Document:

<PAGE>

Exhibit 10.3

THIS NOTE HAS NOT BEEN REGISTERED  WITH THE SECURITIES AND EXCHANGE  COMMISSION,
ANY STATE SECURITIES COMMISSION OR ANY OTHER REGULATORY  AUTHORITY.  THE NOTE IS
BEING  OFFERED  PURSUANT TO EXEMPTIONS  FROM THE  REGISTRATION  REQUIREMENTS  OF
FEDERAL AND STATE  SECURITIES LAW AND CANNOT BE RESOLD UNLESS IT IS SUBSEQUENTLY
REGISTERED UNDER SUCH LAWS OR UNLESS EXEMPTIONS FROM REGISTRATION ARE AVAILABLE.
NEITHER THE SECURITIES AND EXCHANGE COMMISSION NOR ANY OTHER GOVERNMENTAL AGENCY
HAS  PASSED  ON,  RECOMMENDED,   OR  ENDORSED  THE  MERITS  OF  THIS  NOTE.  ANY
REPRESENTATION TO THE CONTRARY IS UNLAWFUL.

                             SECURED PROMISSORY NOTE

$435,000                                 Dated June 27, 2002,
                                         as amended through April 11, 2003

     FOR VALUE  RECEIVED  AND  INTENDING  TO BE  LEGALLY  BOUND  HEREBY,  Snipes
Production,  LLC, a Pennsylvania limited liability company (hereinafter referred
to,  and  obligated  as,  "Borrower"),  promises  to  pay to  the  order  of SPH
Investments,  Inc., Capital Growth Trust, HMA Investment Profit Sharing Plan and
Continental Southern Resources, Inc. (collectively, the "Lender"), the principal
amount of Four Hundred Thirty-Five  Thousand Dollars  ($435,000),  together with
interest on the  outstanding  principal  balance  calculated as set forth below,
until the date on which the principal amount is paid in full,  payable in lawful
money of the  United  States of  America  in  accordance  with the terms of this
Secured  Promissory  Note (the "Note").  The amounts payable by Borrower to each
individual Lender is set forth on Exhibit "A" attached hereto.

     1. MATURITY DATE. The entire outstanding principal balance hereof, together
with interest as provided  herein,  shall be due and payable on October 31, 2003
(the "Maturity Date"). Borrower shall make principal payments to Lender prior to
the  Maturity  Date in  amounts  equal to,  and on the dates  which are five (5)
calendar  days after  Borrower  receives,  revenues,  cash  payments or any cash
advances from any source, net of any expenses directly associated with such cash
payments or cash advances (but not such  revenues).  Lender may waive in writing
any such principal  payment whether in lieu of a scheduled advance or otherwise.
Principal amounts repaid prior to the Maturity Date may not be reborrowed.

     2. INTEREST. On the Maturity Date, Borrower shall pay to Lender interest on
the principal balance hereof in an amount equal to thirty-five  percent (35%) of
the aggregate amount of funds advanced to Borrower pursuant to the terms of this
Note.  Principal  payments  made prior to the Maturity Date shall not reduce the
aggregate amount advanced for purposes of calculating interest.

     3. SECURITY. As more fully documented in that certain Copyright Royalty and
Security Agreement dated as of the date of this Note by and between Borrower and
Lender (the "Security  Agreement"),  Borrower's  performance of its  obligations
under  this Note  shall be secured by a second  lien  security  interest  in the
feature length motion picture entitled  "Snipes"

<PAGE>

(the  "Movie")  and all  ownership  rights which  Borrower  has or  subsequently
acquires  in the Movie  including,  but not  limited  to,  (i) all  intellectual
property rights,  (ii) all distribution  rights on or through any medium,  (iii)
all  licensing  fees and royalties  received in  connection  with any display or
distribution  of the movie on or  through  any  medium,  (iv) all  merchandising
rights, (v) all publication rights, and (vi) all syndication rights.

