PROMISSORY NOTE PAYABLE

12 Months Ended

Apr. 30, 2025

NOTE 9 - PROMISSORY NOTE PAYABLE

Promissory note payable on April 30, 2025, and April 30, 2024, consists of the following:

	April 30, 2025			April 30, 2024
August 2022	$	112,500		$	137,500
September 2022		110,000			110,000
October 2022		229,350			229,350
November 2022		60,500			60,500
January 2023		330,000			330,000
February 2023		55,000			55,000
March 2023		55,000			55,000
May 2023		74,800			85,800
June 2023		187,000			236,720
August 2023		165,000			165,000
September 2023		125,000			125,000
November 2023		130,000			160,000
January 2024		150,000			150,000
February 2024		120,000			120,000
September 2024		110,000			-
October 2024		159,500			-
January 2025		82,500			-
February 2025		33,440			-
March 2025		121,000			-
April 2025		324,500			-
Total promissory notes payable, gross		2,735,090			2,019,870
Less: Unamortized debt discount		(104,246	)		(49,977	)
Total promissory notes	$	2,630,844		$	1,969,893

The terms of the promissory notes are summarized as follows:

	·	Loan Expiry Term of Six Months to One Year

	·	Weighted Average Remaining Term of 0.70 years

	·	Annual interest rate of 10%-18%

	·	Convertible 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, the Holder elects to convert all or part of the note in the event of default.

During the year ended April 30, 2025, and 2024, the Company issued promissory notes for aggregate principal amount of $830,940 and $1,238,500 for proceeds of $755,400 and $1,178,500, respectively.

During the year ended April 30, 2025, and 2024, the Company made repayment on principal balance of promissory notes of $99,220 and $286,880 and accrued interest of promissory notes of $10,222 and $26,782, respectively.

During the year ended April 30, 2025, and 2024, the Company issued 340,000 shares and 310,237 shares of common stock for the repayment of $16,500 and $31,050 principal balance of promissory notes, respectively. During the year ended April 30, 2025, the Company recorded gain on note settlement of $9,032 from the repayment.

During the year ended April 30, 2025, and 2024, the Company issued 3,099,000 shares and 1,194,800 shares of common stock as loan inducements for promissory notes, respectively.

During the year ended April 30, 2025, and 2024, the Company issued 4,516,317 shares and 1,320,000 shares of common stock for term extension for promissory notes.

During the year ended April 30, 2025, the Company issued 291,000 shares of common stock for interest and fees on a promissory note upon issuance of the notes.

During the year ended April 30, 2024, the Company issued 43 shares of series C preferred stock for repayment of promissory notes of $385,000 and accrued interest of $37,115.

During the year ended April 30, 2025, and 2024, the Company recorded stock payable of $7,151 and $40,220 for outstanding 201,000 common shares and 524,000 common shares for loan inducements of promissory notes, respectively.

During the year ended April 30, 2025, and 2024, the Company recorded stock payable of $6,050 and $21,200 for outstanding 45,149 and 240,000 common shares for repayment of outstanding principal balance of promissory notes.

During the year ended April 30, 2025, and 2024, the Company recorded stock payable of $256,513 and $31,975 for outstanding 1,914,280 and 282,965 common shares related to term extension of promissory notes.

During the year ended April 30, 2024, the Company recorded stock payable of $13,493 for outstanding 75,000 stock related to interest and fees on promissory notes.

During the year ended April 30, 2025, and 2024, the Company recorded interest expenses of $238,228 and $204,398, respectively. During the year ended April 30, 2025, and 2024, the Company made repayment on note interest of $10,222 and $5,941, respectively. As of April 30, 2025, and April 30, 2024, the accrued interest payable was $421,368 and $196,145, 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

GPO Plus, Inc. 10-K