| SCHEDULE OF LOANS PAYABLE |
Loans
payable at February 28, 2025 consisted of the following:
SCHEDULE OF
LOANS PAYABLE
| Date |
|
Maturity |
|
Description |
|
|
Principal |
|
|
Interest Rate |
|
| July
18, 2016 |
|
July
18, 2017 |
|
Promissory note |
(1)* |
|
$ |
3,500 |
|
|
|
22 |
% |
| December
10, 2020 |
|
March
1, 2027 |
|
Promissory note |
(2) |
|
|
3,921,168 |
|
|
|
12 |
% |
| December
10, 2020 |
|
March
1, 2027 |
|
Promissory note |
(3) |
|
|
2,754,338 |
|
|
|
12 |
% |
| December
10, 2020 |
|
December
10, 2024 |
|
Promissory note |
(4)* |
|
|
165,605 |
|
|
|
12 |
% |
| December
14, 2020 |
|
March
1, 2027 |
|
Promissory note |
(5) |
|
|
310,375 |
|
|
|
12 |
% |
| December
30, 2020 |
|
March
1, 2027 |
|
Promissory note |
(6) |
|
|
350,000 |
|
|
|
12 |
% |
| January
1, 2021 |
|
March
1, 2027 |
|
Promissory note |
(7) |
|
|
25,000 |
|
|
|
12 |
% |
| January
1, 2021 |
|
March
1, 2027 |
|
Promissory note |
(8) |
|
|
145,000 |
|
|
|
12 |
% |
| January
14, 2021 |
|
March
1, 2027 |
|
Promissory note |
(9) |
|
|
388,000 |
|
|
|
12 |
% |
| February
22, 2021 |
|
March
1, 2027 |
|
Promissory note |
(10) |
|
|
1,650,000 |
|
|
|
12 |
% |
| March
1, 2021 |
|
March
1, 2027 |
|
Promissory note |
(11) |
|
|
6,000,000 |
|
|
|
12 |
% |
| June
8, 2021 |
|
June
8, 2027 |
|
Promissory note |
(12) |
|
|
2,750,000 |
|
|
|
12 |
% |
| July
12, 2021 |
|
July
26, 2026 |
|
Promissory note |
(13) |
|
|
3,740,360 |
|
|
|
7 |
% |
| September
14, 2021 |
|
September
14, 2027 |
|
Promissory note |
(14) |
|
|
1,650,000 |
|
|
|
12 |
% |
| July
28, 2022 |
|
March
1, 2027 |
|
Promissory note |
(15) |
|
|
170,000 |
|
|
|
15 |
% |
| August
30, 2022 |
|
August
30,2027 |
|
Promissory note |
(16) |
|
|
3,000,000 |
|
|
|
15 |
% |
| September
7, 2022 |
|
March
1, 2027 |
|
Promissory note |
(17) |
|
|
400,000 |
|
|
|
15 |
% |
| September
8, 2022 |
|
March
1, 2027 |
|
Promissory note |
(18) |
|
|
475,000 |
|
|
|
15 |
% |
| October
13, 2022 |
|
March
1, 2027 |
|
Promissory note |
(19) |
|
|
350,000 |
|
|
|
15 |
% |
| October
28, 2022 |
|
October
31, 2026 |
|
Promissory note |
(20) |
|
|
400,000 |
|
|
|
15 |
% |
| November
9, 2022 |
|
October
31, 2026 |
|
Promissory note |
(20) |
|
|
400,000 |
|
|
|
15 |
% |
| November
10, 2022 |
|
October
31, 2026 |
|
Promissory note |
(20) |
|
|
400,000 |
|
|
|
15 |
% |
| November
15, 2022 |
|
October
31, 2026 |
|
Promissory note |
(20) |
|
|
400,000 |
|
|
|
15 |
% |
| January
11, 2023 |
|
October
31, 2026 |
|
Promissory note |
(20) |
|
|
400,000 |
|
|
|
15 |
% |
| February
6, 2023 |
|
October
31, 2026 |
|
Promissory note |
(20) |
|
|
400,000 |
|
|
|
15 |
% |
| April
5. 2023 |
|
October
31, 2026 |
|
Promissory note |
(20) |
|
|
400,000 |
|
|
|
15 |
% |
| April
20, 23 |
|
October
31, 2026 |
|
Promissory note |
(20) |
|
|
400,000 |
|
|
|
15 |
% |
| May
11, 2023 |
|
October
31, 2026 |
|
Promissory note |
(20) |
|
|
400,000 |
|
|
|
15 |
% |
| October
27, 2023 |
|
October
31, 2026 |
|
Promissory note |
(20) |
|
|
400,000 |
|
|
|
15 |
% |
| November
30, 2023 |
|
April
30, 2026 |
|
Purchase Agreement |
(21) |
|
|
203,000 |
|
|
|
35 |
% |
| March
8, 2024 |
|
August
8, 2025 |
|
Purchase Agreement |
(22) |
|
|
350,000 |
|
|
|
35 |
% |
| August
8, 2024 |
|
August
8, 2025 |
|
Exchange Agreement |
(23) |
|
|
- |
|
|
|
12 |
% |
| |
|
|
|
|
|
|
$ |
32,801,346 |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Less: current portion of loans payable |
|
|
|
(519,105 |
) |
|
|
|
|
| Less: discount on non-current loans payable |
|
|
|
(360,163 |
) |
|
|
|
|
| Non-current loans payable, net of discount |
|
|
$ |
31,922,078 |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Current portion of loans payable |
|
|
$ |
519,105 |
|
|
|
|
|
| Less: discount on current portion of loans payable |
|
|
|
- |
|
|
|
|
|
