SERIES A CONVERTIBLE NOTE

    THIS NOTE AND THE SHARES OF COMMON STOCK ISSUABLE UPON CONVERSION OF THE
   NOTE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED,
   OR ANY APPLICABLE STATE SECURITIES LA WS. NEITHER THE NOTE NOR SUCH SHARES
     OF COMMON STOCK MAY BE OFFERED FOR SALE, SOLD, TRANSFERRED, PLEDGED OR
       HYPOTHECA TED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT UNDER THE
       SECURITIES ACT AND UNDER ANY APPLICABLE STATE SECURITIES LA WS, OR
          AN OPINION OF COUNSEL, SATISFACTORY TO THE COMPANY, THA T AN
                EXEMPTION FROM SUCH REGIS TRA TION IS A VAILABLE.


                                  AIRTRAX, INC.

                            SERIES A CONVERTIBLE NOTE



                                                                       $400,000


     FOR  VALUE  RECEIVED,   Airtrax,   Inc.,  a  New  Jersey  corporation  (the
"Company"),  promises  to  pay to  Motivated  Minds,  LLC,  an  Arizona  limited
liability  company,  whose address is 3116 E. Shea Boulevard,  PMB 191, Phoenix,
Arizona  85028 or  registered  assigns (the  "Holder"),  the sum of Four Hundred
Thousand  Dollars  ($400,000) in lawful money of the United States of America on
or before the Maturity  Date as defined  herein,  with all  Interest  thereon as
defined and specified herein.

     1.  Interest.  This Note shall bear interest  ("Interest")  equal to twelve
percent (12%) per annum on the unpaid  principal  balance from the Issue Date to
the Maturity Date or any extension thereof,  but not less than $4,000.  Interest
will be computed on a three hundred sixty  (360)-day year. The Company shall pay
all accrued  Interest on or before the Maturity  Date. The Company shall pay the
Interest in cash,  provided that the Company will pay the Interest in restricted
Common Stock or a combination  of cash and Restricted  Stock if Holder  notifies
the Company  within five (5) Business  Days, as defined  below,  of the Interest
payment  date of its  decision to take the  payment of  Interest  in  restricted
Common Stock.  The Common Stock will be valued for these  purposes at Conversion
Price, as such term is defined in Paragraph 5, "Conversion of Note." In no event
shall the rate of  Interest  payable  on this Note  exceed the  maximum  rate of
interest permitted to be charged under applicable law.

     2. Payments.  All payments under this Note shall first be credited  against
costs and  expenses  provided  for in this  Note,  second to the  payment of any
penalties,  third to the payment of accrued and unpaid Interest, if any, and the
remainder shall be credited against principal.  All payments due hereunder shall
be payable  in legal  tender of the United  States of  America,  and in same day
funds  delivered  to Holder  by  cashier's  check,  certified  check,  bank wire
transfer or any other means of guaranteed  funds to the mailing address provided
below,  or at such other  place as Holder  shall  designate  in writing for such
purpose from time to time. If a payment under this Note  otherwise  would become
due and payable on a Saturday,  Sunday or legal  holiday  (any other day being a
"Business  Day"),  the due date of the  payment  shall be  extended  to the next
succeeding  Business Day, and Interest,  if any, shall be payable thereon during
such extension.


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<PAGE>


     3.  Pre-Payments  and Maturity Date.  This Note shall be due and payable in
full, including all accrued Interest thereon, on October 20, 2006 (the "Maturity
Date"). At any time on or prior to the Maturity Date, the Company shall have the
right to prepay  this Note,  in whole or in part  without  penalty,  on ten (10)
days' advance  notice to Holder and subject to the right of Holder to convert in
advance of such prepayment  date. On such prepayment  date, the Company will pay
in  respect of the  redeemed  Note cash equal to the face  amount  plus  accrued
Interest on the Note (or portion thereof) redeemed. The Company will prepay this
Note in full,  or to the  extent of the  proceeds,  from the next debt or equity
financing  that the Company  closes after the Issue Date but before the Maturity
Date.

