NOTES PAYABLE

9 Months Ended

Oct. 31, 2023

NOTES PAYABLE

NOTES PAYABLE

NOTE 5: NOTES PAYABLE

Notes payable consists of the following loans:

	October 31, 2023		January 31, 2023
Note 1 in fiscal year 2017 each due in three months from issuance date	$	14,930	$	14,930
Note 2 in fiscal year 2017 due in three months from issuance date		50,000		50,000
Note 3 in fiscal year 2017, 2018 and 2019, each due in twelve months from issuance date		2,225,500		2,225,500
Note 4 in fiscal year 2017, each due in nine months from issuance date		305,266		305,266
Note 5 in fiscal year 2019 due in nine months from issuance date		14,422		14,422
Note 6 in fiscal year 2021 due in 3 years from issuance date		350,000		350,000
Total	$	2,960,118	$	2,960,118
Current portion	$	2,960,118	$	2,610,118
Debt, long term	$	-	$	350,000

Interest expenses recorded in three and nine months ended October 31, 2023 and 2022 is as follows:

	For the Three Months Ended October 31,				For the Nine Months Ended October 31,
	2023		2022		2023		2022
Interest expenses	$	6,209	$	6,208	$	18,426	$	18,426

Note 1:

During the fiscal year ended January 31, 2017, the Company received an accumulated amount of $14,930 from a third party. The notes bear interest at a rate of 1% per annum, and each due three months from issue date.

Interest expenses recorded in the three and nine months ended October 31, 2023 and 2022 is as follows:

	For the Three Months Ended October 31,				For the Nine Months Ended October 31,
	2023		2022		2023		2022
Interest expenses	$	38	$	37	$	112	$	111

	October 31, 2023		January 31, 2023
Interest payable	$	1,115	$	1,003
Note payable	$	14,930	$	14,930

Note 2:

During the fiscal year ended January 31, 2017, the Company received an amount of $50,000 from a third party. The note bears interest at a rate of 1% per annum and is due three months from issue date. As at January 31, 2018 the note became due and remained unpaid.

Interest expenses recorded in three and nine months ended October 31, 2023 and 2022 is as follows:

	For the Three Months Ended October 31,				For the Nine Months Ended October 31,
	2023		2022		2023		2022
Interest expenses	$	126	$	126	$	374	$	374

	October 31, 2023		January 31, 2022
Interest payable	$	3,502	$	3,128
Note payable	$	50,000	$	50,000

Note 3:

During the fiscal year ended January 31, 2017, the Company received an amount of $225,000 from a third party. The note bears interest at a rate of 6% per annum and is due one year from issue date. During the fiscal year ended January 31, 2018 the Company received accumulated amounts of $1,842,500 from a third party. The notes bear interest at a rate of 6% per annum and each is due one year from issue date. During the fiscal year ended January 31, 2019 the Company received accumulated amounts of $1,420,500 from a third party. The notes bear interest at a rate of 6% per annum and each is due one year from issue date.

On March 28, 2018 this third party purchased an additional $250,000 in notes from Rountree Consulting, a company controlled by our CEO, Mr. Michael Rountree. The purchased notes bear interest at a rate of 1% per annum beginning on June 27, 2018 and are payable within thirty days’ notice of the Maturity Date.

During the fiscal year ended January 31, 2021 and 2020, the Company made cash payment of $5,000 and $7,500, respectively to the note.

On December 8, 2020, the Company cancelled One Million Five Hundred Thousand Dollars ($1,500,000) of debt of this notes under an order in the action captioned In re Eco Science Solutions, Inc. Shareholder Derivative Litigation Lead Civil No. 1:17-cv-00530-LEW. (Ref Note 13(1) - Contingencies).

On January 31, 2021, the Company and Note holder enter into a consolidation of the principal sums of prior notes (“Consolidated Note’) that were entered into between the dates of January 1, 2017, and January 31, 2021. This Consolidated Note is non-interest bearing and pursuant to a court order in the action captioned In re Eco Science Solutions, Inc. Shareholder Derivative Litigation Lead Civil No. 1:17-cv-00530-LEW no interest accrued on any prior notes shall be payable to the note holder. The term of this Consolidated Note will be one year, and one day, and due on February 1, 2022. However, no payments shall be made toward this Note without approval from the Board of Directors.

	October 31, 2023		January 31, 2023
Note payable	$	2,225,500	$	2,225,500

Note 4:

During the year ended January 31, 2019, the Company received $305,266 in total proceeds from a third party. The notes bear interest at a rate of 1% per annum, and are each due nine months from issue date.

Interest expenses recorded in three and nine months ended October 31, 2023 and 2022 is as follows:

	For the Three Months Ended October 31,				For the Nine Months Ended October 31,
	2023		2022		2023		2022
Interest expenses	$	716	$	716	$	2,126	$	2,126

	October 31, 2023		January 31, 2023
Interest payable	$	14,968	$	12,842
Note payable	$	305,266	$	305,266

Note 5:

On September 12, 2018, the Company received $14,422 from a third party. The notes bear interest at a rate of 1% per annum, and are due nine months from issue date. 

Interest expenses recorded in three and nine months ended October 31, 2023 and 2022 is as follows:

	For the Three Months Ended October 31,				For the Nine Months Ended October 31,
	2023		2022		2023		2022
Interest expenses	$	36	$	36	$	108	$	108

	October 31, 2023		January 31, 2023
Interest payable	$	741	$	633
Note payable	$	14,422	$	14,422

Note 6:

On December 8, 2020, the Company entered into a Promissory Note in the amount of $350,000 with Robbins LLP, pursuant to the Order and Judgment in the settlement of a lawsuit entitled In re Eco Science Solutions, Inc. Shareholder Derivative Litigation Lead Civil No. 1:17-cv-00530-LEW-WRP (D. Haw.). The note bears interest at a rate of 6% per annum, and due in three years from issue date. 

Interest expenses recorded in three and nine months ended October 31, 2023 and 2022 is as follows:

	For the Three Months Ended October 31,				For the Nine Months Ended October 31,
	2023		2022		2023		2022
Interest expenses	$	5,293	$	5,293	$	15,706	$	15,707

	October 31, 2023		January 31, 2023
Interest payable	$	60,813	$	45,107
Note payable	$	350,000	$	350,000