5. RELATED PARTY TRANSACTIONS	9 Months Ended
Sep. 30, 2024
Related Party Transactions [Abstract]
5. RELATED PARTY TRANSACTIONS	5. RELATED PARTY TRANSACTIONS During the nine months ended September 30, 2024 and 2023, the Company was advanced $5,614 and $2,000 and repaid $1,800 and $0 to related parties. As of September 30, 2024 and December 31, 2023, the Company had amounts due from related parties of $9,364 and $6,000, respectively. Convertible Notes Related Party On January 31, 2023, the Company renegotiated accrued salaries, vacation, and outstanding convertible notes for its two officers. Under the terms of the agreements, all outstanding notes totaling $4,220,209, accrued salaries of $1,062,000, accrued vacation of $90,193 were converted to promissory notes convertible into common stock with a warrant feature. The convertible promissory notes are unsecured, due five years from issuance, and bear an interest rate of 10%. At the investor’s option until the repayment date, the note may be converted to shares of the Company’s common stock at a fixed price of $0.10 per share along with warrants to purchase one share for every two shares issued at the exercise price of $0.15 per share for three years after the conversion date. As of September 30, 2024 and December 31, 2023, the balance of the note was $5,372,402 and $5,372,402, respectively.

5. RELATED PARTY TRANSACTIONS

9 Months Ended

Sep. 30, 2024

During the nine months ended September 30, 2024 and 2023, the Company was advanced $5,614 and $2,000 and repaid $1,800 and $0 to related parties. As of September 30, 2024 and December 31, 2023, the Company had amounts due from related parties of $9,364 and $6,000, respectively.

Convertible Notes Related Party

On January 31, 2023, the Company renegotiated accrued salaries, vacation, and outstanding convertible notes for its two officers. Under the terms of the agreements, all outstanding notes totaling $4,220,209, accrued salaries of $1,062,000, accrued vacation of $90,193 were converted to promissory notes convertible into common stock with a warrant feature. The convertible promissory notes are unsecured, due five years from issuance, and bear an interest rate of 10%. At the investor’s option until the repayment date, the note may be converted to shares of the Company’s common stock at a fixed price of $0.10 per share along with warrants to purchase one share for every two shares issued at the exercise price of $0.15 per share for three years after the conversion date. As of September 30, 2024 and December 31, 2023, the balance of the note was $5,372,402 and $5,372,402, respectively.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

SKINVISIBLE, INC. 10-Q