     4.  LENDER'S  RIGHTS  UPON  DEFAULT.  Each of the  following  events  shall
constitute an "Event of Default" and, upon the occurrence thereof,  Lender shall
have the option,  immediately upon written notice to Borrower, (a) to accelerate
the maturity of this Note and all amounts payable hereunder and demand immediate
payment  thereof and (b) to exercise all of Lender's  rights and remedies  under
this Note and the Security Agreement or otherwise available at law or in equity:

     (i) Borrower shall fail to pay the entire outstanding  principal amount and
interest  of the Note on the  Maturity  Date or shall  fail to make any  interim
payment of principal in the proper amount and when due;

     (ii) Borrower shall admit an inability to pay its debts as they mature,  or
shall  make a  general  assignment  for  the  benefit  of  any  of its or  their
creditors;

     (iii) Proceedings in bankruptcy,  or for reorganization of Borrower for the
readjustment of any of its debts,  under the United States  Bankruptcy  Code, as
amended, or any part thereof, or under any other laws, whether state or federal,
for the relief of debtors,  now or  hereafter  existing,  shall be  commenced by
Borrower  or shall be  commenced  against  Borrower  and shall not be  dismissed
within sixty (60) days of their commencement;

     (iv) A receiver  or trustee  shall be  appointed  for  Borrower  or for any
substantial part of its assets,  or any proceedings  shall be instituted for the
dissolution  or the  full  or  partial  liquidation  of  Borrower,  and if  such
appointment or proceedings are  involuntary,  such receiver or trustee shall not
be discharged  within sixty (60) days of appointment,  or such proceedings shall
not be  discharged  within  sixty (60) days of their  commencement,  or Borrower
shall  discontinue  its  business(es)  or  materially  change  the nature of its
business(es); or

     (v) Borrower  shall  suffer any final  judgment for the payment of money in
excess of Fifty Thousand Dollars  ($50,000) and the same shall not be discharged
or stayed within a period of thirty (30) days from the date of entry thereof.

     5.  APPLICATION  OF FUNDS.  All sums  realized by Lender on account of this
Note, from whatever source  received,  shall be applied first to any fees, costs
and expenses (including  attorney's fees) incurred by Lender,  second to accrued
and unpaid interest, and then to principal.

     6.  ATTORNEY'S FEES AND COSTS. In the event that Lender engages an attorney
to represent it in  connection  with (a) any Event of Default by Borrower  under
this Note, (b) the enforcement of any of Lender's rights and remedies  hereunder
following  an  Event  of  Default,   (c)  any  bankruptcy  or  other  insolvency
proceedings  commenced by or against  Borrower and/or (d) any actual  litigation
arising out of or related to any of the foregoing, then Borrower shall be

<PAGE>

                                      -2-

liable to and shall  reimburse  Lender on demand for all  reasonable  attorneys'
fees,  costs and  expenses  incurred  by Lender  in  connection  with any of the
foregoing.

     7.  GOVERNING LAW. This Note is made and delivered in the  Commonwealth  of
Pennsylvania and shall be construed and enforced in accordance with and governed
by the internal  laws of the  Commonwealth  of  Pennsylvania  without  regard to
conflicts of laws principles.  Borrower agrees to the exclusive  jurisdiction of
the federal and state courts located in the Eastern District of the Commonwealth
of Pennsylvania in connection with any matter arising  hereunder,  including the
collection and enforcement of this Note.

     8. MISCELLANEOUS.

     (a)  Borrower  hereby  waives  protest,  notice  of  protest,  presentment,
dishonor,  notice of  dishonor  and  demand.  To the  extent  permitted  by law,
Borrower hereby waives and releases all errors, defects and imperfections in any
proceedings instituted by Lender under the terms of this Note.

     (b) The rights and  privileges of Lender under this Note shall inure to the
benefit of its  successors  and assigns.  All  representations,  warranties  and
agreements of Borrower made in connection  with this Note shall bind  Borrower's
successors and assigns.

     (c) If any  provision  of this  Note  shall  for any  reason  be held to be
invalid or unenforceable,  such invalidity or unenforceability  shall not affect
any other provision hereof,  but this Note shall be construed as if such invalid
or unenforceable provision had never been contained herein.

     (d) The waiver of any Event of Default or the failure of Lender to exercise
any  right or  remedy  to which it may be  entitled  shall not be deemed to be a
waiver of any subsequent  Event of Default or of Lender's right to exercise that
or any other right or remedy to which Lender is entitled.

     (e) The rights and  remedies of Lender under this Note shall be in addition
to any other rights and remedies available to Lender at law or in equity, all of
which may be exercised singly or concurrently.

     IN WITNESS WHEREOF, Borrower has duly executed this Secured Promissory Note
the day and year first above written and has hereunto set hand and seal.

