Note 5 - Notes Payable

12 Months Ended

Apr. 30, 2023

Notes

Note 5 - Notes Payable

NOTE 5 - NOTES PAYABLE

On March 5, 2018, the Company subsidiary PSSI entered into a note agreement with Premium Marketing Associates, LLC for $25,000. The funds were designated for use in a marketing agreement with the Edward Fitzgerald Group for raising funds for PSSI. The note was to be repaid from investment fund generated by the Fitzgerald group plus 15% of the funds generated are paid to the investor.

On July 6, 2018, the Company signed an investment agreement with a third party. Under the terms of the agreement the Company receive $250,000 through the Company attorney’s trust account. On July 12, 2018, the Company received the $250,000 less wire and legal payment of $10,045. In addition, the note holder will receive a royalty of 5% up to $250,000 and then a royalty of 3.5% for two years thereafter. The noteholder will receive 300 shares of the Company’s common stock plus 200 warrants to purchase common shares within three years at $1,250 per share.  As of April 30, 2023, the warrants had expired. On July 29, 2022, the Company issued 53,750 shares of series B preferred for the outstanding principal of $300,000 and interest of $22,500 leaving the balance due at zero.

On July 18, 2018, the Company entered into a promissory note of $114,226.26 with interest rate of 8% per annum with Haynie & Company the Company’s former auditors. Under the terms of the agreement commencing August 15, 2018 the Company is to pay Haynie $5,000 per month. In addition, the Company shall pay the noteholder 20% of any funding event of private or public equity. As of April 30, 2023 the Company owed the note holder $20,042 plus interest. As of April 30, 2023 the note is in default.

On May 1, 2022, the Company entered into a loan agreement with EMAC Handels AG for short term loans up to $100,000. The loans bear interest at 6% per annum.  As of January 31, 2023, the outstanding balance on the loan agreement was $115,600 plus accrued interest.

During the year ended April 30, 2023, the Company entered into a loan agreement with Star Anchor for short term loans. The loans bear interest at 6% per annum. As of April 30, 2023, the outstanding balance on the loan agreement was $19,050 plus accrued interest.

As of April 30, 2023 and 2022, the outstanding balances of notes payable was $175,692 and $375,042, respectively.