Company: ATVK
Filing Date: 2025-06-05
Form Type: 10-K/A
Source: 0001376474-25-000512
Chunk: 25

Company: Ameritek Ventures, Inc.
Filing Date: 2025-06-05
Form: 10-K/A
Chunk 25
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. Cloud Builder, Inc. promissory note The Cloud Builder, Inc. notefor $ 185,000originated on May 13, 2021with an interest rate of 15% and a due date of December 30, 2024. The loan originally had loan origination fees of 30,000,000 of common stock paid August 31, 2021. There was a dispute between the lender and the Company, which was settled on October 1, 2023 and this note was reinstated. Ameritek entered into a settlement agreement and recorded accrued interest expense of $ 25,960in the last quarter of 2023. There were also three conversions of debt to common stock during the month of October 2023 related to this note. For the first conversion Ameritek issued 7,700,000 shares of common stock to Cloud Builder as loan origination fees. For the second and third conversions Ameritek issued 40,000,000 shares of common stock to Cloud Builder as part of the debt settlement (note 9). The Company and Cloud Builder, Inc. agreed to convert $32,480 of this debt into 29,000,000 class A common stock on January 31, 2024, see note 9. The Company and Cloud Builder, Inc. agreed to convert $22,800 of this debt into 30,000,000 class A common stock on April 29, 2024, see note 9. Ameritek sold this loan to ZenaTech as of October 1, 2024. Ameritek had a balance of $ Nilon the loan with Cloud Builder, Inc. as of December 31, 2024. Ameritek had a balance of $ 364,973on the loan with Cloud Builder, Inc. and had accrued interest expense of $ 28,873as of December 31, 2023. 9. STOCKHOLDER’S EQUITY AND CONTRIBUTED CAPITAL Series A Preferred Stock The Company is authorized to issue 10,000,000shares of $ 0.01par value New Series A Preferred Stock. Liquidation Preference is equal to $0.01 per share. Series A Preferred Stock has no voting rights. Series A Preferred Stock shall be entitled to receive dividends once the Company has generated net income of over $2 million based on the Corporation’s audited statement of operations. At any time and from time-to-time after the issuance of the Series