Document:

EXHIBIT 4.1
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THE WARRANT EVIDENCED HEREBY, AND THE SECURITIES ISSUABLE HEREUNDER, HAVE BEEN
AND SHALL BE ISSUED WITHOUT REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS
AMENDED, OR THE APPLICABLE STATE SECURITY LAWS. THE WARRANT AND SUCH SECURITIES
HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO DISTRIBUTION OR RESALE,
AND SHALL NOT BE SOLD, TRANSFERRED, PLEDGED OR HYPOTHECATED UNLESS THE PROPOSED
DISPOSITION IS THE SUBJECT OF A CURRENTLY EFFECTIVE REGISTRATION STATEMENT UNDER
SAID ACT AND UNDER APPLICABLE STATE SECURITIES LAWS OR UNLESS THE COMPANY HAS
RECEIVED AN OPINION OF COUNSEL, IN FORM AND SUBSTANCE REASONABLY SATISFACTORY TO
THE COMPANY, TO THE EFFECT THAT SUCH REGISTRATION IS NOT REQUIRED UNDER SAID ACT
AND SUCH STATE SECURITIES LAWS IN CONNECTION WITH SUCH DISPOSITION.

                              GLOBAL MATRECHS, INC.

                          COMMON STOCK PURCHASE WARRANT

                       Original Issue Date: April 11, 2005
                           Void After: April 11, 2010

                            This Warrant is Issued to
                             SOUTHRIDGE PARTNERS LP

 (hereinafter called the "Holder," which term shall include the Holder's legal
representatives, heirs, successors and assigns) by Global Matrechs, Inc., a
Delaware corporation (hereinafter referred to as the "Company"). This Warrant
may be transferred by the Holder only in accordance with the provisions of
Section 12.

     1.   Exercise of Warrant. For value received and subject to the terms and
conditions hereinafter set forth, the Holder is entitled, upon surrender of this
Warrant at any time on or after April 11, 2005 and on or prior to April 11, 2010
(the "Exercise Date") (with the subscription form annexed hereto (the
"Subscription Form") duly executed) at the office of the Company at 90 Grove
Street, Suite 201, Ridgefield, Connecticut 06877, or such other office in the
United States of which the Company shall notify the Holder hereof in writing, to
purchase from the Company, at the purchase price hereinafter specified (as
adjusted from time to time, the "Exercise Price"), 5,000,000 shares (the
"Warrant Shares") (as adjusted from time to time) of the Common Stock, $0.0001
par value per share, of the Company (the "Common Stock"). The initial Exercise
Price shall be $0.025 per share.

     2.   Issuance of Stock Certificates. As promptly as practicable after
surrender of this Warrant and receipt of payment of the Exercise Price, the
Company shall issue and deliver to the Holder a certificate or certificates for
the shares purchased hereunder, in certificates of such denominations and in
such names as the Holder may specify.
<PAGE>
     3.   Payment of Exercise Price. Payment of the Exercise Price shall be made
by check made payable to the order of the Company or wire transfer of funds to a
bank account designated by the Company.

     4.   Cashless Exercise. The Holder may notify the Company in a Subscription
Form of its election to utilize cashless exercise, in which event the Company
shall issue to the Holder the number of Warrant Shares determined as follows:

                 X = Y [(A-B)/A]

          where:

                 X = the number of Warrant Shares to be issued to the Holder.

                 Y = the number of Warrant Shares with respect to which this
                     Warrant is being exercised.

                 A = the average of the closing prices for the five trading days
                     immediately prior to (but not including) the Exercise Date.

                 B = the Exercise Price.

For purposes of Rule 144 promulgated under the Securities Act, it is intended,
understood and acknowledged that the Warrant Shares issued in a cashless
exercise transaction shall be deemed to have been acquired by the Holder, and
the holding period for the Warrant Shares shall be deemed to have commenced, on
the date this Warrant was originally issued.

     5.   Limitation on Exercise. Notwithstanding anything to the contrary
contained herein, the number of Warrant Shares that may be acquired by the
Holder upon any exercise of this Warrant (or otherwise in respect hereof) shall
be limited to the extent necessary to insure that, following such exercise (or
other issuance), the total number of shares of Common Stock then beneficially
owned by such Holder and its affiliates and any other persons whose beneficial
ownership of Common Stock would be aggregated with the Holder's for purposes of
Section 13(d) of the Exchange Act, does not exceed 4.999% of the total number of
issued and outstanding shares of Common Stock (including for such purpose the
shares of Common Stock issuable upon such exercise). For such purposes,
beneficial ownership shall be determined in accordance with Section 13(d) of the
Exchange Act and the rules and regulations promulgated thereunder.

