SUBSEQUENT EVENTS |
9 Months Ended |
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Sep. 30, 2024 | |
SUBSEQUENT EVENTS | |
SUBSEQUENT EVENTS |
NOTE 8 - SUBSEQUENT EVENTS
Debt Restructuring
On November 12, 2024, the Company finalized a restructuring of the outstanding convertible debt of $240,000 principal and accrued interest of $36,853. The original debt was a group of 12 separate convertible notes with three parties controlled by one lender and issued between 2008 and 2011. The notes were all past their original maturity dates and the lender allowed for rolling 30-day extensions until notice would be given by the lender to the Company to the contrary. The Company and the lender have now agreed to terminate all these existing notes on November 30, 2024, in favor of three new notes with an aggregate principal balance at November 30, 2024, of $277,254. The new notes have a term of 24 months, and annual interest rate of 1% percent, will be paid off in 24 equal payments beginning November 30, 2024 and ending October 31, 2026. The new notes are not convertible into equity and may be repaid early with no prepayment penalty.
Equity Sales
The Company sold and issued common stock and warrants in five private transactions since October 1, 2024, for a total issuance of 55,939 shares and warrants for an additional 5,592 shares of common stock to 5 individual investors for proceeds of $910,000. Two of these transactions were with two related parties resulting in the issuance of 9,476 shares and warrants for an additional 947 shares of common stock for proceeds of $150,000 |