CONVERTIBLE PROMISSORY NOTE |
6 Months Ended | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Apr. 30, 2025 | |||||||||||||
| Debt Disclosure [Abstract] | |||||||||||||
| CONVERTIBLE PROMISSORY NOTE | NOTE 10 – CONVERTIBLE PROMISSORY NOTE
On April 7, 2025, the Company entered into a Legal Services Agreement with Newlan Law Firm, PLLC, pursuant to which the Company issued a $45,000 principal amount convertible promissory note in payment of legal services. This convertible promissory note is convertible any time beginning 180 days from its issue date, bears interest at 8% per annum and is due in April 2026. The conversion price under this convertible promissory note is equal to 75% of the closing price of the Company’s common stock on the trading day immediately preceding the date of conversion.
On the issuance date, April 7, 2025, the Company determined the fair value of the note to be $59,985 and recorded the full amount as a liability. The excess of $14,985 over the $45,000 principal amount was recognized as a loss on fair value of convertible note in the condensed statements of operations.
As of April 30, 2025, the Company would have accrued $227 in interest based on the 8% per annum rate applied to the $45,000 principal balance. This amount was not required to be recorded separately due to the fair value measurement of the convertible promissory note.
Following is the maturity schedule for the Company’s convertible notes payable as of April 30, 2025:
|