| NOTE 3 - DEBT | Notes Payable: Aug 28, 2015. No stated interest and principal payable on demand. (Reclassed from Related Party) $ 2,300 $ - Nov.18, 2015. Interest at 8% and principal payable on demand. In Default 100,000 100,000 June. 6, 2016. Interest at 4% and principal payable on demand. 10,000 10,000 Aug. 4, 2016. Interest at 8% and principal payable on demand. 35,000 35,000 Sep. 27, 2016. Interest at 4% and principal payable on demand. 30,000 30,000 Sep. 29, 2016. Interest at 4% and principal payable on demand. 5,000 5,000 Sept. 29, 2016. Interest at 4% and principal payable on demand. 30,000 30,000 Oct. 3, 2016. Interest at 4% and principal payable on demand. 20,000 20,000 Sep. 25, 2019. Interest at 8% and principal and interest due Mar. 25, 2020 In Default with interest recorded at 22% default rate 70,000 70,000 Apr. 9, 2020.Interest at 8% and principal due Oct. 9, 2020 In Default with interest recorded at 24% default rate 30,000 30,000 Total Notes Payable $ 332,300 $ 330,000 At January 31, 2021 and April 30, 2020, the Company has recorded $332,300 and $330,000 of Notes Payable, respectively. At January 31, 2021, the Company has reclassed $2,300 of previously recorded Notes Payable, Related Party from a former officer of the Company. The former officer is no longer a related party and there is no formal agreement, and no interest is being accrued by the Company with the principal due on demand. The $332,300 of Notes Payable at January 31, 2021 includes $230,000 from seven third parties and the principal and interest are payable on demand with an interest rate from 4% to 8% annually. Included in the $230,000 balance are the following in default at January 31, 2021 (1) a $100,000 Note Payable dated November 18, 2015, for which the lender requested payment, and the Company recorded a $5,400 late fee that is included in accrued expenses in the accompanying unaudited Balance Sheets at January 31, 2021 and April 30, 2020, respectively, (2) a $70,000 Note Payable dated September 25, 2019 that the Company is recording default interest at a rate of 22% and (3) a $30,000 Note Payable dated April 9, 2020 that the Company is recording default interest at a rate of 22%. On September 25, 2019, the Company received $55,284 of net proceeds from the issuance of a $70,000 face value note payable with debt issue costs paid to or on behalf of the lender of $5,500 and an original issue discount of $9,216. Additionally, the lender directly paid $11,000 to a third party for the purchase for the Company of office equipment that is recorded as property and equipment at January 31, 2021. The terms include interest accrued at 8% annually and the principal and accrued interest were payable on March 25, 2020. The principal and accrued interest were not paid on the due date of March 25, 2020 and as a result, the note payable is in default and default interest at 22% is being utilized as of the due date. At January 31, 2021, the Company had not received an extension of the due date. However, the lender has not notified the Company of the default in writing but, the lender has several remedies including calling the principal amount and accrued interest due and payable immediately. The promissory note includes customary affirmative and negative covenants of the Company and the Company is recording interest at the default rate of 22%. See Note 7 – Commitments and Contingencies. On the issue date of September 25, 2019, the Company recorded $14,716 for the following debt discounts as offsets to the $70,000 Note Payable and were amortized over the six-month term: (1) original issue discount of $9,216 and (2) debt issue costs of $5,500. The entire $14,716 of debt discounts were amortized to interest expense by April 30, 2020. The $70,000 Note Payable specifies that in the event that the Company completes any offering or sale of securities after the date of the promissory note, the proceeds of each such offering shall first be applied to the repayment of the promissory note until the same shall have been paid and satisfied in full. The Note Payable also specified that on or before December 31, 2019, the Company shall have had a special meeting of the stockholders of the Company for the purpose of electing a duly elected and constituted board of directors. See Note 7 – Commitments and Contingencies. On April 9, 2020, the Company received $30,000 of proceeds from the issuance of a note payable with terms including interest accrued at 8% annually and the principal and interest were payable in six months on October 9, 2020. At January 31, 2021, the Company had not received an extension of the due date. However, the lender has not