Nate's Food Company (NHMD)

[surfkast]

Nate files and they can start converting and dumping again.

Convertible notes payable 534,986,848 (shares)

Notes Payable – Related Party

On September 28, 2023, the Company entered into a promissory note agreement with a former officer to exchange the outstanding principal of $397,935 and accrued interest of 102,054 notes payable at May 31, 2023 with following new terms and condition:

Principal $ 397,935

Accrued interest $102,054

Maturity date September 28, 2025

If an event of default has occurred and not cured, the note holder may convert at a conversion price is Fixed at $0.000025 per share

Note 6 – Convertible Notes
Less: current portion of convertible notes payable (227,068 )
The conversion price is the 45% discount to the lowest traded price during the previous 20 trading days to the date of a conversion notice.


During the year ended May 31, 2023, the Company entered into four promissory notes agreements with an investor for $20,500 cash received and settlement of $125,000 due related to purchase of digital equipment. According to the terms and conditions of the agreement, in the event of default the interest rate shall increase to 5% and the lender has the right to convert the unpaid principal and interest into common stock at a conversion rate of $0.000025 per share.



On April 7, 2023, the Company entered into a promissory note agreement with an investor for the principal amount of $250,000, with net cash of $225,000 to be paid in one or more tranches. According to the terms and conditions of the agreement, in the event of default the interest rate shall increase to 24% and the lender has the right to convert the unpaid principal and interest into common stock at a conversion rate of $0.000025 per share.



During the year ended May 31, 2023, the Company received the amount of $18,125 with $1,812 original issue discount and $3,000 in financing costs for net proceeds to the Company of $13,313. During the six months ended November 30, 2023, the Company received the amount of $59,806 with $5,980 original issue discount for net proceeds to the Company of $53,826. The original issue discount and financing costs are being amortized over the original life of the note using the effective interest method.



During the six months ended November 30, 2023 and 2022, the Company recognized interest expense of $2,930 and $0 and amortization of debt discount of $1,663 and $0, respectively.



As of November 30, 2023, the outstanding balances of promissory notes, accrued interest and debt discount were $223,431, $4,369 and $8,774, respectively. As of May 31, 2023, the outstanding balances of promissory notes, accrued interest and debt discount were $163,625, $1,439 and $4,457, respectively.

Note 9 – Loans Payable



On December 1, 2022, the Company obtained a $1,885 loan, due on demand, free interest and unsecured. During the year ended May 31, 2023, the Company repaid $942.



On November 29, 2023, the Company entered into a loan agreement of $150,000 for financing new business transaction with unrelated party (see note 3). The agreement requires the $150,000 to be advanced to a commodities broker (the “Broker”), as a deposit to secure a future transaction on a sugar contract. The Company has committed to pay the lender a 1% commitment fee on the total sugar contract, which value is unknown. The loan has no stated interest, outside of the commitment fee, and requires repayment within 15 days of receipt of funds earned from the sugar contracts. As of November 30, 2023, due to the unknown contract amount, the Company has not recognized the commitment fee.



As of November 30, 2023, and May 31, 2023, the principal balance of loans payable was $150,943 and $943 respectively.

https://www.otcmarkets.com/filing/html?id=17186091&guid=XWQ-knG_sr7fJth