v3.26.1
NOTES PAYABLE
3 Months Ended
Jul. 31, 2026
NOTES PAYABLE  
NOTES PAYABLE

NOTE 7 – NOTES PAYABLE

 

Notes Payable, Currently in Default

 

Notes payable, currently in default, consists of the following at:

 

 

 

July 31,

2026

 

 

April 30,

2026

 

Note payable to an unrelated party, matured March 18, 2014, with interest at 10%

 

$75,001

 

 

$75,001

 

Note payable to an unrelated party with an issue date of March 11, 2021 with interest at 10% [1]

 

 

136,952

 

 

 

136,952

 

Note payable to an unrelated party with an issue date of February 22, 2021 with interest at 10% [2]

 

 

 

 

 

 

 

 

$250,000 draw on March 5, 2021

 

 

250,000

 

 

 

250,000

 

$200,000 draw on March 26, 2021

 

 

200,000

 

 

 

200,000

 

$50,000 draw on April 13, 2022

 

 

50,000

 

 

 

50,000

 

$295,000 draw on December 18, 2023

 

 

295,000

 

 

 

295,000

 

Note payable to an unrelated party with an issue date of July 14, 2023 with interest at 18% [3]

 

 

70,800

 

 

 

70,800

 

Note payable to an unrelated party with an issue date of August 15, 2023 with interest at 18% [4]

 

 

38,350

 

 

 

38,350

 

Note payable to an unrelated party with an issue date of September 14, 2023 with interest at 18% [5]

 

 

38,350

 

 

 

38,350

 

Total

 

 

1,154,453

 

 

 

1,154,453

 

Less Discount

 

 

-

 

 

 

-

 

Net

 

$1,154,453

 

 

$1,154,453

 

 

 

[1] 

Effective March 11, 2021 the Company entered into a promissory note with Vista Capital Investments, Inc with a principal amount of $250,000. The maturity date of the note was March 11, 2022 which was amended on February 23, 2021 to extend the due date to December 31, 2022. The note has an interest rate of 10% per annum from the date of funding. On February 23, 2022 the Company made a payment of $113,048 to pay down the note principal and effective January 1, 2023 the note went into default as the due date had passed with no extension. 

 

 

[2]

Effective February 22, 2021 the Company entered into a promissory note with GS Capital Partners, LLC, with a principal amount of $1,000,000, which is subject to drawdown requests by the Company. The original maturity date of the note was the earlier of (i) December 31, 2021 or (ii) the consummation by the Company of an equity or equity-based financing providing net proceeds to the Company sufficient to retire the outstanding indebtedness under the note. On December 30, 2021 the Company entered into an amendment to the notes to extend the maturity date to March 31, 2022 and on April 12, 2022 the Company entered into an amendment to the notes to extend the maturity date to March 31, 2023. The note has an interest rate of 10% per annum from the date of each drawdown. On April 1, 2023 the note went into default as the due date had passed with no extension. On October 30, 2023 the Company entered into an extension agreement to extend the maturity date to December 31, 2024. The note has an interest rate of 10% per annum from the date of each drawdown. During the year ended April 30, 2024, $295,000 was drawn down against the note. On December 31, 2024 the note went into default as the due date had passed with no extension.

 

 

 

 

[3]

Effective July 14, 2023, the Company entered into a promissory note with Eduardo Alberto Maldonado through its wholly owned subsidiary, Pecos Clean Fuels & Transport, LLC. The note has a principal amount of $60,000 and a maturity date of July 14, 2024. The Company received $35,000 cash and rolled $25,000 from a prior convertible note payable into this loan. In lieu of interest the Company is to pay the lender 18% of the principal amount, in addition to the principal payment, on the maturity date. Accordingly, $10,800 was recorded as a debt discount at the notes inception to be recognized over the term of the note. In addition, the note was issued with 300,000,000 warrants, which was recorded at the fair market value of $150,000 with an increase in additional paid-in capital and the Company recognized a loss on settlement of debt of $67,196 for the extinguishment of debt of prior convertible note and accrued interest. On July 14, 2024 the note went into default as the due date had passed with no extension.

