CONVERTIBLE PROMISSORY NOTE

6 Months Ended

Jun. 30, 2025

Note 7 – CONVERTIBLE PROMISSORY NOTE

On February 09, 2023, the Company issued a convertible promissory note (the “February 2023 Note”) at a face value of $133,000 to a third party at an interest rate of 12% per annum. Net proceeds received against the promissory note are $116,000 with a discount of $17,000. Maturity date of the note is 12 months from the date of issue with a conversion price of $0.10.

	As of June 30, 2025
	Face value		Discount on Promissory Note		Net payable		Accrued Interest
Convertible Promissory Note	$	132,000	$	-	$	132,000	$	34,032
Total	$	132,000	$	-	$	132,000	$	34,032

	As of December 31, 2024
	Face value		Discount on Promissory Note		Net payable		Accrued Interest
Convertible Promissory Note	$	132,500	$	-	$	132,500	$	30,111
Total	$	132,500	$	-	$	132,500	$	30,111

On October 27, 2023, 500,000 shares of common stock were issued at a rate of $0.001 to settle the promissory note value of $500.

On April 29, 2025, 500,000 shares of common stock were issued at a rate of $0.001 to settle the promissory note value of $500.

Accrued Interest as of June 30, 2025, is $34,032 and December 31, 2024, is $30,111. The promissory note payable is $132,000 and $132,500 as of June 30, 2025, and December 31, 2024.

Total interest expenses of $3,921 and $7,917 for the six months ended June 30, 2025, and 2024.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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+ Details

Crona Corp. 10-Q