notified the Company of the default in writing but, the lender has several remedies including calling the principal amount and accrued interest due and payable immediately. The promissory note includes customary affirmative and negative covenants of the Company and the Company is recording interest at the default rate of 24%. See Note 7 – Commitments and Contingencies. Interest expense recorded in the accompanying unaudited Statement of Operations by the Company for the three and nine months ended January 31, 2021 was $9,375 and $25,997 and $3,678 and $11,038 for the three and nine months ended January 31, 2020. At January 31, 2021 and April 30, 2020, the Company has recorded $91,745 and $65,748 of accrued interest, respectively, in the accompanying unaudited Balance Sheets. January 31, 2021 April 30, 2020 Notes Payable, Related Party: Aug. 28, 2015. No stated interest and principal payable on demand. $ - $ 2,300 Mar. 5, 2020. Interest at 10% and principal due May 31, 2021. 25,000 25,000 Aug. 12, 2020. Interest at 10% and principal due May 31, 2021. 30,000 - Total Notes Payable – Related Party $ 55,000 $ 27,300 At January 31, 2021, the Company has reclassed $2,300 of previously recorded Notes Payable, Related Party from a former officer of the Company to Notes Payable as the former officer is no longer a related party. On March 5, 2020, the Company received $25,000 of proceeds from the issuance of a note payable with a director of the Company. The terms including interest accrued at 10% annually and the principal and interest are payable on May 31, 2021, by virtue of an extension. See Note 6 – Related Parties. On August 12, 2020, the Company received $30,000 of proceeds from the issuance of a note payable with a director of the Company. The terms including interest accrued at 10% annually and the principal and interest are payable on May 31, 2021, by virtue of an extension. See Note 6 – Related Parties. Interest expense recorded in the accompanying unaudited Statement of Operations by the Company for the three and nine months ended January 31, 2021 was $1,387 and $3,304. At January 31, 2021 and April 30, 2020, the Company has recorded $3,688 and $384 of accrued interest respectively, related party in the accompanying unaudited Balance Sheets. January 31, 2021 April 30, 2020 Convertible Unsecured Promissory Notes: April 14, 2016 - Interest at 5% - principal and interest due 12 months from issuance date. In Default $ 50,000 $ 50,000 May 2, 2019 - Interest at 10% - principal and interest due August 2, 2020. In Default 12,170 51,350 May 8, 2019 - Interest at 12% - principal and interest due February 8, 2020. In Default with interest recorded at default rate of 24% 138,483 145,916 December 5, 2019, Interest at 10% - principal and interest due December 5, 2020 - 63,000 January 21, 2020, Interest at 10% - principal and interest due January 21, 2021 - 38,000 Plus: put premium 9,250 154,066 Less: debt discount - (4,010 ) Total Convertible Unsecured Notes Payable, net of debt discount and put premium $ 209,903 $ 498,322 At January 31, 2021, the Company has previously recorded $50,000 of convertible unsecured promissory note. The terms include interest at 5% annually and the principal and interest were payable in one year on April 14, 2017. The unsecured convertible promissory note is in default at January 31, 2021 and the note holder has several remedies including calling the principal amount and accrued interest due and payable immediately. The note holder, at its sole discretion, has the right to convert the principal amount, along with all accrued interest, into shares of the Company’s common stock at the conversion price of $0.30 per share, or 206,710 shares of common stock at January 31, 2021. Interest expense recorded in the accompanying unaudited Statement of Operations by the Company for the three and nine months ended January 31, 2021 was $630 and $1,890 and $630 and $1,890 for the three and nine months ended January 31, 2020. At January 31, 2021 and April 30, 2020, the Company has recorded $12,013 and $10,123 included in accrued interest, respectively, in the accompanying unaudited Balance Sheets. Convertible Unsecured Promissory Note – May 2, 2019 On May 2, 2019, the Company signed a Securities Purchase Agreement (“SPA”) with an investor that provides for the issuance of two 10% convertible promissory notes in the aggregate principal amount of $200,000, comprised of a First Note of $100,000 and a Back-End Note of $100,000, convertible into shares of common stock of the Company. The First Note shall be paid for by the Company as detailed below. The Back-End Note shall be paid for by the issuance