Quarterly report pursuant to Section 13 or 15(d)

Convertible Note Payable, Related Party

v3.23.3
Convertible Note Payable, Related Party
 9 Months Ended
Sep. 30, 2023
Debt Disclosure [Abstract]  
Convertible Note Payable, Related Party

Note 13 – Convertible Note Payable, Related Party

 

Convertible note payable, related party consists of the following at September 30, 2023 and December 31, 2022, respectively:

 

    September 30,     December 31,  
    2023     2022  
On September 27, 2022     750,000       750,000  
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 matures on September 16, 2024 (the “Maturity Date”), bears interest at a rate of 8% per annum, and the principal and interest is convertible into shares of the Company’s convertible Series B common stock at a conversion price of $15 per share.   $ 750,000     $ 750,000  
                 
Total convertible note payable, related party     750,000       750,000  
Less: current maturities     -       -  
Convertible note payable, related party, long-term portion   $ 750,000     $ 750,000  

 

The Company recorded interest expense pursuant to the stated interest rates on the convertible note, related party in the amount of $44,877 and $43,899 for the nine months ended September 30, 2023 and 2022, respectively.