Convertible Promissory Note

12 Months Ended

Dec. 31, 2024

Convertible Promissory Note [Abstract]

CONVERTIBLE PROMISSORY NOTE

NOTE 9 - CONVERTIBLE PROMISSORY NOTE

On September 11, 2022 the Board of Directors authorized Mr. Hayde to issue a convertible note in the amount of $100,000 to Your Space, Inc. The note bears interest at the rate of 5% per annum and has a term date of December 31, 2023. The note had an original due date of December 31, 2023. The parties have mutually agreed to extend the due date to December 31, 2025. The Company may pay the principal and accrued interest at any time prior to the due date. The holder of the note may choose to convert the principal and accrued interest of the note to shares of common stock by providing notice of their intent to convert. The conversion rate provides for a 20% discount to the share price established in a liquidity event, such event defined as the trading of the stock on a major stock exchange. Should the note be unpaid at the due date the interest rate will increase to 15% per annum, with the interest to be paid monthly, which payment will be $1,250 per month.