1606 Corp. issues $1.53M promissory note to former CEO Gregory Lambrecht

1606 CORP.

Principal amount of $1,528,550, amended from $1,220,550, issued March 31, 2025.
Note matures December 31, 2025, with no accrued interest.
Issued to former CEO/director Gregory Lambrecht; board approved May 2, 2025.
Events of default include non-payment, covenant breach, and bankruptcy.
Obligation creates a direct financial liability for the company.

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