| Current portion of loans payable, net of discount |
|
|
$ |
519,105 |
|
|
|
|
|
ARTIFICIAL
INTELLIGENCE TECHNOLOGY SOLUTIONS INC.
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
| (1) |
This
note was transferred from convertible notes payable because in August 2022 it was no longer convertible due to restrictions placed
on the lender. |
| |
|
| (2) |
This
promissory note was issued as part of a debt settlement whereby $2,683,357
in convertible notes and associated
accrued interest of $1,237,811
totaling $3,921,168
was exchanged for this promissory
note of $3,921,168,
and a warrant to purchase 450,000,000
shares at an exercise price of
$.002
per share and a three-year maturity
having a relative fair value of $990,000.
This note is secured by a general security charging all of the Company’s present and after-acquired property. On
November 28, 2023, the parties extended the maturity date from December 10, 2023, to March 1, 2025, with all other terms and conditions
remaining the same. On
April 16, 2025, the parties again extended the maturity date from March 1, 2025, to March 1, 2027, with all other terms and conditions
remaining the same. |
| |
|
| (3) |
This
promissory note was issued as part of a debt settlement whereby $1,460,794
in convertible notes and associated
accrued interest of $1,593,544
totaling $3,054,338
was exchanged for this promissory
note of $3,054,338,
and a warrant to purchase 250,000,000
shares at an exercise price of
$0.002
per share and a three-year maturity
having a relative fair value of $550,000.
This note is secured by a general security charging all of the Company’s present and after-acquired property. $300,000
has been repaid during the year
ended February 29, 2024. On
November 28, 2023, the parties extended the maturity date from December 10, 2023, to March 1, 2025, with all other terms and conditions
remaining the same. On
April 16, 2025, the parties again extended the maturity date from March 1, 2025, to March 1, 2027, with all other terms and conditions
remaining the same. |
| |
|
| (4) |
This
promissory note was issued as part of a debt settlement whereby $103,180
in convertible notes and associated
accrued interest of $62,425
totaling $165,605
was exchanged for this promissory
note of $165,605,
and a warrant to purchase 80,000,000
shares at an exercise price of
$.002
per share and a three-year maturity
having a fair value of $176,000.The
maturity date was extended from December 10, 2023 to December 10, 2024 on February 29, 2024 and a fee of $22,958
was
paid and charged to interest expense. The
note is in default. No notices have been sent. |
| |
|
| (5) |
This
promissory note was issued as part of a debt settlement whereby $235,000
in convertible notes and associated
accrued interest of $75,375
totaling $310,375
was exchanged for this promissory
note of $310,375,
and a warrant to purchase 25,000,000
shares at an exercise price of
$.002
per share and a three-year maturity
having a fair value of $182,500. |
| |
|
| (6) |
The
note, with an original principal amount of $350,000,
may be pre-payable at any time. The note balance includes an original issue discount of $35,000
and was issued with a warrant
to purchase 50,000,000
shares at an exercise price of
$0.025
per share with a 3-year
term and having a relative fair value of $271,250.
The discounts are being amortized over the term of the loan. After allocating these charges to debt and equity according to their
respective values, a debt discount of $271,250
with a corresponding adjustment
to paid in capital for the relative fair value of the warrant. On March 1, 2024, the unamortized relative fair value discount of
$65,092
was removed with a corresponding
adjustment to accumulated deficit. A $8,399
unamortized discount remained.