 

 

 

 

[4]

Effective August 15, 2023, the Company entered into a promissory note with Eduardo Alberto Maldonado through its wholly owned subsidiary, Pecos Clean Fuels & Transport, LLC. The note has a principal amount of $32,500 and a maturity date of August 15, 2024. The Company received $32,500 cash. In lieu of interest the Company is to pay the lender 18% of the principal amount, in addition to the principal payment, on the maturity date. Accordingly, $5,850 was recorded as a debt discount at the notes inception to be recognized over the term of the note. In addition, the note was issued with 325,000,000 warrants, thus $16,250 of the $32,500 in note proceeds were allocated to the warrants with an increase in additional paid-in capital and an increase in debt discount. On August 15, 2024 the note went into default as the due date has passed with no extension.

 

 

 

 

[5]

Effective September 14, 2023, the Company entered into a promissory note with Eduardo Alberto Maldonado through its wholly owned subsidiary, Pecos Clean Fuels & Transport, LLC. The note has a principal amount of $32,500 and a maturity date of September 14, 2024. The Company received $32,500 cash. In lieu of interest the Company is to pay the lender 18% of the principal amount, in addition to the principal payment, on the maturity date. Accordingly, $5,850 was recorded as a debt discount at the notes inception to be recognized over the term of the note. In addition, the note was issued with 625,000,000 warrants, thus $25,794 of the $32,500 in note proceeds were allocated to the warrants with an increase in additional paid-in capital and an increase in debt discount. On September 14, 2024 the note went into default as the due date has passed with no extension.

 

Notes Payable

 

Notes payable consist of the following at:

 

 

 

July 31,

2026

 

 

April 30,

2026

 

Note payable to an unrelated party with an issue date of February 28, 2022 with interest at 10% [1]

 

$-

 

 

$60,103

 

Note payable to an unrelated party with an issue date of June 2, 2023 with interest at 18% [2]

 

 

43,789

 

 

 

43,789

 

Total

 

 

43,789

 

 

 

103,892

 

Less Discount

 

 

(2,010 )

 

 

(3,501 )

Net

 

$41,779

 

 

$100,391

 

 

[1]

Effective February 28, 2022 the Company entered into a promissory note with Oscar and Ilda Gonzales with a principal amount of $102,500. The maturity date of the note is February 28, 2026 and repayments on the note are to begin on March 1, 2023 in the amount of $3,309 per month. The note has an interest rate of 10% per annum. During the three months ended July 31, 2026 the Company had repaid the note in full and recognized a gain on settlement of debt of $1,174. As of July 31, 2026 and April 30, 2026 accrued interest on the convertible note was $0 and $4,590, respectively.

 

 

[2]

Effective June 2, 2023, the Maple Resources Corporation, the Company’s wholly owned subsidiary entered into an exchange agreement with Seeta Zieger Trust and a subscription agreement through the Company’s wholly owned subsidiary, Pecos Clean Fuels & Transport, LLC. Seeta Zieger Trust acquired, through the exchange agreement, the rights to the “Maple Note” (a convertible note was entered into on February 25, 2023 in exchange for cash of $20,000 and is convertible into common shares of the Company at a conversion price equal to 110% of the lowest price at which the shares of common stock were issued by the Company during the twenty prior trading days, including the day upon which a notice of conversion is received by the Company). The note has a principal amount of $20,000 and a maturity date of June 2, 2024. In lieu of interest the Company is to pay the lender 18% of the principal amount, in addition to the principal payment, on the maturity date. Accordingly, $3,600 was recorded as a debt discount at the notes inception to be recognized over the term of the note. In addition, the note was issued with 313,479,624 warrants, thus $15,988 of the $20,000 in the note converted were allocated to the warrants with an increase in additional paid-in capital and an increase in debt discount. On August 1, 2024 the note payable was amended to extend the maturity date to December 2, 2024 and included an additional 18%, in lieu of interest, of the principal plus the initial in lieu of interest amount. The Company determined the extension and modification to other terms met the conditions of a debt extinguishment; therefore, the Company recorded a loss on extinguishment of debt of $4,248, which was included in other income (expenses) within the accompanying statement of operations. In addition, $5,013 was recorded as a debt discount on the amendment date to be recognized over the extended term of the note. On December 2, 2024 the note payable was amended to extend the maturity date to December 2, 2025 and included an additional 18%, in lieu of interest, of the principal. Accordingly, $5,013 was recorded as a debt discount on the amendment date to be recognized over the extended term of the note.

