| Schedule of Convertible Note Payable Related Party |
Convertible
note payable, related party consists of the following at September 30, 2024 and December 31, 2023, respectively:
Schedule
of Convertible Note Payable Related Party
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September 30, |
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December 31, |
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2024 |
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2023 |
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| On September 27, 2022, the Company completed the sale of a Convertible Promissory Note in the principal amount of $750,000 (the “Convertible McCabe Note”) to Dr. John McCabe, an affiliate investor. The unsecured note matured on September 16, 2024 (the “Maturity Date”), carried interest at a rate of 8% per annum, and the principal and interest were convertible into shares of the Company’s convertible Series B common stock at a conversion price of $15 per share. On March 15, 2024, the Company, through its wholly-owned subsidiary, OWP Ventures, Inc., exchanged the $750,000 of principal, and $90,740 of accrued interest, along with other debts and interest, for a promissory note with a maturity date of March 1, 2027, bearing interest at 7% per annum. As consideration for condensing these loans and extending the maturity dates, the Company awarded Mr. McCabe 9,017,000 shares of common stock. The aggregate fair value of the common stock was $595,122, based on the closing price of the Company’s common stock on the date of grant. |
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$ |
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$ |
750,000 |
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| Total convertible note payable, related party |
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750,000 |
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| Less: current maturities |
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- |
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| Convertible note payable, related party, long-term portion |
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$ |
- |
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$ |
750,000 |
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