Annual report pursuant to Section 13 and 15(d)

Convertible Notes Payable (Tables)

v3.24.1
Convertible Notes Payable (Tables)
 12 Months Ended
Dec. 31, 2023
Convertible Note Payable [Abstract]  
Schedule of Fair Value of Stock Warrants were Estimated at Issuance Using the Binomial Valuation Model On April 20, 2022 (the Exchange Agreement date) along with various re-pricings as outlined below, the fair value of the stock warrants were estimated at issuance using the Binomial Valuation Model with the following assumptions:
      2022  
Dividend rate     —%  
Term (in years)     4 years  
Volatility     246.6% to 329.6%  
Risk—free interest rate     2.79% to 3.12%  
Schedule of Future Annual Maturities On December 31, 2023 and 2022, convertible notes payable consisted of the following:
    December 31,
2023		     December 31,
2022		  
Convertible notes payable   $ 1,098,091     $ 1,199,750  
Add: put premium    
-
       90,731  
Less: unamortized debt discount    
-
       (7,968 )
Convertible note payable, net     1,098,091       1,282,513  
Less: current portion of convertible note payable     (180,000 )     (1,031,250 )
Convertible notes payable – long-term   $ 918,091     $ 251,263  

 
Schedule of Future Annual Maturities On December 31, 2023, future annual maturities of convertible note payable are as follows:
December 31,   Amount  
2024   $ 180,000  
2025     180,000  
2026     738,091  
Total convertible note payable on December 31, 2023   $ 1,098,091