Exhibit 4.8


 


THIS NOTE HAS NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE SOLD, TRANSFERRED, OR OTHERWISE DISPOSED
OF EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT AND APPLICABLE STATE SECURITIES LAWS OR PURSUANT TO AN
APPLICABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF SUCH ACT AND SUCH LAWS.


 


CONVERTIBLE PROMISSORY NOTE


 


	$250,000	San Antonio, Texas	January 27, 2021


 


FOR VALUE
RECEIVED, DIGERATI TECHNOLOGIES, INC., a Nevada corporation, whose address is 825 W. Bitters, STE 104, San Antonio,
TX 78216 (the “Debtor”), promises to pay to the order of Tysadco Partners, LLC, whose address is 210
W. 77th Street, #7W, New York, NY 10024, (the “Payee”), the sum of TWO HUNDRED FIFTY THOUSAND DOLLARS
($250,000) in lawful money of the United States of America which shall be legal tender for the payment of debts from time to time,
together with interest on the outstanding principal amount hereof at the rate of eight percent (8%) interest per annum, computed
on the basis of a 360-day year and 30-day months.


 


This Note shall be payable in a single
payment of the principal amount outstanding plus any accrued interest, without demand, on January 27, 2022 (the “Maturity
Date”). If the Maturity Date shall be a Saturday, Sunday, or day on which Banks in San Antonio, Texas, or the place
of payment are authorized or required to be closed, such payment shall be made on the next following day that is not a Saturday,
Sunday or day on which banks in San Antonio, Texas, or the place of payment are authorized or required to be closed and interest
thereon shall continue to accrue thereon until such date.


 


Time is of the essence of this Note, and
the Debtor expressly agrees that in the event of default in the payment of any principal or interest when due, the Payee may declare
the entirety of this Note immediately due and payable. Upon the occurrence of any default hereunder, the Payee shall also have
the right to exercise any and all of the rights, remedies and recourses now or hereafter existing in equity, law, by virtue of
statute or otherwise.


 


In the event that any payment is not made
when due, either of principal or interest, and whether upon maturity or as a result of acceleration, interest shall thereafter
accrue at the rate per annum equal to the lesser of (a) the maximum non-usurious rate of interest permitted by the laws of the
State of Texas or the United States of America, whichever shall permit the higher rate or (b) twenty percent (20%) per annum, from
such date until the entire balance of principal and accrued interest on this Note has been paid.


 


Debtor has the privilege of making prepayments
on this Note from time to time in any amount without penalty provided that any such prepayment shall be applied to unpaid interest
on this Note and the balance, if any, to the principal amount payable under this Note.


 






     


     


    

 


No failure to exercise and no delay on
the part of Payee in exercising any power or right in connection herewith shall operate as a waiver thereof, nor shall any single
or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power,
preclude any other or further exercise thereof or the exercise of any other right or power. No course of dealing between Debtor
and Payee shall operate as a waiver of any right of Payee. No modification or waiver of any provision of this Note or any consent
to any departure therefrom shall in any event be effective unless the same shall be in writing and signed by the person against
whom enforcement thereof is to be sought, and then such waiver or consent shall be effective only in the specific instance and
for the purpose for which given.


 


In the event of default or if payment of
this Note is not made when due or declared due, and the same is placed in the hands of an attorney for collection, or suit is brought
on same, or the same is collected through any judicial proceeding whatsoever, or if any action be had hereon, then Debtor agrees
and promises to pay an additional amount as reasonable, calculated and foreseeable attorneys’ and collection fees incurred
by Payee in connection with enforcing its rights herein contemplated.


 


Payee may elect to convert up to 100% of
the principal amount outstanding and any accrued interest on the Note into Common Stock of the Debtor (the “Conversion Shares”)
at any time after 180 days of funding the Note. The Conversion Price shall be the greater of: (i) the Variable Conversion Price
(as defined herein) or (ii) the Fixed Conversion Price (as defined herein). The “Variable Conversion Price” shall be
equal to 75% of the lowest daily volume weighted average price (“VWAP”) for Debtor’s Common Stock (the “Shares”)
for the ten (10) Trading Day period immediately preceding the Conversion Date. “Trading Day” shall mean any day on
which the Common Stock is tradable for any period on the OTCQB, or on the principal securities exchange or other securities market
on which the Common Stock is then being traded. The “Fixed Conversion Price” shall mean $0.05.


 


Payee may elect to convert up to 100% of
the principal amount outstanding and any accrued interest on the Note into Common Stock of the Debtor at any time into a Qualified
Uplist Financing at a 25% discount.


 


Conversion shall be effectuated by delivering
by facsimile, email or other delivery method to Debtor of the completed form of conversion notice attached hereto as Annex “A”
(the “Notice of Conversion”), executed by the Payee of the Note evidencing such Payee’s intention to convert
a specified portion of the Note.


 


To the extent permitted by applicable law,
Debtor hereby waives grace, notice, demand or presentment for payment of this Note, dishonor, notice of dishonor, notice of default
or nonpayment, protest, notice of protest, suit, notice of intention to accelerate, notice of acceleration, diligence or any notice
of or defense on account of the extension of time of payments or change in the method of payments, and consents to any and all
renewals and extensions in the time of payment hereof, and the release of any party primarily or secondarily liable hereon.