     6.   Adjustment for Dividends, Distributions, Subdivisions, Combinations,
Mergers, Consolidations or Sale of Assets.

          6.1  Manner of Adjustment.

               (a)  Stock Dividends, Distributions or Subdivisions. In the event
the Company shall issue shares of Common Stock in a stock dividend, stock
distribution or subdivision, the Exercise Price in effect immediately before
such stock dividend, stock distribution or subdivision shall, concurrently with
the effectiveness of such stock dividend,

                                       -2-
<PAGE>
stock distribution or subdivision, be proportionately decreased and the number
of shares of Common Stock purchasable by exercise of this Warrant shall be
proportionately increased.

               (b)  Combinations or Consolidations. In the event the outstanding
shares of Common Stock shall be combined or consolidated, by reclassification or
otherwise, into a lesser number of shares of Common Stock, the Exercise Price in
effect immediately prior to such combination or consolidation shall,
concurrently with the effectiveness of such combination or consolidation, be
proportionately increased and the number of shares of Common Stock purchasable
by exercise of this Warrant shall be proportionately decreased.

               (c)  Adjustment for Reclassification, Exchange or Substitution.
In the event that the class of securities issuable upon the exercise of this
Warrant shall be changed into the same or a different number of shares of any
class or classes of stock, whether by capital reorganization, reclassification
or otherwise (other than any event addressed by Sections 6.1(a), 6.1(b) or
6.1(d)), then and in each such event the Holder shall have the right thereafter
to exercise this Warrant for the kind and amount of shares of stock and other
securities and property receivable upon such reorganization, reclassification,
or other change, by holders of the number of shares of the class of securities
into which such Warrant might have been exercisable for immediately prior to
such reorganization, reclassification, or change, all subject to further
adjustment as provided herein.

               (d)  Adjustment for Merger, Consolidation or Sale of Assets. In
the event that the Company shall merge or consolidate with or into another
entity or sell all or substantially all of its assets, this Warrant shall
thereafter be exercisable for the kind and amount of shares of stock or other
securities or property to which a holder of the number of shares of Common Stock
of the Company deliverable upon exercise of this Warrant would have been
entitled upon such consolidation, merger or sale; and, in such case, appropriate
adjustment (as determined in good faith by the Company's Board of Directors)
shall be made in the application of the provisions set forth in this Section 6
with respect to the rights and interest thereafter of the Holder of this
Warrant, to the end that the provisions set forth in this Section 6 shall
thereafter be applicable, as nearly as reasonably may be, in relation to any
shares of stock or other property thereafter deliverable upon the exercise of
this Warrant.

          6.2  Certificate as to Adjustments. Upon the occurrence of each
adjustment or readjustment of the Exercise Price pursuant to this Section 6, the
Company at its expense shall promptly compute such adjustment or readjustment in
accordance with the terms hereof and furnish to the Holder a certificate setting
forth such adjustment or readjustment and showing in detail the facts upon which
such adjustment or readjustment is based.

          6.3  Closing of Books. The Company shall at no time close its transfer
books against the transfer of any shares of Common Stock issued or issuable upon
the exercise of this Warrant in any manner which interferes with the timely and
proper issuance of such shares.

     7.   Covenants of the Company. During the period within which the rights
represented by this Warrant may be exercised, the Company shall at all times
have authorized and reserved for the purpose of issue upon exercise of the
rights evidenced hereby, a sufficient number of shares of the class of
securities issuable upon exercise of this Warrant to provide for

                                       -3-
<PAGE>
the exercise of such rights. All securities which may be issued upon the
exercise of the rights represented by this Warrant shall, upon issuance, be duly
authorized, validly issued, fully paid and non-assessable and free from all
taxes, liens and charges with respect to the issue thereof. Upon surrender for
exercise, this Warrant shall be canceled and shall not be reissued; provided,
however, that upon the partial exercise hereof a substitute Warrant of like
tenor and date representing the rights to subscribe for and purchase any such
unexercised portion hereof shall be issued.