                           SNIPES PRODUCTION, LLC

                           By: METROPOLITAN RECORDING, INC., its managing
                           member

                           By: /s/ Chris Schwartz
                           ----------------------------------------------
                           Chris Schwartz
                           President

                                      -3-

<PAGE>

                       EXHIBIT "A"

  Amounts Payable by Borrower to Each Individual Lender

                                                               Amount Payable
Lender                                                          by Borrower
--------------------------------------------                  ---------------
SPH Investments, Inc.                                          $      62,500
Capital Growth Trust                                           $     235,000
HMA Investment Profit Sharing Plan                             $      15,000
Continental Southern Resources, Inc.                           $     122,500
             TOTAL:                                            -------------
                                                               $     435,000

<PAGE><PAGE>

                                                                     Exhibit 4.1

THE SECURITIES EVIDENCED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED (THE "ACT"), OR ANY STATE SECURITIES LAWS. THEY MAY NOT
BE SOLD OR OFFERED FOR SALE IN THE ABSENCE OF AN EFFECTIVE REGISTRATION
STATEMENT AS TO THE APPLICABLE SECURITIES UNDER THE ACT AND ANY STATE SECURITIES
LAWS OR PURSUANT TO AN EXEMPTION FROM REGISTRATION WITH AN ACCOMPANYING OPINION
OF COUNSEL WITH RESPECT TO THE AVAILABILITY OF ANY SUCH EXEMPTION REASONABLY
SATISFACTORY TO THE COMPANY (AS DEFINED HEREIN).

                                  SECURED NOTE
                                  ------------

$50,000
                                                                   June 10, 2003
                                                         Los Angeles, California

     WHEREAS,  Dale Affonso ("Holder"),  previously loaned an aggregate of Fifty
Thousand  Dollars  ($50,000) to Quick Test 5, Inc., a Delaware  corporation  and
predecessor in interest to QT-5, Inc., a Delaware  corporation ("QT-5,  Inc." or
"Maker"),  pursuant to that certain Bridge Promissory Note dated,  September 29,
2002, (collectively, the "Previous Note");

     WHEREAS,  QT-5,  Inc., as successor in interest to Quick Test 5, Inc. is in
default under the Previous Note;

     WHEREAS,  Holder has agreed to extend the maturity of the Previous Note and
TQ-5 has agreed to provide security for amounts owed to Holder by Maker; and

     WHEREAS,  Holder and QT-5, Inc. intend that this Secured Note supercede the
Previous Note, and govern the rights and  obligations of the parties hereto with
respect to the amounts hereunder.

     FOR VALUE RECEIVED,  subject to the terms and conditions  herein set forth,
the  undersigned,  Maker,  hereby  promises to pay to the order of Holder at 355
South Grand Avenue,  Suite 2000, Los Angeles, CA 90071, or such other address or
account as Holder may from time to time  specify in writing to Maker,  in lawful
money of the United States and in  immediately  available  funds,  the principal
amount of Fifty Thousand Dollars  ($50,000),  together with interest at the rate
specified  below. The due payment and performance of Maker's  obligations  under
this Note are secured by that certain Security  Agreement dated June 5, 2003, by
Maker in favor of Holder.

                                       7

<PAGE>

SECTION 1.     INTEREST. The  unpaid  principal   balance  of  this  Note
outstanding shall accrue interest from the date above first written at the rate
of twelve percent (12%) per annum, and such interest shall be payable on the
Maturity Date (as defined below). Interest hereon shall be calculated on the
basis of a 365-day year until all accrued and unpaid interest is paid in full.
If this Note is not paid when due, the unpaid balance shall bear interest at the
lesser of: (1) the rate of twenty percent (20%) per annum; or (2) the maximum
rate permitted by law (the "Default Rate"), payable in cash monthly in arrears.

SECTION 2.     PAYMENT OF PRINCIPAL AND ACCRUED INTEREST. The entire amount
due hereunder, including principal and accrued interest, shall be due and
payable on December 1, 2003 (the "Maturity Date"). All payments shall be applied
first to accrued but unpaid interest on the unpaid principal balance and the
remainder to principal. All interest due and payable hereunder which is not paid
when due for any reason shall, to the extent permitted by applicable law, be
cumulated and accrue interest at the Default Rate.

SECTION 3.     PREPAYMENT AND REDEMPTION. The principal amount of this Note
may be prepaid, in whole or in part, at any time or from time to time
without any penalty to Maker;.