of an offsetting secured promissory note issued by the investor to the Company (“Buyer Note”), provided that prior to conversion of the Back-End Note, the Investor must have paid of the Buyer Note in cash such that the Back-End Note may not be converted until it has been paid for in cash by the Investor. The Company may reject the Back-End Note by giving thirty (30) day prior written notice. Such notice must be given 30 days prior to the six (6) month anniversary of the Back-End Note. The cash funding of the Back-End Note is contingent on the Company maintaining a closing bid price at all times in excess of $0.008 per share. On May 2, 2019 (the Original Issue Date (OID), the Company received $85,450 of net proceeds for working capital purposes from the issuance of a $100,000 face value convertible redeemable promissory note (First Note”) with debt issue costs paid to or on behalf of the lender of $12,400 and an original issue discount of $2,150. The terms include interest accrued at 10% annually and the principal and interest payable are payable in one year on May 2, 2020. All interest will be paid in common stock of the Company. Any amount of the principal or interest on this First Note which is not paid when due shall bear Interest at the rate of the lower of Twenty-four Percent (24%) per annum, or the highest rate permitted by law, from the due date thereof until the same is paid. The First Note is exchangeable for an equal principal amount of notes of different denominations, as requested by the lender surrounding the same. The First Note was due and payable on August 2, 2020, by virtue of a signed extension. At January 31, 2021, the First Note is in default. However, the lender has not notified the Company of the default in writing but, the lender has several remedies including calling the principal amount and accrued interest due and payable immediately. The promissory note includes customary affirmative and negative covenants of the Company. The lender has the right at any time after the effective date, at its election, to convert all or part of the outstanding and unpaid principal sum and accrued interest into shares of common stock of the Company, subject to certain conversion limitations set forth in the promissory note and certain price protection described below, as per the conversion formula: Number of shares receivable upon conversion equals the dollar conversion amount divided by the Conversion Price. The Conversion Price is equal to Sixty Percent (60%) of the of the average of the two lowest trades of the Common Stock during the fifteen (15) trading Days immediately preceding a conversion date (“Conversion Price”). The Conversion Price is subject to “full ratchet” and other customary anti-dilution protections. The principal amount of the First Note, initially $100,000, may be prepaid in full solely during the dates set forth below, which shall be subject to the following upward adjustments, subject to the payment period upon which the date all amounts hereunder are paid in full by the Borrower occurs. Subsequent to 180 days after the Issue Date, the Company has no right or option to prepay the principal amount. Date of Note Satisfaction Payment Amount 0 to 60 days after the OID 112% of principal amount plus accrued interest 61 to 120 days after the OID 124% of principal amount plus accrued interest 121 to 180 days after the OID 136% of principal amount plus accrued interest The Company evaluated the First Note in accordance with ASC 480 “ Distinguishing Liabilities From Equity From November 18, 2019 to April 15, 2020, the lender converted $48,650 of the principal amount of the First Note and $3,444 of accrued interest into 22,167,880 shares of the Company’s common stock. At April 30, 2020, the principal balance of the First Note was $51,350. As a result of the partial conversions, the Company reclassified $32,434 of the put premium liability as an offset to Additional Paid in Capital and the put premium liability balance was $34,233 at April 30, 2020. From May 7, 2020 to August 17, 2020, the lender converted $39,180 of the principal amount of the First Note and $4,248 of accrued interest into 43,748,599 shares of the Company’s common stock. At January 31, 2021, the principal balance of the First Note was $12,170. As a result of the partial conversions, the Company reclassified $24,983 of the put premium liability as an offset to Additional Paid in Capital and the put premium liability balance was $9,250 at January 31, 2021. See Note 4 – Stock. On May 2, 2019, the Company recorded the following as offsets to the First Note to be amortized over the 1-year term: (1) original issue