Subsequent Events

3 Months Ended

Mar. 31, 2024

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

18 SUBSEQUENT EVENTS

Convertible note funding

On April 1, 2024, the Company received gross proceeds of $70,000 for a Securities Purchase Agreement entered into on March 26, 2024, pursuant to which the Company issued convertible promissory notes to one accredited investment entity for a principal amount outstanding of $88,500. The Note is unsecured, matures on December 30,2024 and has a one-time interest charge of 15% totaling $13,275. The note is convertible into Common Stock upon an event of default at a variable conversion price of 65% of the lowest trading price for the 10 days immediately prior to conversion. The note may be prepaid at a discount to the full amount outstanding, including once-off interest of 96%.

On April 12, 2024 and May 3, 2024, the Company entered into Securities Purchase Agreements with 3 accredited investors pursuant to which the Company received an aggregate of $100,000 in gross proceeds in private placements through the issuance of convertible promissory notes and five-year warrants to purchase an aggregate 289,856 shares of Common Stock at an exercise price of $0.345 per share (as adjusted for stock splits, stock combinations, dilutive issuances and similar events). The notes are unsecured, may be converted into Common Stock at a conversion price of $0.345 per share (as adjusted for stock splits, stock combinations, dilutive issuances and similar events), mature 12 months from the date of issuance and bear interest at 8% per annum, based on a 360-day year, and may be prepaid at any time without penalty.

On May 4, 2024, the maturity date of two notes totaling $225,000 which originally matured on December 31, 2023 and which maturity dates were extended to March 30, 2024, on May 4, 2024, the maturity date of the $200,000 note was further extended to June 14, 2024, and the maturity date of the $25,000 note was further extended to June 30, 2024. In exchange for the maturity date extension, the Company issued to note holders warrants exercisable for 292,463 shares of Common Stock at an exercise price of $0.345 per share.

Other than the above, the Company has evaluated subsequent events through the date the financial statements were issued and did not identify any subsequent events that would have required adjustment or disclosure in the financial statements.