SECTION 4.     TRANSFER, EXCHANGE AND REPLACEMENT OF NOTE. Subject to the
provisions of Section 5.2 hereof, Holder may transfer this Note in whole or in
part. This Note shall be transferable on the note register of Maker maintained
at the office of Maker's transfer agent or at the principal executive office of
Maker, upon delivery thereof duly endorsed by Holder, or accompanied (as
reasonably required by Maker) by proper evidence of succession, assignment or
authority to transfer executed by Holder. In addition, Holder and, if
applicable, any transferee shall comply with the terms of Section 5.2 hereof.
Upon any registration of transfer, Maker shall execute a new Note or Notes to
the persons entitled thereto. Each transferee and subsequent transferee shall
accept this Note subject to all of the terms and conditions set forth herein, as
if such transferee or subsequent transferee were deemed the Holder. Maker may
deem and treat the person in whose name this Note is registered as the absolute,
true and lawful owner of this Note for all purposes. Upon receipt by Maker of
evidence reasonably satisfactory to it of loss, theft, destruction or mutilation
of this Note, Maker shall make and deliver a new Note of like tenor in lieu of
this Note, if (i) in case of loss, theft or destruction, Maker receives
indemnity reasonably satisfactory to it, (ii) Maker is reimbursed for all
reasonable expenses incidental to such replacement, and (iii) this Note is
surrendered and canceled, if mutilated. For purposes of clause (i) above, Maker
agrees that an unsecured indemnity from the original Holder of this Note shall
be reasonably satisfactory to Maker.

SECTION 5.     INVESTMENT ACQUISITION AND RESTRICTIONS ON TRANSFER.

SECTION 5.1       INVESTMENT REPRESENTATIONS.  By acceptance of this Note,
Holder represents and warrants to Maker as follows:

                                       8
<PAGE>

(a)               Holder understands that the Note has not been registered
under federal or state securities laws and has been or will be issued, as the
case may be, pursuant to exemptions from registration contained in such laws;
and

(b)               Holder has acquired the Note solely for its own account and
not as a nominee for any other party and not with a view toward the resale or
distribution of the Note in violation of applicable securities laws.

SECTION 5.2       RESTRICTIONS ON TRANSFER. Holder, by the acceptance of this
Note, agrees that Holder will not sell, transfer, assign, pledge, hypothecate or
otherwise  dispose of this Note or any  interest in the same in violation of the
Securities Act of 1933, as amended, or any applicable state securities laws.

SECTION 6.     DEFAULTS AND REMEDIES.

SECTION 6.1       EVENTS OF DEFAULT.  The occurrence of any one or more of the
following events shall constitute an "Event of Default" hereunder:

(a)               Maker fails to pay any amount due under this Note when due
and is unable to cure such failure within three (3) business days of receipt of
written notice from Holder that it is in default;

(b)               Maker fails to observe, perform or comply with any covenant,
agreement or term contained in this Note or the Security Agreement and, if
subject to remedy, the same is not remedied within thirty (30) days after notice
from Holder;

(c)               Any representation, warranty or certification made by Maker
pursuant to this Note, the Settlement Agreement of even date, or the Security
Agreement having been false or misleading in any material respect as of the date
made, and, if subject to remedy, the same is not remedied within thirty (30)
days after notice from Holder;

(d)               Maker or any Subsidiary thereof applies for or consents to
the appointment of, or the taking of possession by, a receiver, custodian,
trustee or liquidator of itself or of all or a substantial part of its property;
Maker or any Subsidiary admits in writing its inability, or is generally unable,
to pay its debts as they become due for a period of ninety (90) consecutive
days; Maker or any Subsidiary thereof makes a general assignment for the benefit
of creditors; any proceeding is instituted by or against Maker or any Subsidiary
thereof seeking to adjudicate it a bankrupt or insolvent, seeking liquidation,
winding up, reorganization, arrangement, adjustment, protection, relief or
composition of it or its debts under any law relating to bankruptcy, insolvency
or reorganization or relief of debts, or seeking the entry of an order for
relief or the appointment of a receiver, trustee or other similar official for
it or for any substantial part of its property, provided that, in any such case,
if the same is dismissed or vacated within ninety (90) days of being instituted,
then any such default shall be deemed cured; or Maker or any Subsidiary thereof
takes any corporate action to authorize any of the actions set forth above;

                                       9
<PAGE>

(e)               a material part of the operations or business of Maker and
its Subsidiaries, considered as a whole, shall be suspended or cease for a
period exceeding thirty (30) days;

(f)               Maker purports or attempts to assign or delegate any of its
rights or obligations hereunder or the Security Agreement;

(g)               Maker fails to (i) ship in any calendar month at least ten
thousand (10,000) cases of NicoWater and (ii) generate gross sales of at least
$280,000 from the sale of NicoWater in any month; or

(h)               the Security Agreement or this Note shall, at any time after
its execution and delivery, for any reason cease to be in full force and effect
(unless such occurrence is in accordance with its terms or after payment hereof)
or shall be declared null and void or the validity or enforceability thereof
shall be contested by Maker, or Maker denies that it has further liability or
obligation thereunder.