     8.   Voting Rights. This Warrant shall not entitle the Holder to any voting
rights or any other rights as a stockholder of the Company but upon presentation
of this Warrant with the Subscription Form duly executed and the tender of
payment of the Exercise Price at the office of the Company pursuant to the
provisions of this Warrant, the Holder shall forthwith be deemed a stockholder
of the Company in respect of the securities for which the Holder has so
subscribed and paid.

     9.   No Change Necessary. The form of this Warrant need not be changed
because of any adjustment in the Exercise Price or in the number of shares
issuable upon its exercise. A Warrant issued after any adjustment or any partial
exercise or upon replacement may continue to express the same Exercise Price and
the same number of shares (appropriately reduced in the case of partial
exercise) as are stated on this Warrant as initially issued, and that Exercise
Price and that number of shares shall be considered to have been so changed as
of the close of business on the date of adjustment.

     10.  Addresses for Notices. All notices, requests, consents and other
communications hereunder shall be in writing, either delivered in hand or mailed
by registered or certified mail, return receipt requested, or sent by facsimile,
and shall be deemed to have been duly made when delivered:

          (a)  If to the Holder, to the Holder's address as shown on the books
of the Company; or

          (b)  If to the Company, to the address set forth on the first page of
this Warrant.

     11.  Substitution. In the case this Warrant shall be mutilated, lost,
stolen or destroyed, the Company shall issue a new Warrant of like tenor and
denomination and deliver the same (a) in exchange and substitution for and upon
surrender and cancellation of any mutilated Warrant, or (b) in lieu of any
Warrant lost, stolen or destroyed, upon receipt of evidence satisfactory to the
Company of the loss, theft, or destruction of such Warrant (including, without
limitation, a reasonably detailed affidavit with respect to the circumstances of
any loss, theft or destruction), and of indemnity (or, in the case of the
initial Holder or any other institutional holder, an indemnity agreement)
satisfactory to the Company.

     12.  Transfer Restrictions. This Warrant shall not be transferable by the
Holder and shall be exercisable only by the Holder. Without the prior written
consent of the Company, the Warrant shall not be assigned, pledged or
hypothecated in any way (whether by operation of law or otherwise) and shall not
be subject to execution, attachment or similar process. Any

                                       -4-
<PAGE>
attempted transfer, assignment, pledge, hypothecation or other disposition of
the Warrant or of any rights granted hereunder contrary to the provisions of
this Section 12, or the levy of any attachment or similar process upon the
Warrant or such rights, shall be null and void.

     13.  Taxes. The Company makes no representation about tax treatment to the
Holder with respect to receipt or exercise of the Warrant or acquiring, holding
or disposing of the Common Stock, and the Holder represents that the Holder has
had the opportunity to discuss such treatment with the Holder's tax advisers.

     14.  Remedies. Each party stipulates that the remedies at law in the event
of any default or threatened default by the other party in the performance or
compliance with any of the terms of this Warrant are and shall not be adequate,
and that such terms may be specifically enforced by a decree for that specific
performance of any agreement contained herein or by an injunction against a
violation of any of the terms hereof or otherwise.

     15.  Governing Law. This Warrant shall be construed and enforced in
accordance with, and governed by, the laws of the State of New York without
regard to its principles of conflicts of laws.

     16.  Miscellaneous. This Warrant and any term hereof may be changed,
waived, discharged or terminated only by an instrument in writing signed by the
Holder and the Company.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                       -5-
<PAGE>

                                                   COMMON STOCK PURCHASE WARRANT

                                      * * *

     IN WITNESS WHEREOF, the parties have caused this Warrant to be executed
this 11th day of April, 2005.

                                                     GLOBAL MATRECHS, INC.

                                                     By: /s/ Michael Sheppard
                                                         -----------------------
                                                     Name:   Michael Sheppard
                                                     Title:  President

<PAGE>
                                SUBSCRIPTION FORM

                          (TO BE EXECUTED BY THE HOLDER
                        IN ORDER TO EXERCISE THE WARRANT)

                                                               Date: ___________

To:      Global Matrechs, Inc.
         90 Grove Street, Suite 201
         Ridgefield, CT  06877

         The undersigned, pursuant to the provisions set forth in the attached
Warrant hereby irrevocably elects to purchase _____ shares of the Common Stock
(the "Common Stock") covered by such Warrant and herewith makes payment of
$_________, representing the [full/partial] purchase price for such shares at
the price per share provided for in such Warrant.

