2024 Q2 Form 10-K Financial Statement

#000149315224014710 Filed on April 16, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2023 Q4 2023
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $288.5K $268.0K $957.1K
YoY Change 15.9% 5.24% -16.72%
% of Gross Profit
Research & Development $11.58K $65.87K $473.5K
YoY Change -93.39% 362.57% 3226.27%
% of Gross Profit
Depreciation & Amortization $0.00 $13.78K $54.31K
YoY Change -100.0%
% of Gross Profit
Operating Expenses $300.0K $293.3K $1.485M
YoY Change -31.41% 9.09% 27.63%
Operating Profit -$300.0K -$1.485M
YoY Change -31.41% 27.63%
Interest Expense -$127.9K -$48.11K $125.6K
YoY Change -291.61% 261.73% 4.32%
% of Operating Profit
Other Income/Expense, Net -$127.9K $0.00 -$165.6K
YoY Change 91.6% -93.02%
Pretax Income -$428.0K -$341.5K -$1.651M
YoY Change -15.13% 22.41% -53.32%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$428.0K -$341.5K -$1.651M
YoY Change -15.13% 22.41% -53.32%
Net Earnings / Revenue
Basic Earnings Per Share -$0.01 -$0.02
Diluted Earnings Per Share -$0.01 $0.00 -$0.02
COMMON SHARES
Basic Shares Outstanding 83.74M shares 83.66M shares 83.51M shares
Diluted Shares Outstanding 83.70M shares 85.13M shares

Balance Sheet

Concept 2024 Q2 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments -$50.00 $29.79K $29.79K
YoY Change -100.29% -80.2% -80.2%
Cash & Equivalents $5.451K $29.79K
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets -$49.00 $29.79K $29.79K
YoY Change -100.28% -80.21% -80.2%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $5.500K $5.500K $5.500K
YoY Change 0.0% -89.16% -89.16%
Total Long-Term Assets $5.500K $713.7K $713.7K
YoY Change -99.26% -12.24% -12.24%
TOTAL ASSETS
Total Short-Term Assets -$49.00 $29.79K $29.79K
Total Long-Term Assets $5.500K $713.7K $713.7K
Total Assets $5.451K $743.5K $743.5K
YoY Change -99.28% -22.85% -22.85%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.256M $1.351M $1.351M
YoY Change -7.65% 3.89% 3.89%
Accrued Expenses $418.1K $136.1K $624.4K
YoY Change 207.27% 0.0% 16.38%
Deferred Revenue
YoY Change
Short-Term Debt $2.602M $2.289M $2.289M
YoY Change 48.98% 109.73% 109.73%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $5.308M $4.559M $4.559M
YoY Change 37.48% 31.12% 31.12%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $0.00
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $5.308M $4.559M $4.559M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $5.308M $4.559M $4.559M
YoY Change 37.48% 31.12% 31.12%
SHAREHOLDERS EQUITY
Retained Earnings -$386.1M -$384.6M
YoY Change 0.58% 0.43%
Common Stock $380.8M $380.8M
YoY Change 0.01% 0.09%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$5.303M -$3.816M -$3.816M
YoY Change
Total Liabilities & Shareholders Equity $5.451K $743.5K $743.5K
YoY Change -99.28% -22.85% -22.85%

Cashflow Statement

Concept 2024 Q2 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$428.0K -$341.5K -$1.651M
YoY Change -15.13% 22.41% -53.32%
Depreciation, Depletion And Amortization $0.00 $13.78K $54.31K
YoY Change -100.0%
Cash From Operating Activities $18.38K -$88.07K -$656.5K
YoY Change -105.85% -121.22% 12.84%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change -100.0% -100.0%
Cash From Investing Activities $0.00
YoY Change -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -20.53K 113.3K $535.8K
YoY Change -106.93% 126.66% -27.44%
NET CHANGE
Cash From Operating Activities 18.38K -88.07K -$656.5K
Cash From Investing Activities 0.000
Cash From Financing Activities -20.53K 113.3K $535.8K
Net Change In Cash -2.150K 25.26K -$120.7K
YoY Change -87.76% -172.27% -64.85%
FREE CASH FLOW
Cash From Operating Activities $18.38K -$88.07K -$656.5K
Capital Expenditures
Free Cash Flow
YoY Change

