Gourmet Provisions Intl Corp (GMPR)

[mike306oh]

See Note 5 – Notes Payable:

The Company has an unsecured note payable to an unrelated third party at March 31, 2013 in the principal amount of $325,000. The note has an imputed interest rate of 6% per annum, the effects of which are immaterial to the financial statements taken as a whole. The note is past due, is currently payable on demand, and has a conversion into common shares feature. The promissory note will not convert into more than ten percent of the Company’s shares pursuant to an agreement between the parties.

The Company has an unsecured note payable to an unrelated third party at March 31, 2013 in the principal amount of $60,000. The note has an imputed interest rate of 6% per annum, the effects of which are immaterial to the financial statements taken as a whole. The note is currently payable on demand, and has a conversion into common shares feature. The promissory note will not convert into more than ten percent of the Company’s shares pursuant to an agreement between the parties.

The Company has an unsecured convertible note payable to an unrelated third party at March 31, 2013 in the principal and interest amount totaling $65,000. The note has an imputed interest rate of 6% per annum, the effects of which are immaterial to the financial statements taken as a whole. The note is past due, is shown as currently payable in the accompanying balance sheet, and is due on November 2, 2012. The loan is convertible into 4,000,000 shares of common stock representing the principal portion of the loan only.

Mike