         The undersigned hereby agrees to take such other action and execute and
deliver such other documents as Global Matrechs, Inc. may require, in connection
with the issue of shares of Common Stock to the undersigned as aforesaid, in
order to comply with the provisions of such Warrant.

         The undersigned is aware that the Common Stock has not been registered
under the Securities Act of 1933, as amended (the "Act") or any state securities
laws. The undersigned understands that the reliance by the Company on exemptions
under the Act is predicated in part upon the truth and accuracy of the
statements of the undersigned in this Subscription Form.

         The undersigned represents and warrants that (1) it has been furnished
with all information which it deems necessary to evaluate the merits and risks
of the purchase of the Common Stock; (2) it has had the opportunity to ask
questions concerning the Common Stock and the Company and all questions posed
have been answered to its satisfaction; (3) it has been given the opportunity to
obtain any additional information it deems necessary to verify the accuracy of
any information obtained concerning the Common Stock and the Company; and (4) it
has such knowledge and experience in financial and business matters that it is
able to evaluate the merits and risks of purchasing the Common Stock and to make
an informed investment decision relating thereto.

         The undersigned hereby represents and warrants that it is purchasing
the Common Stock for its own account and not with a view to the sale or
distribution of all or any part of the Common Stock.

         The undersigned understands that because the Common Stock have not been
registered under the Act, it must continue to bear the economic risk of the
investment for an indefinite time and the Common Stock cannot be sold unless the
Common Stock are subsequently registered under applicable federal and state
securities laws or an exemption from such registration is available.

         The undersigned agrees that it shall in no event sell or distribute or
otherwise dispose of all or any part of the Common Stock unless (1) there is an
effective registration statement under
<PAGE>

the Act and applicable state securities laws covering any such transaction
involving the Common Stock or (2) the Company receives an opinion of legal
counsel to the undersigned (concurred in by legal counsel for the Company)
stating that such transaction is exempt from registration or the Company
otherwise satisfies itself that such transaction is exempt from registration.

         The undersigned consents to the placing of a legend on its certificate
for the Common Stock stating that the Common Stock has not been registered and
setting forth the restriction on transfer contemplated hereby and to the placing
of a stop transfer order on the books of the Company and with any transfer
agents against the Common Stock until the Common Stock may be legally resold or
distributed without restriction.

         The undersigned has considered the Federal and state income tax
implications of the exercise of the Warrant and the purchase and subsequent sale
of the Common Stock.

                                                 -------------------------------
                                                 Signature

                                                 Print name:
                                                             -------------------

                                                 Date:
                                                       -------------------------

                                       -2-EXHIBIT 4.2
                                                                     -----------

NEITHER THIS NOTE NOR THE SECURITIES ISSUABLE UPON CONVERSION HEREOF HAVE BEEN
THE SUBJECT OF REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR
UNDER THE SECURITIES LAWS OF ANY STATE, AND THE SAME HAVE BEEN (OR WILL BE, WITH
RESPECT TO THE SECURITIES ISSUABLE UPON CONVERSION HEREOF) ISSUED IN RELIANCE ON
EXEMPTIONS FROM THE REGISTRATION REQUIREMENTS OF SAID ACT AND SUCH LAWS. NEITHER
THIS NOTE NOR THE SECURITIES ISSUABLE UPON CONVERSION HEREOF MAY BE SOLD,
TRANSFERRED, PLEDGED, HYPOTHECATED OR OTHERWISE DISPOSED OF EXCEPT AS PERMITTED
UNDER SUCH SECURITIES LAWS, PURSUANT TO REGISTRATION OR EXEMPTION THEREFROM.

              NONNEGOTIABLE 2% SECURED CONVERTIBLE PROMISSORY NOTE
              ----------------------------------------------------

$125,000                                                 Ridgefield, Connecticut
April 11, 2005

         FOR VALUE RECEIVED, the undersigned, Global Matrechs, Inc., a Delaware
corporation (the "Maker"), hereby promises to pay to Southridge Partners LP (the
"Payee") the principal sum of one hundred thousand dollars ($125,000) in one
installment due on April 11, 2007 (the "Maturity Date") together with interest
from and after the date hereof at the rate of two percent (2%) per annum
computed on the unpaid principal balance on the basis of a 360-day year. All
payments made hereunder shall be made in immediately available funds. By
acceptance of this Note, the Payee represents, warrants, covenants and agrees
that it will abide by and be bound by its terms. Capitalized terms not otherwise
defined herein shall have the meaning set forth in that certain Securities
Purchase Agreement dated January 31, 2005 by and between the Maker and the
Payee.