SECTION 6.2       REMEDIES. During the continuance of any Event of Default,
Holder may, at its sole option, declare the entire unpaid principal balance and
accrued, unpaid interest on this Note (if any) immediately due and payable, by
written notice to Maker, in which event Maker immediately shall pay to Holder
the entire unpaid principal balance of this Note together with accrued, unpaid
interest thereon to the date of such payment. No delay or omission of Holder to
exercise any right or power occurring upon any Event of Default hereunder shall
impair any such right or power or shall be construed as a waiver of any such
Event of Default or an acquiescence therein. To the fullest extent permitted by
law, Holder's rights and remedies under this Note shall be cumulative, and
Holder shall have all other rights and remedies not inconsistent herewith as are
provided under the Uniform Commercial Code as in effect in the relevant
jurisdictions, by law or in equity. No exercise by Holder of one right or remedy
shall be deemed an election, no waiver by Holder of any default on the part of
the Maker shall be deemed a continuing waiver (unless expressly so provided
therein), and no delay by Holder shall constitute a waiver, election or
acquiescence by it.

SECTION 6.3       WAIVERS BY MAKER. Maker waives presentment, demand, notice of
dishonor, notice of default or delinquency, notice of acceleration, notice of
protest and nonpayment, notice of costs, expenses or losses and interest
thereon, notice of interest on interest and delinquence in taking any action to
collect any sums owing under this Note or in a proceeding against any of the
rights or interests in or to properties securing payment of this Note, except as
otherwise expressly provided herein.

SECTION 7.     COLLATERAL. The amounts due under this Secured Convertible
Note are secured by a pledge of all of the tangible and intangible assets of
Maker pursuant to that certain Security Agreement, dated as of June 5, 2003, by
and among Maker and Holder.

SECTION 8.     MISCELLANEOUS.

                                       10
<PAGE>

SECTION 8.1       NOTICES. All notices, requests, consents and other
communications hereunder shall be in writing and may be delivered by personal
service, or sent by registered or certified mail, return receipt requested, with
postage thereon fully prepaid. All such communications shall be addressed to the
Holder of record at its address appearing on the books of Maker.

SECTION 8.2       SUCCESSORS. All the covenants, agreements, representations and
warranties contained in this Note shall bind the parties hereto and their
respective heirs, executors, administrators, distributees, successors and
assigns, including any subsequent Holders of this Note.

SECTION 8.3       ASSIGNMENT; PARTICIPATIONS. Maker and Holder shall include the
successors and assigns thereof; provided, however, that Maker may not assign or
transfer any of its rights or obligations hereunder without the prior written
consent of Holder. Holder may, without the consent of Maker, at any time assign
or grant participations in all or any portion of this Note or its rights
hereunder; provided, however, that any such assignment or participation shall be
in accordance with applicable law, including without limitation all applicable
federal and state securities laws, and subject to the provisions of Section 5.2.

SECTION 8.4       NO ORAL MODIFICATION. The provisions, terms and conditions
of this Note may not be  changed  orally,  but only by an  agreement  in writing
signed by the party against whom enforcement of any waiver, change, modification
or discharge is sought.

SECTION 8.5       GOVERNING LAW. MAKER ACKNOWLEDGES THAT THE TRANSACTIONS
CONTEMPLATED BY THIS NOTE BEAR A REASONABLE RELATION TO THE STATE OF CALIFORNIA
IN THAT, INTER ALIA, MAKER'S PRINCIPAL PLACE OF BUSINESS IS IN THE STATE OF
CALIFORNIA AND THE PROCEEDS OF THE SALE OF THIS NOTE ARE TO BE PAID IN
CALIFORNIA, AND A SUBSTANTIAL PART OF THE NEGOTIATIONS RELATING TO THE
TRANSACTIONS CONTEMPLATED BY THIS NOTE HAVE OCCURRED IN THE STATE OF CALIFORNIA.
THIS NOTE IS DELIVERED IN THE STATE OF CALIFORNIA AND SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAW OF THE STATE OF CALIFORNIA WITHOUT
GIVING ANY EFFECT TO THE CONFLICT OF LAW PRINCIPLES THEREOF. IT IS THE INTENT OF
MAKER THAT THE LAWS OF CALIFORNIA REGARDING USURY AND THE CHARGING OF INTEREST
APPLY TO THE TRANSACTIONS CONTEMPLATED HEREBY.