On
November 28, 2023, the parties extended the maturity date from December 10, 2023, to March 1, 2025, with all other terms and conditions
remaining the same. On
April 16, 2025, the parties again extended the maturity date from March 1, 2025, to March 1, 2027, with all other terms and conditions
remaining the same. For
the year ended February 28, 2025, the Company recorded amortization expense of $8,261,
with an unamortized discount of $138
at February 28, 2025. |
| |
|
| (7) |
This
promissory note was issued as part of a debt settlement whereby $9,200
in convertible notes and associated
accrued interest of $6,944
totaling $16,144
was exchanged for this promissory
note of $25,000.
This note is secured by a general security charging all of the Company’s present and after-acquired property. On
November 28, 2023, the parties extended the maturity date from January 1, 2024, to March 1, 2025, with all other terms and conditions
remaining the same. On
April 16, 2025, the parties again extended the maturity date from March 1, 2025, to March 1, 2027, with all other terms and conditions
remaining the same. |
ARTIFICIAL
INTELLIGENCE TECHNOLOGY SOLUTIONS INC.
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
| (8) |
This
promissory note was issued as part of a debt settlement whereby $79,500
in convertible notes and associated
accrued interest of $28,925
totaling $108,425
was exchanged for this promissory
note of $145,000.
This note is secured by a general security charging all of the Company’s present and after-acquired property. On
November 28, 2023, the parties extended the maturity date from January 1, 2024, to March 1, 2025, with all other terms and conditions
remaining the same. On
April 16, 2025, the parties again extended the maturity date from March 1, 2025, to March 1, 2027, with all other terms and conditions
remaining the same. |
| |
|
| (9) |
The
note, with an original principal amount of $550,000,
may be pre-payable at any time. The note balance includes an original issue discount of $250,000
and was issued with a warrant
to purchase 50,000,000
shares at an exercise price of
$0.025
per share with a 3-year
term and having a relative fair value of $380,174.
The discounts are being amortized over the term of the loan. After allocating these charges to debt and equity according to their
respective values, a debt discount of $380,174
with a corresponding adjustment
to paid in capital. On March 1, 2024, the unamortized relative fair value discount of $80,284
was removed with a corresponding
adjustment to accumulated deficit. A $10,559
unamortized discount remained.
On
November 28, 2023, the parties extended the maturity date from January 14, 2024, to March 1, 2025, with all other terms and Conditions
remaining the same. On
April 16, 2025, the parties again extended the maturity date from March 1, 2025, to March 1, 2027, with all other terms and conditions
remaining the same. For
the year ended February 28, 2025, the Company recorded amortization expense of $10,415,
with an unamortized discount of $144
at February 28, 2025. On February
11, 2025, the Company repaid $162,000
through the issuance of 60,000,000
common shares. |
| (10) |
The
note, with an original principal balance of $1,650,000,
may be pre-payable at any time. The note balance includes an original issue discount of $150,000
and was issued with a warrant
to purchase 100,000,000
shares at an exercise price of
$0.135
per share with a 3-year
term and having a relative fair value of $1,342,857.
The discount and warrant are being amortized over the term of the loan. After allocating these charges to debt and equity according
to their respective values, a debt discount of $1,342,857
with a corresponding adjustment
to paid in capital for the relative fair value of the warrant. The maturity date was extended from February 22, 2022, to February
22, 2024, on February 28, 2022, in exchange for warrants to purchase 50,000,000
at an exercise price of $.0164
and a 3-year
term. These warrants have a fair value of $950,000
recorded as interest expense
with a corresponding adjustment to paid in capital recorded in the year ended February 28, 2022. On November 28, 2023, the parties
extended the maturity date from February 22, 2024, to March 1, 2025, with all other terms and conditions remaining the same. On March
1, 2024, the unamortized relative fair value discount of $497,614
was removed with a corresponding
adjustment to accumulated deficit. A $55,585
unamortized discount remained.