discount of $2,150 and (2) debt issue costs of $12,400, or a total of $14,550. At April 30, 2020, the remaining unamortized balance was $40. For the nine months ended January 31, 2021, the Company recorded $40 for the final amortization of the remaining debt discounts to interest expense in the accompanying unaudited Statement of Operations. Interest expense recorded in the accompanying unaudited Statement of Operations by the Company for the three and nine months ended January 31, 2021 was $307 and $1,412 and $2,291 and $7,277 for the three and nine months ended January 31, 2020. At January 31, 2021 and April 30, 2020, the Company has recorded $2,493 (net of $4,248 converted above) and $5,329 (net of $3,444 converted) of accrued interest, respectively, in the accompanying unaudited Balance Sheets. Convertible Unsecured Promissory Note – May 8, 2019 On May 8, 2019, the Company signed a SPA with an Investor that provides for the issuance of a 12% convertible promissory note in the principal amount of $150,000. In connection with the issuance of the promissory note, the Company issued a common stock purchase warrant to purchase 1,500,000 shares of the Company common stock as a commitment fee to the Investor. On May 8, 2019, the Company received $121,750 of net proceeds for working capital purposes from the issuance of a $150,000 face value convertible promissory note with debt issue costs paid to or on behalf of the lender of $28,250. The terms include interest accrued at 12% annually and the principal and any amount of the principal or interest on the promissory note which is not paid when due shall bear interest at the rate of the lower of twenty-four percent (24%) per annum, or the highest rate permitted by law, from the due date thereof until the same is paid. The promissory note was due and payable on February 8, 2020 and is currently in default. The lender has the right at any time after the effective date, to convert all or part of the outstanding principal, accrued interest and $750 of conversion fees into shares of common stock of the Company, subject to certain conversion limitations set forth in the promissory note and certain price protection described below, as per the conversion formula: Number of shares receivable upon conversion equals the dollar conversion amount divided by the Conversion Price. The Conversion Price is equal to the lower of (1) the lowest trade during the previous twenty-five (25) trading days or (2) Sixty-One Percent (61%) of the of the lowest trade during the twenty-five (25) trading days immediately preceding a conversion date. The Conversion Price is subject to “full ratchet” and other customary anti-dilution protections. The promissory note contains customary affirmative and negative covenants of the Company. Additionally, the Company issued the lender a common stock purchase warrant with a three (3) year term to acquire 1,500,000 shares of common stock at an exercise price of $0.10 per share. The principal amount of the promissory note, initially $150,000, may be prepaid in full solely during the dates set forth below, which shall be subject to the following upward adjustments, subject to the payment period upon which the date all amounts hereunder are paid in full by the Borrower occurs, as follows: Date of Note Satisfaction Payment Amount 0 to 90 days after the Issue Date 125% of principal amount plus accrued interest 91 to 180 days after the Issue Date 135% of principal amount plus accrued interest Subsequent to 180 days after the Issue Date, the Company has no right or option to prepay the principal amount and the Company did not prepay the promissory note within the allowed timeframe. The Company evaluated the promissory note in accordance with ASC 815 “ Derivatives and Hedging The Company evaluated the warrant and determined that there was no embedded conversion feature as the warrant contained a set exercise price with an adjustment only based upon customary items including stock dividends and splits, subsequent rights offerings, and pro-rata distributions. The Company calculated the relative fair value between the note and the warrant on the issue date utilizing the Black Scholes Pricing Model for the warrant. As a result, the Company allocated $24,960 to the warrant and recorded as debt discount with an offset to additional paid in capital. The warrant calculation used the following assumptions: stock price $0.02, warrant exercise price $0.10, expected term of 3 years, expected volatility of 383% and discount rate of 2.38%. On the note issue date of May 8, 2019, the Company recorded the following debt discounts as offsets to the $150,000 promissory note