         1.   Conversion. The Payee shall have the option at any time to convert
all or a portion of the outstanding principal and interest on this Note into a
number of shares of common stock, $0.001 par value per share (the "Common
Stock") equal to a fraction, the numerator of which shall be the amount of
principal and interest being so converted and the denominator of which shall be
equal to the Conversion Price (the "Conversion Shares"). The "Conversion Price"
shall be $0.02.

         2.   Restrictions on Conversion. Notwithstanding anything to the
contrary contained herein, the number of Conversion Shares that may be acquired
by the Payee upon any conversion of this Note (or otherwise in respect hereof)
shall be limited to the extent necessary to insure that, following such
conversion, the total number of shares of Common Stock then beneficially owned
by such Payee and its affiliates and any other persons whose beneficial
ownership of Common Stock would be aggregated with the Payee's for purposes of
Section 13(d) of the Securities Exchange Act of 1934, as amended (the "Exchange
Act"), does not exceed 4.999% of the total number of issued and outstanding
shares of Common Stock (including for such purpose the shares of Common Stock
issuable upon such conversion). For such purposes, beneficial ownership shall be
determined in accordance with Section 13(d) of the Exchange Act and the rules
and regulations promulgated thereunder.
<PAGE>
         3.   Prepayment. If at any time the Market Price (as defined below) of
the Maker's Common Stock remains less than $0.03 cents for ten (10) consecutive
trading days, then at the written election of the Payee provided not later than
the 10th calendar day following the last day of such 10 trading day period, the
Maker shall within 60 days of the receipt of such election prepay the principal
amount outstanding at the time of such prepayment plus a premium (a "Prepayment
Premium") equal to 40% of the principal amount being prepaid plus accrued
interest. For the purposes of this Section 3, the "Market Price" shall equal the
closing price per share of the Common Stock on such date as reported by a
nationally recognized stock exchange price determined by the first of the
following clauses that applies: (a) if the Common Stock is then listed or quoted
on the New York Stock Exchange, the American Stock Exchange, the Nasdaq National
Market, the Nasdaq SmallCap Market or the OTC Bulletin Board, the bid price per
share of the Common Stock on the primary market or exchange on which the Common
Stock is then listed or quoted; (b) if prices for the Common Stock are then
reported in the "Pink Sheets" published by the National Quotation Bureau
Incorporated (or a similar organization or agency succeeding to its functions of
reporting prices), the most recent bid price per share of the Common Stock so
reported; or (c) in all other cases, the fair market value of a share of Common
Stock as determined by an independent qualified appraiser selected in good faith
and paid for by the Payee.

         4.   Adjustment for Dividends, Distributions, Subdivisions,
Combinations, Mergers, Consolidations or Sale of Assets.

              (a)  Manner of Adjustment.

                   (i) Stock Dividends, Distributions or Subdivisions. In the
event the Maker shall issue shares of Common Stock in a stock dividend, stock
distribution or subdivision, the Conversion Price in effect immediately before
such stock dividend, stock distribution or subdivision shall, concurrently with
the effectiveness of such stock dividend, stock distribution or subdivision, be
proportionately decreased and the number of shares of Common Stock issuable upon
conversion of this Note shall be proportionately increased.

                   (ii) Combinations or Consolidations. In the event the
outstanding shares of Common Stock shall be combined or consolidated, by
reclassification or otherwise, into a lesser number of shares of Common Stock,
the Conversion Price in effect immediately prior to such combination or
consolidation shall, concurrently with the effectiveness of such combination or
consolidation, be proportionately increased and the number of shares of Common
Stock issuable upon conversion of this Note shall be proportionately decreased.

                   (iii) Adjustment for Reclassification, Exchange or
Substitution. In the event that the class of securities issuable upon the
conversion of this Note shall be changed into the same or a different number of
shares of any class or classes of stock, whether by capital reorganization,
reclassification or otherwise, then and in each such event the Payee shall have
the right thereafter to convert this Note for the kind and amount of shares of
stock and other securities and property receivable upon such reorganization,
reclassification, or other change, by Payees of the number of shares of the
class of securities into which such Note might have been

                                        2
<PAGE>
convertible for immediately prior to such reorganization, reclassification, or
change, all subject to further adjustment as provided herein.