On April 16, 2025, the parties again extended the maturity date from March 1, 2025, to March 1, 2027, with all other terms and conditions
remaining the same. For the year ended February 28, 2025, the Company recorded amortization expense of $54,885,
with an unamortized discount of $700
at February 28, 2025. |
| |
|
| (11) |
The
unsecured note may be pre-payable at any time. Cash proceeds of $5,400,000
were received. The note balance
of $6,000,000
includes an original issue discount
of $600,000
and was issued with a warrant
to purchase 300,000,000
shares at an exercise price of
$0.135
per share with a 3-year
term and having a relative fair value of $4,749,005
using Black-Scholes with assumptions
described in note 13. The discounts are being amortized over the term of the loan. After allocating these charges to debt and equity
according to their respective values, a debt discount of $4,749,005
with a corresponding adjustment
to paid in capital for the relative value of the warrant. The maturity was extended from March 1, 2022 to March 1, 2024 on February
28, 2022 in exchange for warrants to purchase 150,000,000
shares of common stock at an
exercise price of $.0164
and a 3
year term. These warrants have
a fair value of $2,850,000
recorded as interest expense
with a corresponding adjustment to paid in capital recorded in the year ended February 28, 2022. This note has been fully amortized.
This note was again extended to March 1, 2025. On
April 16, 2025, the parties again extended the maturity date from March 1, 2025, to March 1, 2027, with all other terms and conditions
remaining the same. |
ARTIFICIAL
INTELLIGENCE TECHNOLOGY SOLUTIONS INC.
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
| (12) |
The
note, with an original principal balance of $2,750,000,
may be pre-payable at any time. The note balance includes an original issue discount of $50,000
and was issued with a warrant
to purchase 170,000,000
shares at an exercise price of
$0.064
per share with a 3-year
term and having a relative fair value of $2,035,033.
The discounts are being amortized over the term of the loan. After allocating these charges to debt and equity according to their
respective values, a debt discount of $2,035,033
with a corresponding adjustment
to paid in capital. The maturity date was extended from June 8, 2022 to June 8, 2024 on February 28, 2022 in exchange for warrants
to purchase 85,000,000
at an exercise price of $.0164
and a 3
year term. These warrants have
a fair value of $1,615,000
recorded as interest expense with
a corresponding adjustment to paid in capital recorded in the year ended February 28, 2022. This note was extended to June 8, 2025.
On March 1, 2024, the unamortized relative fair value discount of $33,547
was removed with a corresponding
adjustment to accumulated deficit. A $4,121
unamortized discount remained.
For the year ended February 28, 2025, the Company recorded amortization expense of $3,157,
with an unamortized discount of $964
at February 28, 2025. On
April 16, 2025, the parties again extended the maturity date from June 8, 2025, to June 8, 2027, with all other terms and conditions
remaining the same. |
| |
|
| (13) |
This
loan, with an original principal balance of $4,000,160,
was in exchange for 184
Series F preferred shares from
a former director. The interest and principal are payable at maturity. The loan is unsecured. For the year ended February 28, 2025,
there were repayments of $36,000. |
| |
|
| (14) |
The
note, with an original principal balance of $1,650,000,
may be pre-payable at any time. The note balance includes an original issue discount of $150,000
and was issued with a warrant
to purchase 250,000,000
shares at an exercise price of
$0.037
per share with a 3-year
term and having a relative fair value of $1,284,783,
The discounts are being amortized over the term of the loan. After allocating these charges to debt and equity according to their
respective values, a debt discount of $1,284,783
with a corresponding adjustment
to paid in capital. On March 1, 2024, the unamortized relative fair value discount of $572,549
was removed with a corresponding
adjustment to accumulated deficit. A $66,846
unamortized discount remained.
For the year ended February 28, 2025, the Company recorded amortization expense of $41,665,
with an unamortized discount of $25,181
at February 28, 2025. This note
was extended to September 14, 2025. On April 16, 2025, the parties again extended the maturity date from September 14, 2025, to September
14, 2027, with all other terms and conditions remaining the same. |
| |
|
| (15) |
Original
$170,000
note may be pre-payable at any
time. The note balance includes an original issue discount of $20,000.
Principal and interest due at maturity. Secured by a general security charging all of RAD’s present and after-acquired property.
On
November 29, 2023, the parties extended the maturity date from July 28, 2023, to March 1, 2025, with all other terms and conditions
remaining the same. This note has been fully amortized. On
April 16, 2025, the parties again extended the maturity date from March 1, 2025, to March 1, 2027, with all other terms and conditions
remaining the same. |
| (16) |
A
warrant holder exchanged 955,000,000
warrants for a promissory note
of $3,000,000,
bearing interest at 15%
with a two year maturity. The fair value of the warrants was determined to be $2,960,500
with a corresponding adjustment
to paid-in capital and a debt discount of $39,500
which will be amortized over
the term of the loan. Principal and interest due at maturity. On March 1, 2024, the unamortized relative fair value discount of $11,535
was removed with a corresponding
adjustment to accumulated deficit. This note has been fully amortized. This note was extended to August 30, 2025. On
April 16, 2025, the parties again extended the maturity date from August 30, 2025, to August 30, 2027, with all other terms and conditions
remaining the same. |
| |
|
| (17) |
Original
$400,000
note may be pre-payable at any
time. The note balance includes an original issue discount of $50,000.