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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
493885 usd
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
29786 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
150491 usd
CY2022 BTAX Reclassification To Notes Payable From Accrued Interest
ReclassificationToNotesPayableFromAccruedInterest
7006492 usd
CY2023 BTAX Conversion Of Notes And Accrued Interest To Common Stock
ConversionOfNotesAndAccruedInterestToCommonStock
42703 usd
CY2022 BTAX Conversion Of Notes And Accrued Interest To Common Stock
ConversionOfNotesAndAccruedInterestToCommonStock
95973 usd
CY2022 us-gaap Stock Issued1
StockIssued1
262500 usd
CY2023Q4 us-gaap Cash
Cash
29785 usd
CY2023Q4 BTAX Working Capital
WorkingCapital
4529374 usd
CY2023Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-384619050 usd
CY2023 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-1650557 usd
CY2023 us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_842_eus-gaap--UseOfEstimates_zZbOcciuRVba" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_86B_zUc14xzeSUua">Use of Estimates</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of the Company’s financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from such estimates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2023 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_84D_eus-gaap--ConcentrationRiskCreditRisk_zS1v3ZEdzab2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_86D_ztzivCX6Dy15">Concentration of Credit Risk</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial instruments that potentially subject the Company to concentrations of credit risk are primarily cash and cash equivalents. The Company is exposed to credit risk, subject to federal deposit insurance, in the event of a default by the financial institutions holding its cash and cash equivalents to the extent of amounts recorded on the balance sheets. The cash accounts are insured by the Federal Deposit Insurance Corporation up to $<span id="xdx_90F_eus-gaap--CashFDICInsuredAmount_iI_c20231231_z8CdEihWPiGl" title="Cash at federal deposit">250,000</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p>
CY2023Q4 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000 usd
CY2023 us-gaap Derivatives Reporting Of Derivative Activity
DerivativesReportingOfDerivativeActivity
<p id="xdx_84F_eus-gaap--DerivativesReportingOfDerivativeActivity_zADA3pYHeO91" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_866_zLi3tcosKtWi">Derivative Financial Instruments</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">FASB ASC 815, Fair Value Measurements requires bifurcation of certain embedded derivative instruments in certain debt or equity instruments, and measurement at their fair value for accounting purposes. A holder redemption feature embedded in the Company’s note payable requires bifurcation from its host instrument and is accounted for as a freestanding derivative. The Company held no derivative financial instruments at December 31, 2023.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2023 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
473528 usd
CY2022 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
14236 usd
CY2023 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
0 usd
CY2022 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
0 usd
CY2023 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
0 usd
CY2023Q4 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
31995 shares
CY2023 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1619596 shares
CY2023 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-1650557 usd
CY2022 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-3536076 usd
CY2023 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
83510001 shares
CY2022 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
36290359 shares
CY2023 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.02
CY2022 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.10
CY2023Q4 us-gaap Notes Payable Current
NotesPayableCurrent
1183978 usd
CY2022Q4 us-gaap Notes Payable Current
NotesPayableCurrent
696478 usd
CY2023Q4 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
152315 usd
CY2022Q4 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
64455 usd
CY2023 BTAX Loss Gain On Settlement Of Obligations And Conversion Of Debt
LossGainOnSettlementOfObligationsAndConversionOfDebt
-40000 usd
CY2022 BTAX Gain Loss On Settlement Of Obligations
GainLossOnSettlementOfObligations
-1166418 usd
CY2023Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
750000000 shares
CY2022Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
750000000 shares
CY2023Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2022Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2023Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
83657853 shares
CY2022Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
83045857 shares
CY2023Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
31995 shares
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber
20057162 shares
CY2021Q4 BTAX Share Based Compensation Arrangement By Share Based Payment Award Non Options Outstanding Weighted Average Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionsOutstandingWeightedAveragePrice
5.21
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Expirations
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExpirations
2293667 shares
CY2022 BTAX Share Based Compensation Arrangement By Share Based Payment Award Non Options Forfeitures And Expirations In Period Weighted Average Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionsForfeituresAndExpirationsInPeriodWeightedAveragePrice
205.25
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Exercised
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercised
17725000 shares
CY2022 BTAX Share Based Compensation Arrangements By Share Based Payment Award Non Options Exercises In Period Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardNonOptionsExercisesInPeriodExercisePrice
0.05
CY2022 BTAX Share Based Compensation Arrangements By Share Based Payment Award Non Options Exercises In Period Weighted Average Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardNonOptionsExercisesInPeriodWeightedAveragePrice
0.05