 


It is expressly provided and stipulated
that notwithstanding any provision of this Note, in no event shall the aggregate of all interest paid by Debtor to Payee hereunder
ever exceed the maximum non-usurious rate of interest which may lawfully be charged Debtor under the laws of the State of Texas
or United States Federal Government, as applicable, on the principal balance of this Note remaining unpaid. It is expressly stipulated
and agreed by Debtor that it is the intent of Payee and Debtor in the execution and delivery of this Note to contract in furtherance
of such laws, and that none of the terms of this Note shall ever be construed to create a contract to pay for the use, forbearance
or detention of money, at any interest rate in excess of the maximum non-usurious rate of interest permitted to be charged Debtor
under the laws of the State of Texas or United States Federal Government, as applicable. The provisions of this paragraph shall
govern over all other provisions of this Note should any such provisions be in apparent conflict herewith.


 






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Specifically, and without limiting the
generality of the foregoing paragraph, it is expressly provided that:


 


(i) In the event of prepayment of the principal
of this Note, in whole or in part, or the payment of the principal of this Note prior to the Maturity Date, whether resulting from
acceleration of the maturity of this Note or otherwise, if the aggregate amount of interest accruing hereon prior to such payment
plus the amount of any interest accruing after maturity and plus any other amount paid or accrued in connection with the indebtedness
evidenced hereby which by law are deemed interest on the indebtedness evidenced by the Note and which aggregate amounts paid or
accrued (if calculated in accordance with the provisions of this Note other than this paragraph) would exceed the maximum non-usurious
rate of interest which could lawfully be charged as above mentioned on the unpaid principal balance of the indebtedness evidenced
by this Note from time to time advanced (less any discount) and remaining unpaid from the date advanced to the date of final payment
thereof, then in such event the amount of such excess shall be credited, as of the date paid, toward the payment of the principal
of this Note so as to reduce the amount of the final payment of principal due on this Note, or if the principal amount hereof has
been paid in full, refunded to Debtor.


 


(ii) If under any circumstances the aggregate
amounts paid on the indebtedness evidenced by this Note prior to and incident to the final payment hereof include amounts which
by law are deemed interest and which would exceed the maximum non-usurious rate of interest which could lawfully have been charged
or collected on this Note, as above mentioned, Debtor stipulates that (a) any non-principal payment shall be characterized as an
expense, fee, or premium rather than as interest and any excess shall be credited hereon by the Payee hereof (or, if this Note
shall have been paid in full, refunded to Debtor); and (b) determination of the rate of interest for determining whether the indebtedness
evidenced hereby is usurious shall be made by amortizing, prorating, allocating, and spreading, in equal parts during the full
stated term hereof, all interest at any time contracted for, charged, or received from Debtor in connection with such indebtedness,
and any excess shall be canceled, credited, or refunded as set forth in (a) herein.


 


Any check, draft, money order, or other
instrument given in payment of all or any portion of this Note may be accepted by Payee and handled in collection in the customary
manner, but the same shall not constitute payment hereunder or diminish any rights of Payee except to the extent that actual cash
proceeds of such instruments are unconditionally received by Payee. If at any time any payment of the principal of or interest
on this Note is rescinded or must be restored or returned upon the insolvency, bankruptcy or reorganization of Debtor or otherwise,
the obligation under this Note with respect to that payment shall be reinstated as though the payment had been due but not made
at that time.


 






    3


     


    

 


Debtor agrees that this Note shall be freely
assignable to any assignee of Payee, subject to compliance with applicable securities laws.


 


Debtor represents and warrants that the
extension of credit represented by this Note is for business, commercial, investment, or other similar purposes and not primarily
for personal, family, household or agricultural use.


 


This Note has been executed and delivered
and shall be construed in accordance with and governed by the laws of the State of Texas and of the United States of America applicable
in Texas. Venue for any litigation between Debtor and Payee with respect to this Note shall be Bexar County, Texas. Debtor and
Payee hereby irrevocably submit to personal jurisdiction in Texas and waive all objections to personal jurisdiction in Texas and
venue in Bexar County for purposes of such litigation.


 


THIS NOTE REPRESENTS THE FINAL AGREEMENT
BETWEEN DEBTOR AND PAYEE AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS BETWEEN
DEBTOR AND PAYEE.


 


THERE ARE NO UNWRITTEN ORAL AGREEMENTS
BETWEEN DEBTOR AND PAYEE.


 


	 	DIGERATI TECHNOLOGIES, INC.,
	 	a Nevada corporation
	 	 	 
	 	By:	Arthur L. Smith
	 	Name: 	Arthur L. Smith
	 	Title:	 
	 		01/27/2021


 




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ANNEX “A”


 


DIGERATI TECHNOLOGIES, INC.


 


NOTICE OF CONVERSION


 


(To Be Executed by the Registered Payee
in Order to Convert the Note)


 


The undersigned hereby irrevocably elects to convert $ ____________
of the Principal Amount of the Note into Shares of Common Stock of Digerati Technologies, Inc., a Nevada corporation (the “Company”),
according to the conditions hereof, as of the date written below. After giving effect to the conversion requested hereby, the outstanding
Principal Amount of such Note is $ ____________, absent manifest error.


 


Certificates representing Common Stock
upon conversion will be delivered (including delivery by DWAC or DRS) to the undersigned within seven (7) business days from the
date of delivery of the Notice of Conversion to the Company.


 


	Conversion Date	 
	 	 
	 	 
	 	 
	Applicable Conversion Price	 
	 	 
	 	 
	 	 
	Signature	 
	 	 
	 	 
	 	 
	Print Name	 
	 	 
	 	 
	 	 
	Address