Notes Payable and Convertible Notes Payable (Tables)
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9 Months Ended |
12 Months Ended |
Sep. 30, 2025 |
Dec. 31, 2024 |
| Notes Payable and Convertible Notes Payable [Abstract] |
|
|
| Schedule of Convertible Notes Payable |
The
Company had the following activity related to its convertible notes payable:
| Balance - December 31, 2024 | |
$ | 578,708 | |
| Proceeds (face amount of note) | |
| 750,000 | |
| Derivative liability recognized as debt discount | |
| (953,571 | ) |
| Amortization of debt
discount | |
| 312,456 | |
| Balance – September 30, 2025 | |
$ | 687,593 | |
|
Convertible
Notes Payable are summarized as follows:
| | | | | Interest | | | | December 31, | | | December 31, | | | Issue Date | | Maturity Date | | Rate | | Collateral | | 2024 | | | 2023 | | | March 2024 | | March 2025 | | 8% | | Unsecured | | | 150,000 | | | | - | | | March 2024 | | March 2025 | | 8% | | Unsecured | | | 50,000 | | | | - | | | March 2024 | | March 2025 | | 8% | | Unsecured | | | 50,000 | | | | - | | | April 2024 | | April 2025 | | 8% | | Unsecured | | | 10,000 | | | | - | | | April 2024 | | April 2025 | | 8% | | Unsecured | | | 20,000 | | | | - | | | May 2024 | | May 2025 | | 8% | | Unsecured | | | 10,000 | | | | - | | | May 2024 | | May 2025 | | 8% | | Unsecured | | | 100,000 | | | | - | | | July 2024 | | July 2025 | | 8% | | Unsecured | | | 5,000 | | | | - | | | July 2024 | | July 2025 | | 8% | | Unsecured | | | 15,000 | | | | - | | | July 2024 | | July 2025 | | 8% | | Unsecured | | | 10,000 | | | | - | | | July 2024 | | July 2025 | | 8% | | Unsecured | | | 4,000 | | | | - | | | July 2024 | | July 2025 | | 8% | | Unsecured | | | 50,000 | | | | - | | | August 2024 | | August 2025 | | 8% | | Unsecured | | | 10,000 | | | | - | | | November 2024 | | November 2025 | | 8% | | Unsecured | | | 10,000 | | | | - | | | November 2024 | | November 2025 | | 8% | | Unsecured | | | 30,000 | | | | - | | | November 2024 | | November 2025 | | 8% | | Unsecured | | | 54,708 | | | | - | | | | | | | | | | | $ | 578,708 | | | $ | - | | | | | | | | | Less: unamortized debt discount | | | - | | | | - | | | | | | | | | Convertible notes payable – net | | $ | 578,708 | | | $ | - | |
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| Schedule of Notes Payable |
|
The Company
had the following activity related to its notes payable:
| Balance - December 31, 2022 | |
$ | 507,136 | |
| Proceeds (face amount of note) | |
| 222,873 | |
| Reclassifications | |
| 640,000 | |
| Balance - December 31, 2023 | |
$ | 1,370,009 | |
| Balance - December 31, 2024 | |
$ | 1,370,009 | |
|
| Schedule of Notes Payable are Summarized |
|
Notes
payable are summarized as follows:
| | | | | Interest | | | | December 31, | | | December 31, | | | Issue Date | | Maturity Date | | Rate | | Collateral | | 2024 | | | 2023 | | | June 2012(2) | | April 2025 | | 8% | | Unsecured | | $ | 6,240 | | | $ | 6,240 | | | May 2014(2) | | April 2025 | | 8% | | Unsecured | | | 3,456 | | | | 3,456 | | | June 2016(2) | | April 2025 | | 8% | | Unsecured | | | 38,216 | | | | 38,216 | | | January 2017(2) | | April 2025 | | 8% | | Unsecured | | | 7,344 | | | | 7,344 | | | November 2020(2) | | April 2025 | | 12% | | Unsecured | | | 46,480 | | | | 46,480 | | | March 2021(2) | | April 2025 | | 8% | | Unsecured | | | 5,400 | | | | 5,400 | | | November 2021(2) | | April 2025 | | 0% | | Unsecured | | | 250,000 | | | | 250,000 | | | February 2022(2) | | April 2025 | | 0% | | Unsecured | | | 150,000 | | | | 150,000 | | | August 2023(2) | | April 2025 | | 8% | | Unsecured | | | 122,873 | | | | 122,873 | | | January 2023(1,2) | | April 2025 | | 0% | | Unsecured | | | 100,000 | | | | 100,000 | | | October 2022(1,2) | | April 2025 | | 0% | | Unsecured | | | 440,000 | | | | 440,000 | | | November 2022(1,2) | | April 2025 | | 0% | | Unsecured | | | 100,000 | | | | 100,000 | | | October 2023(3) | | April 2025 | | 8% | | Unsecured | | | 100,000 | | | | 100,000 | | | | | | | | | Notes payable | | $ | 1,370,009 | | | $ | 1,370,009 | |
| (1) | In November 2023, the convertible notes were amended to remove the conversion features and the Company reclassified $640,000 from convertible notes to notes payable | | | | | (2) | In October 2024, the Company entered into agreements with 16 noteholders, extending the maturity on their note to April 1, 2025. | | | | | (3) | In October 2024, the Company entered into agreements with 1 noteholder, extending the maturity on their note to April 1, 2025. In consideration thereof, the noteholder received 5,000 shares of common stock |
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| Schedule of Convertible Notes Payable |
|
The
Company had the following activity related to its convertible notes payable:
| Balance - December 31, 2022 | |
$ | 828,344 | |
| Proceeds (face amount of note) | |
| 205,000 | |
| Reclassifications | |
| (640,000 | ) |
| Original issue debt discount | |
| (65,000 | ) |
| Amortization of debt discount | |
| 469,514 | |
| Conversion of notes
payable to common stock | |
| (797,858 | ) |
| Balance - December 31, 2023 | |
$ | - | |
| Proceeds (face amount of note) | |
| 628,708 | |
| Guaranteed interest recorded to convertible
note payable | |
| 5,000 | |
| Original issue debt discount | |
| (10,000 | ) |
| Guaranteed interest – debt discount | |
| (5,000 | ) |
| Repayments including guaranteed interest | |
| (55,000 | ) |
| Amortization of debt
discount | |
| 15,000 | |
| Balance - December 31, 2024 | |
$ | 578,708 | |
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| Schedule of Common Stock on Date of Inducement in Excess of Value of Debt Converted |
|
The
fair value of the Company’s common stock on the date of inducement was in excess of the value of the debt converted by $102,857
as follows during the year ended December 31, 2023:
| | |
December 31,
2023 | |
| Fair value of common stock on conversion
date | |
$ | 445,714 | |
| Fair value of debt subject
to inducement | |
| 342,857 | |
| Inducement expense | |
$ | 102,857 | |
The
fair value of the Company’s common stock on the date of inducement was in excess of the value of the debt converted by $186,160
as follows during the year ended December 31, 2023:
| | |
December 31,
2023 | |
| Fair value of debt and common stock
on extinguishment date | |
$ | 1,226,160 | |
| Fair value of debt subject
to inducement | |
| 1,040,000 | |
| Inducement expense | |
$ | 186,160 | |
The
fair value of the Company’s common stock on the date of inducement was in excess of the value of the debt converted by $105,000
as follows during the year ended December 31, 2023:
| | |
December 31,
2023 | |
| Fair value of debt and common stock
on extinguishment date | |
$ | 154,438 | |
| Fair value of debt subject
to inducement | |
| 105,000 | |
| Inducement expense | |
$ | 49,438 | |
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