| Convertible Debt Disclosure |
NOTE 4 - CONVERTIBLE NOTES PAYABLE
The following table represents the convertible notes payable at April 30, 2025. Per footnote 2, all convertible notes payable are in default.
Date of Note
Issuance
| April 30,
2025
| January 31,
2025
| Maturity
Date
| Conversion
Terms
| Name of Noteholder
|
2/14/17
| 2,800
| 0
| 8/14/17
| See Footnote 1
| Joseph Canouse
|
12/11/18
| 5,000
| 0
| 12/10/19
| See Footnote 1
| Carpathia, LLC, Manager Joseph Canouse
|
1/10/19
| 5,000
| 0
| 1/10/20
| See Footnote 1
| JP Carey Enterprises, Inc. Joseph Canouse, Manager
|
2/11/19
| 5,000
| 0
| 2/11/20
| See Footnote 1
| JP Carey Enterprises, Inc. Joseph Canouse, Manager
|
10/21/19
| 5,000
| 0
| 10/21/20
| See Footnote 1
| JP Carey Enterprises, Inc. Joseph Canouse, Manager
|
11/13/19
| 6,250
| 0
| 11/13/20
| See Footnote 1
| JP Carey Enterprises, Inc. Joseph Canouse, Manager
|
1/13/21
| 5,000
| 0
| 1/13/22
| See Footnote 1
| Carpathia, LLC, Manager Joseph Canouse
|
2/10/21
| 27,000
| 0
| 2/10/22
| See Footnote 1
| JP Carey Enterprises, Inc. Joseph Canouse, Manager
|
3/12/21
| 104,000
| 0
| 3/12/22
| See Footnote 1
| JP Carey Enterprises, Inc. Joseph Canouse, Manager
|
3/19/21
| 104,000
| 0
| 3/19/22
| See Footnote 1
| JP Carey Enterprises, Inc. Joseph Canouse, Manager
|
4/9/21
| 37,000
| 0
| 4/9/22
| See Footnote 1
| JP Carey Enterprises, Inc. Joseph Canouse, Manager
|
4/21/21
| 52,000
| 0
| 4/21/22
| See Footnote 1
| JP Carey Enterprises, Inc. Joseph Canouse, Manager
|
5/10/21
| 104,000
| 0
| 5/10/22
| See Footnote 1
| JP Carey Enterprises, Inc. Joseph Canouse, Manager
|
5/27/21
| 156,000
| 0
| 5/27/22
| See Footnote 1
| JP Carey Enterprises, Inc. Joseph Canouse, Manager
|
6/18/21
| 104,000
| 0
| 6/18/22
| See Footnote 1
| JP Carey Enterprises, Inc. Joseph Canouse, Manager
|
8/3/21
| 104,000
| 0
| 8/3/22
| See Footnote 1
| JP Carey Enterprises, Inc. Joseph Canouse, Manager
|
10/5/21
| 15,000
| 0
| 10/5/22
| See Footnote 1
| JP Carey Enterprises, Inc. Joseph Canouse, Manager
|
10/20/21
| 100,000
| 0
| 10/20/22
| See Footnote 1
| Carpathia, LLC, Manager Joseph Canouse
|
12/17/21
| 75,000
| 0
| 12/17/22
| See Footnote 1
| Carpathia, LLC, Manager Joseph Canouse
|
12/30/21
| 50,000
| 0
| 12/30/22
| See Footnote 1
| Carpathia, LLC, Manager Joseph Canouse
|
3/7/22
| 100,000
| 0
| 3/7/23
| See Footnote 1
| JP Carey Enterprises, Inc. Joseph Canouse, Manager
|
5/13/22
| 50,000
| 0
| 5/13/23
| See Footnote 1
| JP Carey Enterprises, Inc. Joseph Canouse, Manager
|
10/06/22
| 38,500
| 0
| 10/06/23
| See Footnote 1
| JP Carey Enterprises, Inc. Joseph Canouse, Manager
|
10/27/22
| 16,500
| 0
| 10/27/23
| See Footnote 1
| JP Carey Enterprises, Inc. Joseph Canouse, Manager
|
12/1/22
| 30,000
| 0
| 12/1/23
| See Footnote 1
| JP Carey Enterprises, Inc. Joseph Canouse, Manager
|
Date of Note
Issuance
| April 30,
2025
| January 31,
2025
| Maturity
Date
| Conversion
Terms
| Name of Noteholder
|
12/22/22
| 49,500
| 0
| 12/22/23
| See Footnote 1
| JP Carey Enterprises, Inc. Joseph Canouse, Manager
|
2/9/23
| 27,500
| 0
| 2/9/24
| See Footnote 1
| JP Carey Enterprises, Inc. Joseph Canouse, Manager
|
3/9/23
| 22,000
| 0
| 3/10/24
| See Footnote 1
| JP Carey Enterprises, Inc. Joseph Canouse, Manager
|
4/3/23
| 26,950
| 0
| 4/3/24
| See Footnote 1
| JP Carey Enterprises, Inc. Joseph Canouse, Manager
|
6/9/23
| 22,000
| 0
| 6/9/24
| See Footnote 1
| JP Carey Enterprises, Inc. Joseph Canouse, Manager
|
6/23/23
| 16,500
| 0
| 6/23/24
| See Footnote 1
| JP Carey Enterprises, Inc. Joseph Canouse, Manager
|
8/1/23
| 33,000
| 0
