PROMISSORY NOTES PAYABLE AND CONVERTIBLE NOTES PAYABLE

12 Months Ended

Mar. 31, 2025

PROMISSORY NOTES PAYABLE AND CONVERTIBLE NOTES PAYABLE

PROMISSORY NOTES PAYABLE AND CONVERTIBLE NOTES PAYABLE

NOTE 5 - PROMISSORY NOTES PAYABLE AND CONVERTIBLE NOTES PAYABLE

Promissory Notes

As of March 31, 2025 and March 31, 2024, the promissory notes payable to non-affiliates are summarized as follows:

		March 31,		March 31,
Note	Expiry Date	2025		2024
Promissory Note - September 2011	Due on demand	$	47,090	$	47,090
Promissory Note - October 2013	Due on demand		-		25,000
Promissory Note - November 2013	Due on demand		-		80,000
Promissory Note - November 2013	Due on demand		-		30,000
Promissory Note - December 2013	Due on demand		-		30,000
Promissory Note - January 2014	Due on demand		-		10,000
Promissory Note - February 2014	Due on demand		-		10,000
Promissory Note - March 2014	Due on demand		-		10,000
Promissory Note - May 2014	Due on demand		-		5,000
Promissory Note - July 2014	Due on demand		10,200		10,200
Promissory Note - September 2014	Due on demand		15,000		15,000
Promissory Note - September 2015	Due on demand		-		200,000
			72,290		472,290
Less: non-current portion of promissory note payable			-		-
Current portion of promissory note payable		$	72,290	$	472,290

The promissory notes are due on demand and bear interest rate of 5% per annum.

During the year ended March 31, 2025, the Company issued 20,000,000 shares of common stock valued at $256,000 ($0.0128 per share) for the settlement of note payable of $400,000. The Company recorded gain on loan settlement of $144,000.

During the year ended March 31, 2024, the Company repaid in full the promissory note payable to Azariah Zemarium in the amount of $17,796 (CAD24,000).

Convertible Notes

As of March 31, 2025 and March 31, 2024, the convertible notes payable to non-affiliates are summarized as follows:

		March 31,		March 31,
Note	Expiry Date	2025		2024
Convertible Note - December 2022	Due on demand	$	6,956	$	7,380
Convertible Note - February 2023	Due on demand		10,434		11,070
Convertible Note - June 2023	Due on demand		20,868		22,140
Convertible Note - August 2023	Due on demand		13,912		14,760
Convertible Note - September 2023	Due on demand		24,346		25,830
			76,516		81,181
Less: non-current portion of convertible note payable			-		-
Current portion of convertible note payable		$	76,516	$	81,181

During the year ended March 31, 2025 and 2024, the Company issued convertible notes to non-affiliates totaling $0 and $62,731 (CAD85,000). The convertible notes are due on demand, bear interest rate of 5% per annum and are convertible into common stock at CAD0.03 per share.

During the year ended March 31, 2025 and 2024, the Company incurred interest expense on promissory notes and convertible notes of $30,717 and $32,911, respectively. As of March 31, 2025 and March 31, 2024, the accrued interest on the promissory notes and convertible notes was $324,214 and $293,627, respectively.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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+ Details

P2 Solar, Inc. 10-K