1606 Corp amends promissory note to former CEO, increasing principal to $1.22M

1606 CORP.

Issued Amended and Restated Promissory Note to former CEO Gregory Lambrecht on Nov 1, 2024 for $1,220,550.
Note replaces prior June 2023 note of $755,050 and includes additional loans; matures Dec 31, 2025.
Note carries zero interest; default triggers include failure to pay at maturity or bankruptcy filing.
Obligation is a direct financial liability – no off-balance-sheet treatment.

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