3. NOTES PAYABLE

9 Months Ended

Jan. 31, 2021

3. NOTES PAYABLE

Convertible Promissory Notes Payable

During the year ended April 30, 2020, the Company issued a round of convertible debentures worth $750,000. The debentures are convertible into shares of the Company's common stock at the maturity date of June 15, 2020 and pay any unpaid interest at a rate of 8%. As of July 31, 2020, this round of debentures has been converted into 872,093 shares of common stock at a price of $0.86 per share and the accrued interest unpaid amount of $13,326 was converted into 15,765 shares of common stock at a price of $0.86 per share. The remaining $1,666 of accrued interest was paid as of August 11, 2020.

During the three-month period ending July 31, 2020, the Company began offering a round of convertible debentures worth $1,000,000. During the first quarter $551,300 were issued. This round of debentures has been converted into 641,048 shares of common stock at a price of $0.86 per share and the accrued interest unpaid amount of $16,459 was converted into 10,645 shares of common stock at a price of $0.86 per share.

During the three-month period ending October 31, 2020, the Company began offering a round of convertible debentures worth $1,000,000. During the period $20,000 were issued. This amount was converted into 16,000 shares of common stock at a price of $1.25 per share and the accrued interest unpaid amount of $430 was converted into 344 shares of common stock at a price of $1.25 per share on January 15^th, 2021.

During the three-month period ending January 31, 2021, the Company continued offering a round of convertible debentures worth $1,000,000. During the three-month period ended January 31, 2021, $159,000 were issued. The debentures are convertible into shares of the Company's common stock at the maturity date of January 15, 2021 and pay any unpaid interest at a rate of 8%. As of January 31, 2021, this round of debentures was converted 127,200 shares of common stock at a price of $1.25 per share and accrued interest of $1,644 was converted into 1,316 shares of common stock at a price of $1.25 per share.

Vehicles and Equipment Notes Payable

The Company has one note payable relating to the purchase of a Company vehicle as of January 31, 2021. The balance outstanding under the note payable was $31,620 as of January 31, 2021. The note payable bears interest of 5.99% with principal and interest due monthly. The note matures in September 2023. The Company had the same note payable relating to the purchase of a Company vehicle as of April 30, 2020 with a balance outstanding of $40,474.

The Company’s future minimum principal payments as of January 31, 2021 are as follows:

2021	$	2,888
2022		15,285
2023		13,447
	$	31,620

Lux Amber, Corp. 10-Q