SECTION 8.6       SUBMISSION TO JURISDICTION; SERVICE OF PROCESS.  Maker hereby:

(a)               irrevocably submits to the jurisdiction of the state and
federal courts sitting in the City of Los Angeles, State of California for the
purpose of any suit, action or other proceedings arising out of or based upon
this Secured Note or the subject matter hereof brought by any party hereto or
their respective successors or assigns;

                                       11
<PAGE>

(b)               waives, and agrees not to assert, by way of motion, as a
defense, or otherwise, in any such suit, action or proceeding, any claim that it
is not subject personally to the jurisdiction of the above named courts, that
its property is exempt or immune from attachment or execution, that the suit,
action or proceeding is brought in an inconvenient forum, that the venue of the
suit, action or proceeding is improper or that this Secured Note or the subject
matter hereof may not be enforced in or by such court;

(c)               waives any right to jury trial and any offsets or
counterclaims in any such action, suit or proceeding (other than compulsory
counterclaims); and

(d)               consents to service of process by registered mail at the
address to which notices are to be given.

SECTION 8.7       HEADINGS. The Section headings in this Secured Note are
nserted for purposes of convenience only, and shall not affect in any way the
meaning or interpretation hereof.

SECTION 8.8       ATTORNEYS' FEES. If any action at law or in equity is
necessary to enforce or interpret the terms of this Secured Note or the rights
and duties of the parties in relation hereto, the prevailing party will be
entitled, in addition to any other relief granted, to all costs and expenses
incurred by such prevailing party, including, without limitation, all reasonable
attorneys' fees.

SECTION 8.9       TIME OF THE ESSENCE.  Time is of the essence with respect to
every provision hereof.

SECTION 8.10      USURY. Notwithstanding any other provision of this Secured
Note to the contrary, all agreements among the Maker and Holder are expressly
limited, so that in no event or contingency whatsoever, whether by reason of the
delivery of the proceeds of this Secured Note, acceleration of maturity of the
unpaid principal balance, the addition of accrued interest to principal or
otherwise, shall the amount paid, charged for, contracted for, received or
agreed to be paid to Holder for the use, forbearance or detention of the money
to be delivered under this Note exceed the highest lawful rate permissible under
applicable usury laws as prescribed by a court of competent jurisdiction
("Applicable Law"). If, from any circumstances whatsoever, interest would
otherwise be payable to Holder in excess of the maximum amount permissible under
Applicable Law, the interest payable to Holder shall be reduced to the maximum
amount permissible under Applicable Law, and if from any circumstances Holder
shall ever receive anything deemed interest by Applicable Law in excess of the
maximum amount permissible under Applicable Law, an amount equal to the
excessive interest shall be applied to the reduction of the principal hereof and
not to the payment of interest, or if such excessive amount of interest exceeds
the unpaid principal balance hereof, such excess shall be refunded to Maker. All
interest paid or agreed to be paid to Holder shall, to the extent permitted by
Applicable Law, be amortized, prorated, allocated and spread throughout the full
period (including any renewal or extension) until payment in full of the
principal so that the interest hereon for such full period shall not exceed the
maximum amount permissible under Applicable

                                       12
<PAGE>

Law. Holder, by its acceptance hereof, expressly disavows any intent to contract
for, charge or receive interest in an amount which exceeds the maximum amount
permissible under Applicable Law. This Section 8.10 shall control agreements
between Maker and Holder. This covenant shall survive the payment in full of
this Secured Note.

                                       13
<PAGE>

         IN WITNESS WHEREOF, Maker has executed this Secured Note as of the date
first above written.

"MAKER"                                 QT-5, Inc.,
                                        a Delaware corporation

                                        By:     /s/ Steve Reder
                                              ---------------------------------
                                              Steve Reder
                                              President, Director

                                        By:    /s/ Timothy Owens
                                              ---------------------------------
                                              Tim Owens
                                              Chief Executive Officer, Director

                                       14

<PAGE>

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