Convertible Notes and Notes Payable |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||
| Convertible Notes and Notes Payable |
Note 7 – Convertible Notes and Notes Payable
Convertible Notes Payable
On April 1, 2016, the Company received $500,000 from Newell Trading Group in exchange for a convertible debenture due April 2, 2017 bearing interest at 10% and convertible into common stock at $.25 per share unless the note is paid by the Company prior to the election of the holder to convert. The Company recognized a beneficial conversion feature expense of $500,000 that has been fully amortized. On October 3, 2019, Newell Trading Group assigned its rights and interests in its $500,000 convertible debenture to the Sammy Farkas Foundation Inc., (the “Foundation”), a related party. The Foundation then entered into an agreement with the Company to extend the maturity date of the convertible debenture to October 10, 2024 in exchange for shares of the Company’s stock. The shares have a fair value of $56,700 which was recorded as a debt discount and amortized over the life of the extension. On November 11, 2019, The Sammy Farkas Foundation transferred all the rights and interests of the note to another party, 16th Avenue Associates. The terms remain the same and the transfer has no effect on the financial statements. During the period ended March 31, 2024 and December 31, 2023, the Company amortized $2,835 and $11,340, respectively of debt discount. The convertible note payable, net of debt discount of $5,670 and $8,504 as of March 31, 2024 and December 31, 2023 was $494,330 and $491,496, respectively, and was recorded under current liability on the balance sheet and no additional debt discount adjustment is required upon adoption of ASU 2020-06.
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