                   (iv) Adjustment for Merger, Consolidation or Sale of Assets.
In the event that the Maker shall merge or consolidate with or into another
entity or sell all or substantially all of its assets, this Note shall
thereafter be convertible for the kind and amount of shares of stock or other
securities or property to which a Payee of the number of shares of Common Stock
of the Maker deliverable upon conversion of this Note would have been entitled
upon such consolidation, merger or sale; and, in such case, appropriate
adjustment (as determined in good faith by the Maker's Board of Directors) shall
be made in the application of the provisions set forth in this Section 4 with
respect to the rights and interest thereafter of the Payee of this Note, to the
end that the provisions set forth in this Section 4 shall thereafter be
applicable, as nearly as reasonably may be, in relation to any shares of stock
or other property thereafter deliverable upon the conversion of this Note.

              (b)  Certificate as to Adjustments. Upon the occurrence of each
adjustment or readjustment of the Conversion Price pursuant to this Section 4,
the Maker at its expense shall promptly compute such adjustment or readjustment
in accordance with the terms hereof and furnish to the Payee a certificate
setting forth such adjustment or readjustment and showing in detail the facts
upon which such adjustment or readjustment is based.

              (c)  Closing of Books. The Maker shall at no time close its
transfer books against the transfer of any shares of Common Stock issued or
issuable upon the conversion of this Note in any manner which interferes with
the timely and proper issuance of such shares.

         5.   Miscellaneous.

              (a)  Restricted Securities. By acceptance hereof, the Payee
understands and agrees that this Note is a "restricted security" under the
federal securities laws inasmuch as it is being acquired from the Maker in a
transaction not involving a public offering and has not been the subject of
registration under the Securities Act and that under such laws and applicable
regulations such securities may be resold in the absence of registration under
the Securities Act only in certain limited circumstances. The Payee hereby
represents that it is familiar with Rule 144, as promulgated by the Securities
and Exchange Commission under the Securities Act, as currently in effect, and
understands the resale limitations imposed thereby and by the Securities Act.

              (b)  Legends. It is understood that this Note shall bear the
legend (in addition to any legends which may be required, in the opinion of the
Maker's counsel, by the securities laws of the state where the Payee is located)
set forth on the first page of this Note.

         6.   The following shall constitute an "Event of Default":

                                        3
<PAGE>
              a.   The Maker shall default in the payment of principal or
                   interest on this Note and same shall continue for a period of
                   twenty (20) days; or

              b.   The Maker shall (1) make an assignment for the benefit of
                   creditors or commence proceedings for its dissolution; or (2)
                   apply for or consent to the appointment of a trustee,
                   liquidator or receiver for its or for a substantial part of
                   its property or business; or

              c.   A trustee, liquidator or receiver shall be appointed for the
                   Maker or for a substantial part of its property or business
                   without its consent and shall not be discharged within sixty
                   (60) days after such appointment; or

              d.   Any governmental agency or any court of competent
                   jurisdiction at the instance of any governmental agency shall
                   assume custody or control of the whole or any substantial
                   portion of the properties or assets of the Maker and shall
                   not be dismissed within sixty (60) days thereafter; or

              e.   Except for any judgments, settlements or related litigations
                   or actions disclosed in the Maker's Annual Report on Form
                   10-K for the year ended December 31, 2003, any money
                   judgment, writ or warrant of attachment, or similar process
                   in excess of One Hundred Fifty Thousand ($150,000) Dollars in
                   the aggregate shall be entered or filed against the Maker or
                   any of its properties or other assets and shall remain
                   unpaid, unvacated, unbonded or unstayed for a period of sixty
                   (60) days; or

              f.   Bankruptcy, reorganization, insolvency or liquidation
                   proceedings or other proceedings for relief under any
                   bankruptcy law or any law for the relief of debtors shall be
                   instituted by or against the Maker and, if instituted against
                   the Maker, shall not be dismissed within sixty (60) days
                   after such institution or the Maker shall by any action or
                   answer approve of, consent to, or acquiesce in any such
                   proceedings or admit the material allegations of, or default
                   in answering a petition filed in any such proceeding;

