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PROMISSORY NOTES
9 Months Ended
Sep. 30, 2025
Promissory Notes  
PROMISSORY NOTES

NOTE 7 – PROMISSORY NOTES

 

As of September 30, 2025 and December 31, 2024, promissory notes of $1,827,500 (principal $1,700,000 and interest of $127,500) and of $2,081,016 (principal $2,081,016 and interest of $0), respectively, were outstanding. The promissory notes are unsecured, bear interest of 10% per annum and are due on December 31, 2025.

 

On August 22, 2025, the Company agreed to convert $374,603 of principal and interest of a promissory note into 153,407,000 shares of common stock of the Company with a fair value of $398,858 resulting in a loss of extinguishment of debt of $24,255 (Note 12).

 

On September 19, 2025, the Company agreed to convert $141,701 of principal and interest of a promissory note into 70,850,560 shares of common stock of the Company with a fair value of $134,627 resulting in a gain of extinguishment of debt of $7,074 (Note 12).