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber
38495 shares
CY2022Q4 BTAX Share Based Compensation Arrangement By Share Based Payment Award Non Options Outstanding Weighted Average Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionsOutstandingWeightedAveragePrice
59.42
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Expirations
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExpirations
6500 shares
CY2023 BTAX Share Based Compensation Arrangement By Share Based Payment Award Non Options Forfeitures And Expirations In Period Weighted Average Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionsForfeituresAndExpirationsInPeriodWeightedAveragePrice
73.85
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber
31995 shares
CY2023Q4 BTAX Share Based Compensation Arrangement By Share Based Payment Award Non Options Outstanding Weighted Average Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionsOutstandingWeightedAveragePrice
56.49
CY2023 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0 usd
CY2022 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0 usd
CY2022Q4 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
91900000 usd
CY2023 us-gaap Income Tax Examination Description
IncomeTaxExaminationDescription
2033
CY2023 us-gaap Operating Loss Carryforwards Limitations On Use
OperatingLossCarryforwardsLimitationsOnUse
27,226,000 will be limited to 80% of taxable income but will not expire
CY2023Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
19423000 usd
CY2022Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
19423000 usd
CY2023Q4 BTAX Deferred Tax Assets Temporary Difference
DeferredTaxAssetsTemporaryDifference
893000 usd
CY2022Q4 BTAX Deferred Tax Assets Temporary Difference
DeferredTaxAssetsTemporaryDifference
893000 usd
CY2023Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
18530000 usd
CY2022Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
18530000 usd
CY2023Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
18530000 usd
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
18530000 usd
CY2023 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.2100 pure
CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.2100 pure
CY2023 us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential
-0.172 pure
CY2022 us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential
-0.172 pure
CY2023 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
-0.253 pure
CY2022 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
-0.253 pure
CY2023Q4 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
200000 usd
CY2023 us-gaap Debt Instrument Maturity Date
DebtInstrumentMaturityDate
2023-07-19
CY2023Q4 us-gaap Debt Instrument Interest Rate Stated Percentage
DebtInstrumentInterestRateStatedPercentage
0.0600 pure
CY2023 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
0.215 pure
CY2022 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
0.215 pure
CY2023 us-gaap Effective Income Tax Rate Reconciliation Other Reconciling Items Percent
EffectiveIncomeTaxRateReconciliationOtherReconcilingItemsPercent
0.000 pure
CY2022 us-gaap Effective Income Tax Rate Reconciliation Other Reconciling Items Percent
EffectiveIncomeTaxRateReconciliationOtherReconcilingItemsPercent
0.000 pure
CY2023 BTAX Cash Payment Description
CashPaymentDescription
In consideration for the license, the Company will provide (i) a non-refundable cash payment of $500,000 within ninety (90) days of September 30, 2022, (ii) a non-refundable cash payment of $500,000 at the earliest of either the National Agency for Food and Drug Administration and Control (“NAFDAC”) approval for JKB-122 in Africa for any indication, or the enrollment of the first patient in a Food and Drug Administration (“FDA”) trail for Crohn’s Disease, (iii) 250,000 shares of common stock of the Company within sixty (60) days of September 30, 2022, (iv) an annual payment of $100,000 each anniversary of the date of the agreement until the Company gains regulatory approval in Africa, (v) milestone payments (described below), and (vi) royalties on net sales. The 250,000 shares of common stock represent approximately 0.32% of the currently outstanding common stock of the Company.
CY2023 BTAX Description For Monthly Interest For Payment
DescriptionForMonthlyInterestForPayment
the payment amount will bear the lower of (i) 1.5% interest per month or (ii) the maximum rate allowed by law, to be compounded quarterly. The interest will accrue beginning on the first day after the payment is due.
CY2023Q1 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
150000 usd
CY2023Q4 us-gaap Debt Instrument Annual Principal Payment
DebtInstrumentAnnualPrincipalPayment
100000 usd
CY2023 us-gaap Debt Instrument Description
DebtInstrumentDescription
The third note is for the principal amount of $200,000. Each of the three notes: (a) matures on July 19, 2023, with the Company having the option to extend the maturity date by six months (b) carries a six percent (6.00%) per annum simple interest rate; (c) provides that, if converted by the holder in accordance with its terms, the Company shall issue a number of shares of common stock in the Company to the holder of the note equal to (i) the principal amount of the note divided by (ii) $0.05, subject to certain equitable adjustments; and (d) requires the note holder to notify the Company in writing by 11:59 p.m. on July 22, 2022, the expiration of the conversion provision in each note; of its intent to exercise its conversion right. If converted into shares of common stock, each of the three notes prohibits the note holder, without the prior written consent of the Company, from selling, pledging, or otherwise transferring such shares for one year from their date of issuance, except that up to 5% of the shares may be sold, pledged, or otherwise transferred during three of every four calendar quarters during the 18-month period following the issuance date of the converted Note.
CY2023Q4 us-gaap Share Price
SharePrice
0.05
CY2023 us-gaap Stock Issued During Period Value Conversion Of Units
StockIssuedDuringPeriodValueConversionOfUnits
200000 usd
CY2023 us-gaap Stock Issued During Period Shares Conversion Of Units
StockIssuedDuringPeriodSharesConversionOfUnits
2500000 shares

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