible note payable discussed in Note 6, in April 2024, the note holders agreed to extend the maturity date of the convertible note to October 31, 2024, and any accrued but unpaid interest through the date thereof shall be due and payable on or before October 31, 2024. This further extension did not have any additional consideration. The Company subsequently failed to repay the convertible note on or before October 31, 2024, and failed to file the resale registration statement on or before April 27, 2024.

 

In July 2024, entered into a promissory note agreement for the principal amount of $95,000. The Note is convertible upon an event of default into shares of common stock, $0.001 par value per share.

 

In July 2024, the Board of Directors approved a resolution authorizing the Company to obtain a secured six-month term loan for the principal amount of $95,000. In connection therewith, on July 17, 2024, the Company entered into a Securities Purchase Agreement with selected accredited investors whereby the Company had the right to secure the convertible note. In connection with the convertible promissory note, to secure the note, the Company paid a commitment fee by issuing 300,000 shares of the Company’s common stock. The shares were issued in August 2024.

 

In August 2024, the Company entered into a promissory note agreement for the principal sum of $55,000. The maturity date on the promissory note is May 10, 2025, and carries an annual interest rate of 10%.