 

Convertible Note Payable, Currently in Default

 

Convertible notes payable, currently in default, consist of the following at:

 

 

 

July 31,

2026

 

 

April 30,

2026

 

Note payable to an unrelated party, matured December 31, 2010, with interest at 10%, convertible into common shares of the Company [1]

 

$50,000

 

 

$50,000

 

Note payable to an unrelated party, matured January 27, 2012, with interest at 25%, convertible into common shares of the Company [2]

 

 

-

 

 

 

100,000

 

Extension fee added to note payable to an accredited investor issued, with interest at 18%, convertible into common shares of the Company at a defined variable exercise price [3]

 

 

-

 

 

 

183,955

 

Note payable to an accredited investor, with interest at 10%, convertible into common shares of the Company at a defined variable exercise price [4]

 

 

65,000

 

 

 

65,000

 

Note payable to an accredited investor, with interest at 10%, convertible into common shares of the Company at $0.005 per share [5]

 

 

200,000

 

 

 

200,000

 

Note payable to an accredited investor, with interest at 10%, convertible into common shares of the Company at $0.11 per share [6]

 

 

55,000

 

 

 

55,000

 

Total

 

 

370,000

 

 

 

653,955

 

Less discount

 

 

-

 

 

 

-

 

Net

 

$370,000

 

 

$653,955

 

 

 

[1]

On March 8, 2010, the Company closed a note purchase agreement with an accredited investor pursuant to which the Company sold a $50,000 convertible note in a private placement transaction. In the transaction, the Company received proceeds of $35,000 and the investor also paid $15,000 of consulting expense on behalf of the Company. The convertible note was due and payable on December 31, 2010 with an interest rate of 10% per annum. The note is convertible at the option of the holder into our common stock at a fixed conversion price of $3.70, subject to adjustment for stock splits and combinations. On December 31, 2010 the note went into default as the due date had passed with no extension. As of July 31, 2026 and April 30, 2026 accrued interest on the convertible note was $81,978 and $80,718, respectively.

 

 

 

 

[2]

Effective September 15, 2022, the Company entered into a convertible promissory note with a principal amount of $100,000 with Boot Capital, LLC. The Company received $91,250 after payment of $8,750 in fees and expenses of the lender and its counsel. The note has an interest rate of 10% per annum and a maturity date of September 15, 2023. The note can be converted into shares of common stock at a 42% discount from the lowest trading price during the 10 days prior to conversion. On September 15, 2023 the note went into default as the due date had passed with no extension. The note has a default interest rate of 22% per annum and the Company recorded $100,000 of additional interest as a default penalty. As of July 31, 2026 and April 30, 2026 accrued interest on the convertible note was $0 and $137,742, respectively. During the three months ended July 31, 2026 the Company settled the convertible promissory note for $85,000 in cash and recorded a gain on settlement of debt of $157,805.

 

 

 

 

[3]

Effective February 28, 2023, the Company entered into a convertible promissory note with a principal amount of $226,875 with Sabby Volatility Warrant Master Fund, Ltd. This note was in exchange for a prior promissory note dated March 3, 2022 with principal due of $181,500 and accrued interest of $8,749, wherein the Company also incurred $36,626 worth of financing fees for the exchange. The note has an interest rate of 10% per annum and a maturity date of May 1, 2024. The note can be converted into shares of common stock at a variable exercise price that is equal to a 42% discount to the lowest trading price during the 10 days prior to conversion. On May 1, 2024 the note went into default as the due date had passed with no extension. As of July 31, 2026 and April 30, 2026 accrued interest on the convertible note was $0 and $52,242, respectively. In July 2026, the Company entered into a Settlement Agreement and Release with Sabby Volatility Warrant Master Fund Ltd. (“Sabby”) resolving the action pending in the Supreme Court of New York, New York County (Index No. 652571/2023) with respect to the Company’s Series B Convertible Preferred Shares (stated amount $985,000) and a promissory note in the principal amount of $183,955 held by Sabby. Under the agreement, the Company agreed to pay Sabby $533,750, of which $266,875 was paid on July 21, 2026 and the balance is payable within 90 days of the agreement. Upon receipt of the initial payment, Sabby surrendered the preferred shares and the note for cancellation, the 9,025,000,000-share conversion reserve was terminated, and the parties exchanged mutual general releases; a stipulation of dismissal will be filed with the court. Because the settlement provided additional evidence about conditions existing at the balance sheet date, the Company recorded a liability of $297,552 and a corresponding loss on litigation settlement in the fiscal year ended April 30, 2026. Sabby retains 190,257,512 previously issued shares of common stock.

