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Monday, May 16, 2022 8:12:13 PM

Re: None

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What a mess. Debt payment obligations for Q2 are crazy and we will likely not know what happened until the Q2 filing comes out in August. They have taken out two new notes, one on March 1st and another on May 3rd. They are trying to survive from quarter to quarter, to what end is anyone's guess


Auctus Fund, LLC
During March 2022, the Company paid $20,000 of principal on the convertible note, thereby reducing the principal outstanding to $80,000. The note matured May 7, 2020, Auctus Fund LLC has not declared a default and we are in constant discussion with the lender on settling the note.


Effective December 29, 2021, the Company entered into a modification of the convertible note agreement with Labrys whereby the May 7, 2021 note were amended as follows:

Labrys Fund, LP

>The Maturity date of the note was extended to May 31, 2022.
· >The triggering of the dilutive event on October 25, 2021 which reduced the conversion price of the convertible note to $0.001 per share, will not be utilized as long as any events of default under the note are not triggered.

· The Company agreed to make monthly payments under the note totaling $536,000 between January 10, and May 31, 2022.

During the three months ended March 31, 2022, the Company repaid $150,000 of the outstanding principal of the convertible note. There have been no further events of default in terms of this convertible note and we are in discussion with the note holder on settling the note.


Effective December 29, 2021, the Company entered into a modification of the convertible note agreement with Labrys whereby the May 7, 2021 note were amended as follows:

· >The Maturity date of the note was extended to June 30, 2022.

· >The triggering of the dilutive event on October 25, 2021 which reduced the conversion price of the convertible note to $0.001 per share, will not be utilized as long as any events of default under the note are not triggered.

· The Company agreed to make two equal payments of $127,650 on the note on May 31, and June 30, 2022.

The note is not in default and we are in discussions with the lender on settling the outstanding balance on this note.


Leonite Capital, LLC
Secured Promissory Notes

On March 1, 2022, the Company entered into a secured Promissory Note in the aggregate principal amount of $124,000 for net proceeds of $100,000 after an original issue discount of $24,000. The Note had a maturity date of April 1, 2022. This note has not been repaid at the date of this report and no default has been declared. We are in discussions with Leonite on the repayment of this note and the advancement of additional funds for business purposes.


21. Subsequent events

On May 3, 2022, the Company, entered into a secured Promissory Note in the aggregate principal amount of $76,250 for net proceeds of $61,000 after an original issue discount of $15,250. The Note had a maturity date of June 17, 2022 and bears interest at the rate of zero percent per annum from the date on which the Note was issued until the same became due and payable.

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