PROMISSORY NOTE PAYABLE |
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| PROMISSORY NOTE PAYABLE | NOTE 9 - PROMISSORY NOTE PAYABLE
Promissory note payable on July 31, 2025 and April 30, 2025, consists of the following:
The terms of the promissory notes are summarized as follows:
During the three months ended July 31, 2025 and 2024, the Company issued promissory notes for aggregate principal amount of $304,205 and $0 for proceeds of $261,500 and $0, respectively. The notes are convertible at 75% of the average of the five (5) lowest Daily VWAP over the ten (10) consecutive VWAP Trading Days immediately preceding the date on which the Market Price is being determined, the Holder elects to convert all or part of the note in the event of default. The notes have maturity term of 1 year and accrue interest at 10%.(The April 30, 2025 Form 10-K Subsequent Event Footnote inadvertently incorrectly disclosed the note conversion rate at 25% of the average of the five (5) lowest Daily VWAP over the ten (10) consecutive VWAP Trading Days immediately preceding the date on which the Market Price is being determined)
During the three months ended July 31, 2025 and 2024, the Company made repayment on principal balance of promissory notes of $0 and $25,500, respectively.
During the three months ended July 31, 2025 and 2024, the Company issued 600,000 shares and 0 share of common stock for the repayment of $60,000 and $0 of a promissory note, respectively.
During the three months ended July 31, 2025 and 2024, the note discount amortization was $34,772 and $26,018, respectively.
During the three months ended July 31, 2025 and 2024, the Company recorded interest expenses of $33,828 and $37,389, respectively. During the three months ended July 31, 2025 and 2024, the Company made repayment on note interest of $1,350 and $550, respectively. As of July 31, 2025 and April 30, 2025, the accrued interest payable was $453,846 and $421,368, respectively. |
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