Principal and interest due at maturity. Secured by a general security charging all of RAD’s present and after-acquired property.
On
November 29, 2023, the parties extended the maturity date from September 7, 2023, to March 1, 2025, with all other terms and conditions
remaining the same. This note has been fully amortized. On
April 16, 2025, the parties again extended the maturity date from March 1, 2025, to March 1, 2027, with all other terms and conditions
remaining the same. |
| |
|
| (18) |
Original
$475,000
note may be pre-payable at any
time. The note balance includes an original issue discount of $75,000.
Principal and interest due at maturity. Secured by a general security charging all of RAD’s present and after-acquired property.
On
November 29, 2023, the parties extended the maturity date from September 8, 2023, to March 1, 2025, with all other terms and conditions
remaining the same. This note has been fully amortized. On
April 16, 2025, the parties again extended the maturity date from March 1, 2025, to March 1, 2027, with all other terms and conditions
remaining the same. |
ARTIFICIAL
INTELLIGENCE TECHNOLOGY SOLUTIONS INC.
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
| (19) |
Original
$350,000
note
may be pre-payable at any time. The note balance includes an original issue discount of $50,000.
Principal and interest due at maturity. Secured by a general security charging all of the
Company’s s present and after-acquired property. On
November 29, 2023, the parties extended the maturity date from October 13, 2023, to March
1, 2025, with all other terms and conditions remaining the same. This note has been fully
amortized. On
April 16, 2025, the parties again extended the maturity date from March 1, 2025, to March
1, 2027, with all other terms and conditions remaining the same.
|
| (20) |
On
October 28, 2022, the Company entered into an loan facility with a lender for up to $4,000,000
including an original issue discount
of $500,000.
In exchange the Company will issue one series F Preferred Share, extended 329
series F warrants with a March
1, 2026 maturity to a new October 31, 2033 maturity, and issue up to 10 tranches with each tranche of $400,000,
with cash proceeds of $350,000
an original issue discount of
$50,000,
October 31, 2026 maturity, and 61
Series F warrants with a October
31, 2033 maturity. Secured by a general security charging all of the Company’s present and after-acquired property. At February
29, 2024 the Company has issued all 10 tranches totaling $ 4,000,000
as follows: |
| |
|
| |
October
28, 2022, $400,000
loan, original issue discount of $50,000,
61
Series F Preferred Share warrants and 1
Series F Preferred Share having a relative fair value of
$299,399.
On March 1, 2024, the unamortized relative fair value discount of $286,775
was removed with a corresponding adjustment to accumulated
deficit. A $47,892
unamortized discount remained. For the year ended February
28, 2025, the Company recorded amortization expense of $14,981,
with an unamortized discount of $32,911
at February 28, 2025. |
| (20) |
November
9, 2022, $400,000
loan, original issue discount
of $50,000
, 61
Series F Preferred Share warrants
having a relative fair value of $299,750.
On March 1, 2024, the unamortized relative fair value discount of $288,513
was removed with a corresponding
adjustment to accumulated deficit. A $48,126
unamortized discount remained.
For the year ended February 28, 2025, the Company recorded amortization expense of $15,050,
with an unamortized discount of $33,076
at February 28, 2025. |
November
10, 2022, $400,000
loan, original issue discount of $50,000,
61
Series F Preferred Share warrants having a relative fair value
of $302,020.
On March 1, 2024, the unamortized relative fair value discount of $291,694
was removed with a corresponding adjustment to accumulated
deficit. A $48,290
unamortized discount remained. For the year ended February
28, 2025, the Company recorded amortization expense of $15,098,
with an unamortized discount of $33,192
at February 28, 2025.
November
15, 2022, $400,000
loan, original issue discount of $50,000,
61
Series F Preferred Share warrants having a relative fair value
of $299,959.
On March 1, 2024, the unamortized relative fair value discount of $287,814
was removed with a corresponding adjustment to accumulated
deficit. A $47,976
unamortized discount remained. For the year ended February
28, 2025, the Company recorded amortization expense of $15,005,
with an unamortized discount of $32,971
at February 28, 2025.
