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On April 1, 2023, the Company’s wholly owned subsidiary, Sun Pacific Power Corp. entered into a joint venture agreement with CAC Realty, LLC, an entity wholly owned by Nicholas Campanella, our sole director and chief executive officer. The joint venture provides that Mr. Campanella will provide the working capital to operate Sun Pacific Power Corp.’s solar sales operations for a period of up to 4 months. In return, CAC Realty, LLC will receive a 12 month, 5% promissory note for all moneys paid to the joint venture and 30% of gross profits earned by Sun Pacific Power Corp. An independent sales and marketing company was engaged by the Company to provide sales and marketing solar sales and other directly related services. All monies provided by CAC Realty, LLC to Sun Pacific Power Corp was used by the independent sales and marketing company. No material sales were realized, and the promissory note is currently in default and interest has been waived.

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