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Convertible Debt (Tables)
3 Months Ended
Mar. 31, 2025
Convertible Debt [Abstract]  
Schedule of Convertible Notes Payable

Convertible debt payable consists of the following:

 

Description   Interest Rate    Maturity
date***
   Principal   Accrued
Interest
   Unamortized
debt
discount
   March 31, 2025
Amount, net
   December 31,
2024 Amount, net
 
Cavalry Fund I LP   18.00%*   Matured   $819,371   $41,096   $
-
   $860,467   $836,942 
Mercer Street Global  Opportunity Fund, LLC   18.00%*   Matured    1,042,701    55,936    
-
    1,098,637    1,051,013 
Red Road Holdings Corporation   24.98%**   Matured    
-
    
-
    
-
    
-
    20,085 
    24.51%**   Matured    116,381    18,762    -    135,143    173,798 
Quick Capital LLC   11.03%**   Matured    
-
    
-
    
-
    
-
    64,171 
                                    
2023, 2024 and 2025 convertible debt     8.00 to 12.00 %   Matured to February 20, 2026    2,846,890    345,065    (61,845)   3,130,110    2,870,196 
Total convertible debt            $4,825,343   $460,859   $(61,845)  $5,224,357   $5,016,205 

 

* The Cavalry Fund LLP and Mercer Street Global Opportunity Fund, LLC, notes are accruing interest at the default interest rate of 18% with effect from November 27, 2024, prior to November 27, 2024, interest was accrued at 10% per annum.  
** The Red Road Holdings Corporation and Quick Capital LLC, interest rates are effective interest rates as these convertible notes have a fixed interest charge which is earned on the issuance date, regardless of when payments are made.
***

All convertible debt is technically in default due to the default on the outstanding Red Road Holdings Corporation convertible notes disclosed below. None of the convertible debt lenders have formally declared a default to the Company, other than one investor with an aggregate balance outstanding of $22,704.