Note 6 - Convertible Notes Payable, Series 1 and 2 |
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Dec. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||
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| Debt Disclosure [Text Block] |
6. CONVERTIBLE NOTES PAYABLE, SERIES 2
Series 2 Convertible Notes
On November 6, 2020, the Company issued its unsecured Series 2 10% Convertible Notes Payable in exchange for cash proceeds of $450,000. The notes matured on November 30, 2023, and the notes were all converted in November 2023.
During the year ended September 30, 2022, as a part of a separate 2022 Convertible Note Offering (see Note 4), certain holders of the Series 2 Notes agreed to exchange their Series 2 Notes with an aggregate principal amount of $600,000 and accrued interest of approximately $99,781 for promissory notes of the Company on substantially similar terms to those of the 2022 Notes (the “Exchanged Notes”, see Note 5).
As of September 30, 2023, outstanding balance of the Series 2 Convertible Notes amounted to $450,000. On November 30, 2023, the Series 2 Convertible Notes of $450,000 and outstanding accrued interest of $137,946, were converted into 52,918 shares of the Company’s common stock. |
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