to be amortized over the nine-month term of the note: (1) debt issue costs of $28,250, (2) warrant fair value of $24,960 and (3) conversion option liability of $96,790. As a result, the Company recorded a $326,275 expense for the initial fair value of the conversion option liability, recorded as a separate item in Other Income (Expense). As a result of the Company not paying the promissory note and accrued interest on the due date of February 8, 2020, the promissory note is in default at January 31, 2021 with interest accrued at the default rate of 24%. However, the lender has not notified the Company of the default in writing but, the lender has several remedies including calling the principal amount and accrued interest due and payable immediately. The promissory note includes customary affirmative and negative covenants of the Company. For the period from the note issue date of May 8, 2019 to April 30, 2020, the Company recorded $150,000 for the full amortization of the debt discounts discussed above and recorded to interest expense. From November 15, 2019 to April 23, 2020, the lender converted $4,084 of principal, $16,609 of accrued interest and $3,000 of conversion fees into 19,888,880 shares of the Company’s common stock. At April 30, 2020, the principal balance of the promissory note was $150,000. The Company performed a revaluation of the conversion option liability using the Binomial Lattice Pricing Model at April 30, 2020 that resulted in a value of $645,055 with the following assumptions: stock price $0.0030, conversion price $0.0007, expected term of 0.25 years, expected volatility of 437% and discount rate of 0.09%. The term of the promissory note ended on February 8, 2020, the due date. As a result, the Company utilized an expected term of 90 days or 0.25 years to perform the calculation above. As a result, for the year ended April 30, 2020, the Company recorded $453,722 of a loss from the change in the fair value of conversion option liability, recorded in Other Income (Expense) in the Statement of Operations. From June 15, 2020 to June 29, 2020, the lender converted $7,433 of principal, $10,416 of accrued interest and $3,750 of conversion fees into 59,995,579 shares of the Company’s common stock. At January 31, 2021, the principal balance of the promissory note is $138,483. See Note 4 – Stock. The Company performed a revaluation of the conversion option liability using the Binomial Lattice Pricing Model at each of the conversion dates from June 15, 2020 to June 29, 2020 and at January 31, 2021, that resulted in an estimated conversion option liability of $3,244,814. The Company has recorded a total loss of $2,630,544 for the change in the fair value of conversion option liability, recorded to other income (expense) in the accompanying unaudited Statement of Operations for the nine months ended January 31, 2021. Additionally, the Company reclassified $30,795 of the conversion option liability to additional paid in capital for the change in the fair value of conversion option liability related to the conversions of principal amounts on the respective dates. For the revaluation of the conversion option liability at January 31, 2021, it was estimated with the following assumptions: stock price $0.038, conversion price $0.0016, expected term of 0.25 years, expected volatility of 373% and discount rate of 0.06%. Interest expense recorded in the accompanying unaudited Statement of Operations by the Company for the three and nine months ended January 31, 2021 was $8,494 and $25,759 and $4,537 and $13,216 for the three and nine months ended January 31, 2020. At January 31, 2021 and April 30, 2020, the Company has recorded $12,066 (net of $10,416 converted above) and $5,217 (net of $16,609 converted) of accrued interest, respectively, in the accompanying unaudited Balance Sheets. Convertible Unsecured Promissory Note – December 5, 2019 On December 5, 2019, the Company signed a Securities Purchase Agreement (“SPA”) with an investor that provides for the issuance of a 10% convertible promissory note in the principal amount of $63,000, convertible into shares of common stock of the Company. The Company received $60,000 of net proceeds for working capital purposes from the issuance of the convertible promissory note with debt issue costs paid to or on behalf of the lender of $3,000. Any amount of the principal or interest which is not paid when due shall bear Interest at the rate of the lower of twenty-two percent (22%) per annum, or the highest rate permitted by law, from the due date thereof until the same is paid. The convertible promissory note is due in one (1) year from the date of issuance