Then, or at any time thereafter, and in each and every such case, unless such
Event of Default shall have been waived in writing by the Payee (which waiver
shall not be deemed to be a waiver of any subsequent default) at the option of
the Payee and in the Payee's sole discretion, the Payee may consider all
obligations under this Note immediately due and payable, without presentment,
demand, protest or notice of any kind, all of which are hereby expressly waived
by the Company, anything herein or in any note or other instruments contained to
the contrary notwithstanding, and the Payee may immediately enforce any and all
of the Payee's rights and remedies provided herein or any other rights or
remedies afforded by law. Upon the occurrence of any Event of Default as set
forth herein and during any period that the Company shall have failed to make
payment of any principal or Interest due hereunder, at the option of Payee and
without notice to the Company, the Interest shall be added to the outstanding
principal balance hereof, and the

                                        4
<PAGE>
entire outstanding principal balance, as so adjusted, shall bear interest
thereafter until paid at an annual rate of eighteen percent (18%) (the "Default
Rate").

         7.   Presentment. Except as set forth herein, the Maker waives
presentment, demand and presentation for payment, notice of nonpayment and
dishonor, protest and notice of protest and expressly agrees that this Note or
any payment hereunder may be extended from time to time by the Payee without in
any way affecting the liability of the Maker.

         8.   All provisions herein made are expressly limited so that in no
event whatsoever, whether by reason of advancement of proceeds hereof,
acceleration of maturity of the unpaid balance hereof or otherwise, shall the
amount paid or agreed to be paid to Payee for the use of the money advanced or
to be advanced hereunder exceed the maximum rate of interest allowed to be
charged under applicable law (the "Maximum Rate"), regardless of whether or not
there has been an acceleration of the payment of principal as set forth herein.
If, from any circumstances whatsoever, the fulfillment of any provision of this
Note or any other agreement or instrument now or hereafter evidencing, securing
or in any way relating to the indebtedness evidenced hereby shall involve the
payment of interest in excess of the Maximum Rate, then, ipso facto, the
obligation to pay interest hereunder shall be reduced to the Maximum Rate; and
if from any circumstance whatsoever, Payee shall ever receive interest, the
amount of which would exceed the amount collectible at the Maximum Rate, such
amount as would be excessive interest shall be applied to the reduction of the
principal balance remaining unpaid hereunder and not to the payment of interest.
This provision shall control every other provision in any and all other
agreements and instruments existing or hereafter arising between the Maker and
Payee with respect to the indebtedness evidenced hereby.

         9.   In the event this Note is placed in the hands of an attorney for
collection, or if Payee incurs any costs incident to the collection of the
indebtedness evidenced hereby, the Maker agrees to pay to Payee an amount equal
to all such costs, including without limitation all reasonable attorneys' fees
and all court costs.

         10.  Notices.

              (c)  Notices to the Payee. Whenever any provision of this Note
requires a notice to be given or a request to be made to the Payee by the Maker,
then and in each such case, any such notice or request shall be in writing and
shall be sent by registered or certified mail, return receipt requested with
postage thereon fully prepaid to the Payee at its address set forth on the first
page of this Note or at such other address as the Payee may from time to time
designate in writing.

              (d)  Notices to the Maker. Whenever any provision of this Note
requires a notice to be given or a request to be made to the Maker by the Payee,
any such notice or request shall be in writing and shall be sent by registered
or certified mail, return receipt requested with postage thereon fully prepaid
to the Maker at its address set forth on the signature page or at such other
address as the Maker may from time to time designate in writing.

                                        5
<PAGE>
         11.  Construction; Governing Law. The validity and construction of this
Note and all matters pertaining hereto are to be determined in accordance with
the laws of the state of New York without regard to the conflicts of law
principles thereof.

         12.  Amendments. Neither this Note nor any of its provisions may be
changed, waived or modified without the written consent of both the Maker and
the Payee.

         13.  Successors. This Note shall be a binding obligation of any
successor of the Maker.

         IN WITNESS WHEREOF, the Maker, by its appropriate officers thereunto
duly authorized, has executed this Note as of this 11th day of April, 2005.

                                                GLOBAL MATRECHS, INC.

                                                By: /s/ Michael Sheppard
                                                    --------------------------
                                                Name:   Michael Sheppard
                                                Title:  President

                                                Address: 90 Grove Street
                                                         Suite 201
                                                         Ridgefield, CT 06877

                                        6

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