Loss on Convertible Notes

6 Months Ended

Jun. 30, 2024

Loss on Convertible Notes [Abstract]

LOSS ON CONVERTIBLE NOTES

15 LOSS ON CONVERTIBLE NOTES

The loss on convertible notes consists of the following:

	Three months ended		Three months ended		Six months ended		Six months ended
	June 30,		June 30,		June 30,		June 30,
	2024		2023		2024		2023
Expense on extension of maturity date of convertible notes		36,305		-		102,352		-
Loss on conversion of convertible notes		-		18,478				18,478
		36,305		18,478		102,352		18,478

On March 14, 2024, the Company extended the maturity date of 11 convertible notes which matured between February 13, 2024 and February 23, 2024 by six months and issued the note holders additional warrants exercisable for 387,673 shares of Common Stock, the modification of the terms and the issue of the new warrants was assessed as a debt extinguishment.

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, on June 14, 2024, the Company issued to note holders warrants exercisable for 292,463 shares of Common Stock, the modification of the terms and the issue of the new warrants was assessed as a debt extinguishment.

The debt extinguishments resulted in a charge of $36,305 and $102,352 for the three and six months ended June 30, 2024, respectively.