or December 5, 2020. The lender from time to time, and at any time during the period beginning on the date which is one hundred eighty (180) days following the date of this convertible promissory note and ending on the later of: (i) the Maturity Date and (ii) the date of payment of the Default Amount, has the right, at its election, to convert all or part of the outstanding and unpaid principal sum and accrued interest into shares of common stock of the Company, subject to certain conversion limitations set forth in the convertible promissory note and certain price protection described below, as per the conversion formula: Number of shares receivable upon conversion equals the dollar conversion amount divided by the Conversion Price. The Conversion Price is equal to Forty Percent (40%) of the of the average of the two lowest trades of the Common Stock during the fifteen (15) trading Days immediately preceding a conversion date (“Conversion Price”). The Conversion Price is subject to “full ratchet” and other customary anti-dilution protections. The principal amount and unpaid accrued interest may be prepaid in full solely during the dates set forth below, which shall be subject to the following upward adjustments, subject to the payment period upon which the date all amounts hereunder are paid in full by the Borrower occurs. Subsequent to 180 days after the Issue Date, the Company has no right or option to prepay the principal amount. Date of Note Satisfaction Payment Amount 0 to 30 days 115% of principal amount plus accrued interest 31 to 60 days 120% of principal amount plus accrued interest 61 to 90 days 125% of principal amount plus accrued interest 91 to 120 days 130% of principal amount plus accrued interest 121 to 150 days 135% of principal amount plus accrued interest 151 to 180 days 140% of principal amount plus accrued interest The Company evaluated the convertible promissory note in accordance with ASC 480 “ Distinguishing Liabilities From Equity On December 5, 2019, the Company recorded debt issue costs of $3,000 as an offset to the promissory note and amortized over the 1-year term. From December 5, 2019 to April 30, 2020, the Company recorded $1,208 for amortization of the debt discounts to interest expense and the debt discount balance was $1,792 at April 30, 2020. From June 8, 2020 to June 18, 2020, the Lender elected to convert the entire principal amount of $63,000 and $3,150 of accrued interest into 65,492,425 shares of common stock. See Note 4 – Stock. As a result of the conversion of the entire principal balance, the remaining debt discount balance of $1,792 was amortized to interest expense in the accompanying unaudited Statement of Operations for the nine months ended January 31, 2021. Interest expense recorded in the accompanying unaudited Statement of Operations by the Company for the three and nine months ended January 31, 2021 was $0 and $613 and $984 and $984 for the three and nine months ended January 31, 2020. Convertible Unsecured Promissory Note – January 21, 2020 On January 21, 2020, the Company signed a Securities Purchase Agreement (“SPA”) with an investor that provides for the issuance of a 10% convertible promissory note in the aggregate principal amount of $38,000, convertible into shares of common stock of the Company. The Company received $35,000 of net proceeds for working capital purposes from the issuance of the convertible promissory note with debt issue costs paid to or on behalf of the lender of $3,000. Any amount of the principal or interest which is not paid when due shall bear Interest at the rate of the lower of twenty-two percent (22%) per annum, or the highest rate permitted by law, from the due date thereof until the same is paid. The convertible promissory note is due in one (1) year from the date of issuance or January 21, 2021. The lender from time to time, and at any time during the period beginning on the date which is one hundred eighty (180) days following the date of this convertible promissory note and ending on the later of: (i) the Maturity Date and (ii) the date of payment of the Default Amount, has the right, at its election, to convert all or part of the outstanding and unpaid principal sum and accrued interest into shares of common stock of the Company, subject to certain conversion limitations set forth in the convertible promissory note and certain price protection described below, as per the conversion formula: Number of shares receivable upon conversion equals the dollar conversion amount divided by the Conversion Price. The Conversion Price is equal to Sixty Percent (60%) of the of the average of the two lowest trades of the