 

 

[4]

Effective February 28, 2024, the Company issued and delivered to GS a 10% convertible note in the principal amount of $65,000. The note was issued at a discount and the Company received net proceeds of $60,000 after payment of $5,000 of fees and expenses of the lender and its counsel. GS, at its option, can convert the unpaid principal balance of, and accrued interest on, the note into shares of common stock at a price of $0.00007 per share. The Company can prepay the note with prepayment penalties ranging from 105% to 125% during the first 180 days after issuance. On August 28, 2024 the note went into default as the due date had passed with no extension. As of July 31, 2026 and April 30, 2026 accrued interest on the convertible note was $15,742 and $14,104, respectively.

 

 

 

 

[5]

Effective July 26, 2022, the Company issued and delivered to GS a 10% convertible note in the principal amount of $200,000, which was not funded until August 1, 2022. The note was issued at a discount and the Company received net proceeds of $185,000 after payment of $5,000 of fees and expenses of the lender and its counsel. GS, at its option, can convert the unpaid principal balance of, and accrued interest on, the note into shares of common stock at a price of $0.055 per share, subject to adjustment if there are future financings with more favorable rates. The Company can prepay the note with prepayment penalties ranging from 105% to 125% during the first 180 days after issuance. On October 30, 2023 the Company entered into an extension agreement to extend the maturity date to December 31, 2024. On December 31, 2024 the note went into default as the due date had passed with no extension. As of July 31, 2026 and April 30, 2026 accrued interest on the convertible note was $128,942 and $116,844, respectively.

 

 

 

 

[6]

Effective August 24, 2023 the Company issued and delivered to GS a 10% convertible note in the principal amount of $55,000. The note was issued at a discount and the Company received net proceeds of $50,000 after payment of $2,000 of fees and expenses of the lender and its counsel. GS, at its option, can convert the unpaid principal balance of, and accrued interest on, the note into shares of common stock at a price of $0.00007 per share. The Company can prepay the note with prepayment penalties ranging from 105% to 125% during the first 180 days after issuance. On December 31, 2024 the note went into default as the due date had passed with no extension. As of July 31, 2026 and April 30, 2026 accrued interest on the convertible note was $26,587 and $23,537, respectively.

 

Effective April 12, 2022, the Company issued and delivered to GS a 10% note in the principal amount of $165,000. As of July 31, 2026 and April 30, 2026 the principal amount was $0 and accrued interest was $10,064, respectively on the convertible note.

 

Convertible Notes Payable

 

Current convertible notes payable consisted of the following at:

 

 

 

July 31,

2026

 

 

April 30,

2026

 

Note payable to an accredited investor, with interest at 18%, convertible into common shares of the Company [1]

 

$34,220

 

 

$34,220

 

Note payable to an accredited investor, with interest at 18%, convertible into common shares of the Company [2]

 

 

25,731

 

 

 

25,731

 

Total

 

 

59,951

 

 

 

59,951

 

Less discount

 

 

-

 

 

 

-

 

Net

 

$59,951

 

 

$59,951

 

 

[1]

This convertible promissory note was entered into on April 8, 2025 for $29,000 of principal plus $5,220 for the make-whole provision of 18% of the principal amount in lieu of any stated interest. This was exchanged for $29,000 of outstanding promissory notes payable with this related party. The exchange was accounted for as debt extinguishment therefore, we recognized a $5,220 loss on extinguishment of debt.

 

 

[2]

This convertible promissory note was entered into on April 8, 2025 for $67,331 of principal plus $12,120 for the make-whole provision of 18% of the principal amount in lieu of any stated interest. This was exchanged for $67,331 of outstanding promissory notes payable with this related party. The exchange was accounted for as debt extinguishment therefore, we recognized a $12,120 loss on extinguishment of debt. During the year ended April 30, 2026, $53,720 of principal was converted into 790,000,000 shares of the Company’s common stock.

 

The following represents the future aggregate maturities as of July 31, 2026 of the Company’s Convertible notes payable:

 

 

 

Amount

 

2026 (remaining)

 

$-

 

2027

 

 

-

 

2028

 

 

59,951

 

Total

 

$59,951