January
11, 2023, $400,000
loan, original issue discount of $50,000,
61
Series F Preferred Share warrants having a relative fair value
of $299,959.
On March 1, 2024, the unamortized relative fair value discount of $286,813
was removed with a corresponding adjustment to accumulated
deficit. A $48,124
unamortized discount remained. For the year ended February
28, 2025, the Company recorded amortization expense of $15,048,
with an unamortized discount of $33,076
at February 28, 2025.
February
6, 2023, $400,000
loan, original issue discount of $50,000,
61
Series F Preferred Share warrants having a relative fair value
of $299,959.
On March 1, 2024, the unamortized relative fair value discount of $288,342
was removed with a corresponding adjustment to accumulated
deficit. A $48,294
unamortized discount remained. For the year ended February
28, 2025, the Company recorded amortization expense of $15,095,
with an unamortized discount of $33,195
at February 28, 2025.
ARTIFICIAL
INTELLIGENCE TECHNOLOGY SOLUTIONS INC.
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
April
5, 2023, $400,000
loan, original issue discount of $50,000,
61
Series F Preferred Share warrants having a relative fair value
of $296,245.
On March 1, 2024, the unamortized relative fair value discount of $286,821
was removed with a corresponding adjustment to accumulated
deficit. A $48,409
unamortized discount remained. For the year ended February
28, 2025, the Company recorded amortization expense of $15,132,
with an unamortized discount of $33,277
at February 28, 2025.
April
20, 2023, $400,000
loan, original issue discount of $50,000,
61
Series F Preferred Share warrants having a relative fair value
of $302,219.
On March 1, 2024, the unamortized relative fair value discount of $294,824
was removed with a corresponding adjustment to accumulated
deficit. A $48,777
unamortized discount remained. For the year ended February
28, 2025, the Company recorded amortization expense of $15,241,
with an unamortized discount of $33,536
at February 28, 2025.
May
11, 2023, $400,000
loan, original issue discount of $50,000,
61
Series F Preferred Share warrants having a relative fair value
of $348,983.
On March 1, 2024, the unamortized relative fair value discount of $348,831
was removed with a corresponding adjustment to accumulated
deficit. A $49,978
unamortized discount remained. For the year ended February
28, 2025, the Company recorded amortization expense of $15,994,
with an unamortized discount of $33,384
at February 28, 2025.
October
27 2023, $400,000
loan, original issue discount of $50,000,
61
Series F Preferred Share warrants having a relative fair value
of $261,759.
On March 1, 2024, the unamortized relative fair value discount of $254,487
was removed with a corresponding adjustment to accumulated
deficit. A $48,611
unamortized discount remained. For the year ended February
28, 2025, the Company recorded amortization expense of $15,193,
with an unamortized discount of $33,418
at February 28, 2025.
| (21) |
On
November 30, 2023, the Company entered into an agreement where the lender will pay the Company $350,000
in exchange for thirteen
future monthly payments of $36,750 commencing on April 30,2024 through to April 30, 2025 totaling $477,750.
The effective interest rate is 35%
per annum. Secured by a general security charging all of RAD’s present and after-acquired property. Default rate of 15%
per annum calculated daily on any missed monthly payment. The Company has repaid $147,000
and $53,000
in accrued interest in July to account for the missed April
through to August 2024 payments in agreement with the lender. The Company have missed the subsequent monthly payments. On
April 16, 2025, the parties again extended the maturity date from April 30, 2025, to April 30, 2026, with all other terms and conditions
remaining the same. |
| |
|
| (22) |
On
March 8, 2024, the Company entered into another agreement where the lender will pay the Company $350,000
in exchange for thirteen
future monthly payments of $36,750 commencing on August 8, 2024 through to August 80, 2025 totaling $477,750.
The effective interest rate is 35%
per annum. Secured by a general security charging all of RAD’s present and after- acquired property. Default rate of 15%
per annum calculated daily on any missed monthly payment. The August 2024 through to May 2025 payments have not been made but will
be resolved with the lender. No notices have been sent. |
| |
|
| (23) |
On
August 8, 2024, a Series F preferred shareholder exchanged 20
Series F the preferred shares for a $400,000
note payable. On August 22, 2024 the lender exchanged $200,000
of note principal for 57,142,857
common shares. The common shares were issued in September
2024. On December 16, 2024 the lender exchanged the remaining $200,000
of note principal for 76,923,076
common shares. The note has been fully repaid. |
|