| 8/1/24
| See Footnote 1
| JP Carey Enterprises, Inc. Joseph Canouse, Manager
|
8/21/23
| 27,500
| 0
| 8/21/24
| See Footnote 1
| JP Carey Enterprises, Inc. Joseph Canouse, Manager
|
9/19/23
| 3,190
| 0
| 9/19/24
| See Footnote 1
| JP Carey Enterprises, Inc. Joseph Canouse, Manager
|
10/2/23
| 27,500
| 0
| 10/2/24
| See Footnote 1
| JP Carey Enterprises, Inc. Joseph Canouse, Manager
|
10/23/23
| 16,500
| 0
| 10/23/24
| See Footnote 1
| JP Carey Enterprises, Inc. Joseph Canouse, Manager
|
11/9/23
| 22,000
| 0
| 11/9/24
| See Footnote 1
| JP Carey Enterprises, Inc. Joseph Canouse, Manager
|
12/11/23
| 33,000
| 0
| 12/11/24
| See Footnote 1
| JP Carey Enterprises, Inc. Joseph Canouse, Manager
|
1/26/24
| 22,000
| 0
| 1/26/25
| See Footnote 1
| JP Carey Enterprises, Inc. Joseph Canouse, Manager
|
2/15/24
| 22,000
| 0
| 2/15/25
| See Footnote 1
| JP Carey Enterprises, Inc. Joseph Canouse, Manager
|
3/11/24
| 16,500
| 0
| 3/11/25
| See Footnote 1
| JP Carey Enterprises, Inc. Joseph Canouse, Manager
|
4/14/24
| 35,000
| 0
| 4/14/25
| See Footnote 1
| JP Carey Enterprises, Inc. Joseph Canouse, Manager
|
5/20/24
| 25,000
| 0
| 5/20/25
| See Footnote 1
| JP Carey Enterprises, Inc. Joseph Canouse, Manager
|
6/20/24
| 22,500
| 0
| 6/20/25
| See Footnote 1
| JP Carey Enterprises, Inc. Joseph Canouse, Manager
|
7/26/24
| 17,500
| 0
| 7/26/25
| See Footnote 1
| JP Carey Enterprises, Inc. Joseph Canouse, Manager
|
8/20/24
| 17,500
| 0
| 8/20/25
| See Footnote 1
| JP Carey Enterprises, Inc. Joseph Canouse, Manager
|
9/19/24
| 17,500
| 0
| 9/19/25
| See Footnote 1
| JP Carey Enterprises, Inc. Joseph Canouse, Manager
|
Sub-totals
| $ 1,823,690
| $ 0
|
|
|
|
Default Principal(2)
| $ 1,862,690
| $ 0
|
|
|
|
Less: Debt Discount
| (6,489)
| $ 0
|
|
|
|
Footnote 1 -Lowest of 75% of issuance day price or 50% lowest bid price in 30 days prior to conversion
Footnote 2 -Cross-Default. Upon the occurrence and during the continuation of any Event of Default, THE NOTE SHALL BECOME IMMEDIATELY DUE AND PAYABLE AND THE BORROWER SHALL PAY TO THE HOLDER, IN FULL SATISFACTION OF ITS OBLIGATIONS HEREUNDER, AN AMOUNT EQUAL TO 200% times the sum of (w) the then outstanding principal amount of this Note plus (x) accrued and unpaid interest on the unpaid principal amount of this Note to the date of payment (the “Mandatory Prepayment Date”) plus (y) Default Interest, if any, on the amounts referred to in clauses (w) and/or (x) plus (z) any amounts owed to the Holder pursuant to Sections 1.3 and 1.4(g) hereof (the then outstanding principal amount of this Note to the date of payment plus the amounts referred to in clauses (x), (y) and (z) shall collectively be known as the “Default Amount”) and all other amounts payable hereunder shall immediately become due and payable, all
without demand, presentment or notice, all of which hereby are expressly waived, together with all costs, including, without limitation, legal fees and expenses, of collection, and the Holder shall be entitled to exercise all other rights and remedies available at law or in equity.
Below is a sample of the first two notes per the cross-default clause.
|
| 200% of
| Accrued
| Default
| Section
|
|
Note
| Current
| Principal
| Interest
| Interest
| 1.3 & 1.4(g) fees
| Total Due
|
Date
| Principal
| (W)
| (X)
| (Y)
| 1 (Z)
| (W+X+Y+Z)
|
2/14/2017
| $ 2,800
| $ 5,600
| $ 2,658
| $ 1,646
| $ -
| $ 9,904
|
1/10/2019
| $ 5,000
| $ 10,000
| $ 2,985
| $ 1,988
| $ -
| $ 14,973
|
1 (Z) is unknown and cannot be calculated unless the fees are provided by the lender at conversion.
|