Exhibit 10.1
 
AMENDMENT TO PROMISSORY NOTE

This Amendment to Promissory Note, effective as of March 1, 2007, is made by and
between Innofone.com, Incorporated, a Nevada corporation (the “Company” or
“Innofone”) and 55 South Investments (the “Holder”).

WHEREAS, the parties hereto entered that certain Promissory Note, dated July 10,
2006 (the “Note”); and

WHEREAS, the parties have agreed to make certain modifications to the Note upon
the terms and conditions set forth herein.

NOW, THEREFORE, for and in consideration of the foregoing premises and other
good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the parties agree as follows:

1. Subsection (a) of the “Repayment” section of the Note is deleted and replaced
with the following:

“Repayment of the Principal by Innofone to the Holder on the Note shall occur
according to the following repayment schedule (“Repayment Schedule”):

   
07/01/2007
 
08/01/2007
 
09/01/2007
 
10/01/2007
 
11/01/2007
 
12/01/2007
 
Total
                                 
Interest and fees
   
20,500
   
20,500
   
20,500
   
20,500
   
20,500
   
20,500
   
123,000
                                               
Principal
   
0
   
0
   
33,333
   
33,333
   
33,334
   
400,000
   
500,000
                                               
Total
   
20,500
   
20,500
   
53,833
   
53,833
   
53,834
   
420,500
   
623,000
 

2.  The “Interest” section of the Note is deleted and replaced with the
following:

“Innofone shall pay 12% per annum simple interest on the unpaid portion of the
Principal calculated starting upon the Closing Date and payable in accordance
with the Repayment Schedule above.”

3. The “Fees” section of the Note is deleted and replaced with the following:

“Innofone shall pay to the Holder a loan origination and due diligence fee of 8%
on the full original Principal in accordance with the Repayment Schedule above.”

4. Subsection (b) of the “Event of Default” section of the Note is deleted and
replaced with the following:

“Any failure of Innofone to pay the Principal in full by December 1, 2007;”

5. Subsection (c) of the “Event of Default” section of the Note is deleted and
replaced with the following:

“Any failure of Innofone to make any payments in full in accordance with the
Repayment Schedule within ten (10) days of any such payment due date; or”
 

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6. The following provision shall be added as subsection (d) of the “Event of
Default” section of the Note:

“The termination by the Company of the Employment Agreements of either Alex
Lightman or Gerard Casale, at any time prior to the Company’s full satisfaction
of the Note payable to Holder, unless such termination is made at the election
of either such employee.”

7. The “Rights of Holder upon Default” section of the Note is deleted and
replaced with the following:

“(a) Upon the occurrence and during the continuation of any Event of Default,
immediately and without notice, all outstanding principal, interest, and fees
payable by Innofone hereunder shall automatically become immediately due and
payable, without presentment, demand, protest or any other notice of any kind,
all of which are hereby expressly waived, anything contained herein to the
contrary notwithstanding.

(b) Upon the occurrence of any Event of Default, immediately and without notice,
the Company shall register one million (1,000,000) of the Innofone Stock for
resale.”

Except as modified herein, all other terms and conditions of the Note shall
remain in effect and the parties hereby ratify and confirm same. All capitalized
terms used herein shall have the same meaning as set forth in the Note.

[SIGNATURE PAGE FOLLOWS]

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IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the
date first above written.

Innofone.com, Incorporated:

By: __/s/ Alex Lightman___________________
Alex Lightman, CEO

55 South Investments:

By: __/s/ Tony Reed______________________
Tony Reed, General Partner

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