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