v3.26.1
Convertible Notes Payable
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Convertible Notes Payable

 

  4. Convertible Notes Payable

          
  

March 31, 2026

(unaudited)

  

December 31,

2025

 
Convertible notes  $631,000   $822,000 
Accrued interest   578,000    545,000 
Total outstanding debt, including $1,209,000 and $1,116,000 in default at March 31, 2026 and December 31, 2025, respectively   1,209,000    1,367,000 
Unamortized debt discount   –    (16,000)
Balance on convertible notes, net of note discounts  $1,209,000   $1,351,000 

 

Convertible notes

 

At December 31, 2025, total outstanding convertible notes payable totaled $822,000. During the three-month period ended March 31, 2026, the Company issued no convertible promissory notes.

 

During the period ended March 31, 2026, convertible notes and accrued interest of $196,000, net of unamortized discount of $10,000, were converted into 2,449,158 shares of common stock (see related accrued interest below). At March 31, 2026, total outstanding convertible notes payable totaled $631,000. As of March 31, 2026, convertible notes payable and accrued interest are convertible into approximately 14,409,650 shares of common stock at conversion rates ranging from $0.03 to $0.48 per share. As of March 31, 2026, a total of 48 convertible notes and accrued interest in the aggregate of $1,209,000 have reached maturity and are past due.

 

Accrued interest

 

At December 31, 2025, accrued interest on convertible notes payable totaled $545,000. During the three-month period ended March 31, 2026, accrued interest of $39,000 was recorded and accrued interest of $6,000 was converted into 70,408 shares of common stock.. At March 31, 2026, accrued interest on convertible notes payable totaled $578,000.

 

Debt discount

 

At December 31, 2025, the unamortized debt discount was $16,000. During the three-month period ended March 31, 2026, debt discount amortization of $6,000 was recorded, and $10,000 of debt discount was removed and included in the carrying amount of related convertible notes payable that were converted into shares of common stock. At March 31, 2026, the unamortized debt discount was $0.