Common Stock during the fifteen (15) trading Days immediately preceding a conversion date (“Conversion Price”). The Conversion Price is subject to “full ratchet” and other customary anti-dilution protections. The principal amount and unpaid accrued interest may be prepaid in full solely during the dates set forth below, which shall be subject to the following upward adjustments, subject to the payment period upon which the date all amounts hereunder are paid in full by the Borrower occurs. Subsequent to 180 days after the Issue Date, the Company has no right or option to prepay the principal amount. Date of Note Satisfaction Payment Amount 0 to 30 days 115% of principal amount plus accrued interest 31 to 60 days 120% of principal amount plus accrued interest 61 to 90 days 125% of principal amount plus accrued interest 91 to 120 days 130% of principal amount plus accrued interest 121 to 150 days 135% of principal amount plus accrued interest 151 to 180 days 140% of principal amount plus accrued interest The Company evaluated the First Note in accordance with ASC 480 “ Distinguishing Liabilities From Equity On January 21, 2020, the Company recorded debt issue costs of $3,000 as an offset to the promissory note to be amortized over the 1-year term. For the period from January 21, 2020 to April 30, 2020, the Company recorded $822 for amortization of the debt discounts to interest expense and the debt discount balance was $2,178 at April 30, 2020. From July 23, 2020 to July 27, 2020, the Lender elected to convert the entire principal amount and $1,900 of accrued interest into 30,692,309 shares of common stock. See Note 4 – Stock. As a result of the conversion of the entire principal balance, the remaining debt discount balance of $2,178 was amortized in full to interest expense in the accompanying unaudited Statement of Operations for the nine months ended January 31, 2021. Interest expense recorded in the accompanying unaudited Statement of Operations by the Company for the three and nine months ended January 31, 2021 was $859 and $0 and $104 and $104 for the three and nine months ended January 31, 2020. January 31, 2021 April 30, 2020 Convertible Secured Note Payable: Mar. 9, 2016 - Principal and interest at 10% due June 9, 2017. IN DEFAULT with interest recorded at default rate of 22%. $ - $ 30,000 May 17, 2018 - Principal and interest at 8% due May 17, 2019. IN DEFAULT with interest recorded at default rate of 18%. 80,000 80,000 Plus: put premium 53,333 65,372 Total Convertible Secured Notes Payable $ 133,333 $ 175,372 Convertible Secured Note Payable – March 9, 2016 At January 31, 2021, the Company has a remaining balance of $0 from an original $550,000 face value convertible secured promissory note, which had a balance of $30,000 at April 30, 2020. From June 18, 2020 to August 5, 2020, the lender elected to convert the remaining $30,000 of the principal amount into 21,820,000 shares of common stock. As a result of this conversions, the promissory note balance is $0 at January 31, 2021. See Note 4 – Stock. On January 21, 2021, the lender elected to convert $28,500 of the accrued and unpaid interest into 15,000,000 shares of common stock at a conversion price of $0.0019 per share. As a result, the accrued interest outstanding at January 31, 2021 is $76,367. The Conversion Price is equal to Seventy Percent (70%) of the of the average of the three lowest trades of common stock during the twenty (20) trading Days immediately preceding a conversion date. The Company calculated a conversion price of $0.016533 per share for the accrued interest balance of $76,367 that would convert into 4,619,004 shares of common stock at January 31, 2021. The promissory note was due on June 9, 2017 and as a result, is in default at January 31, 2021. The lender has not provided notice of the default in writing but, has several remedies including calling the accrued interest due and payable immediately. The promissory note includes customary affirmative and negative covenants of the Company. The Company evaluated the promissory note in accordance with ASC 480 “ Distinguishing Liabilities From Equity As a result of partial conversions, the Company reclassified $20,104 of the put premium liability as an offset to Additional Paid in Capital and the put premium liability balance was $12,039 at April 30, 2020. As a result of the remaining $30,000 conversion of the remaining principal balance discussed above, the Company reclassified $12,039 of the put premium liability as an offset to Additional Paid in Capital and the balance is $0 at January 31, 2021. The Company is accruing interest at the default rate of twenty-two pe |