     4. Fees

        4.1  Commissions,  Fees and Expenses Paid in Cash.  The Company will pay
the following fees and expenses in connection with and upon the issuance of this
Note and  funding  of the loan  represented  by the Note:  (i) a  commission  of
$20,000  to  Source  Capital  Group,  Inc.,  Attn:  Richard  Kelly,   registered
representative;  (ii) a commission  of $20,000 to  Ascendiant  Securities,  LLC,
Attn:  Michael  Cole;  and (iii) fees and expenses of Holder's  legal counsel of
$7,500. Holder will deduct the foregoing commissions, fees and expenses from the
loan  proceeds  to the  Company on the Issue  Date,  such that  Holder will fund
$352,500 directly to the Company and the balance to the foregoing parties.

        4.2 Fees Paid in  Warrants.  The  Company  will issue  Common  Stock and
Common Stock Purchase Warrants (the "Warrants") in the form set forth as Exhibit
A in  connection  with and upon  issuance of this Note as  follows:  (i) 256,410
Warrants to Holder;  (ii) 12,821  Warrants to Source Capital Group,  Inc. and/or
its designees;  and (iii) 12,820 Warrants to Ascendiant  Securities,  LLC and/or
its designees.

     5. Conversion of Note

        5.1 Conversion of  Note/Conversion  Price. This Note is convertible,  at
the option of Holder,  into shares of the  Company's  Common  Stock (the "Common
Stock") at any time after the Issue Date and prior to the close of  business  on
the Business Day preceding the Maturity Date at the rate of $1.56 per share (the
"Conversion Price"),  subject to adjustment as hereinafter provided. The Company
will provide written notice of its intent to prepay the Note in whole or in part
prior to the  Maturity  Date.  In such case,  Holder will have five (5) Business
Days  following  the  date on which  Holder  receives  such  written  notice  to
determine whether Holder will convert all or part of the Note into Common Stock.
No fractional shares will be issued. In lieu thereof,  the Company will pay cash
for fractional  share amounts equal to the fair market value of the Common Stock
as  quoted  as the  closing  bid  price  of the  Common  Stock  on the  date  of
conversion.

     5.2  Adjustment  Based  Upon  Stock  Dividends,  Combination  of  Shares or
Recapitalization.

        5.2.1 The  Conversion  Price shall be adjusted to the price at which the
Company sells its Common Stock to any third party or parties in any transaction,
or series  of  transactions  taken  together,  that  exceed  $1,000,000.  If the
transaction(s) involve  securitiesconvertible  into Common Stock, the Conversion
Price will be deemed to be the  conversion  price of the  Common  Stock for such
convertible securities.  If there are a series of transactions and the prices of
the Common  Stock are  different  in the  transactions,  the lowest price of the
Common  Stock  sold in any of the  transactions  shall be  deemed  the  adjusted
Conversion Price.


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<PAGE>



        5.2.2 The  Conversion  Price shall also be adjusted if the Company shall
at any time (i) pay a stock  dividend on the Common  Stock;  (ii)  subdivide its
outstanding  Common  Stock into a greater  number of shares;  (iii)  combine its
outstanding  Common  Stock  into a  smaller  number  of  shares;  (iv)  issue by
reclassification  of its Common  Stock any other  special  capital  stock of the
Company;  or  (v)  distribute  to all  holders  of  Common  Stock  evidences  of
indebtedness  or assets  (excluding  cash  dividends)  or rights or  warrants to
subscribe for Common Stock (other than those mentioned  above). No adjustment of
the Conversion Price will be required until cumulative adjustments amount to One
Dollar  ($1.00)  per Note or more.  Upon the  occurrence  of an event  requiring
adjustment of the Conversion  Price, and thereafter,  Holder,  upon surrender of
this Note for  conversion,  shall be entitled to receive the number of shares of
Common Stock or other  capital stock of the Company that Holder would have owned
or have been  entitled  to  receive  after the  happening  of any of the  events
described above had this Note been converted  immediately prior to the happening
of such event.

     5.3  Adjustment  Based  Upon  Merger  or  Consolidation.  In  case  of  any
consolidation  or merger to which the Company is a party (other than a merger in
which the  Company  is the  surviving  entity  and which  does not result in any
reclassification  of or change in the outstanding  Common Stock of the Company),
or in case of any sale or conveyance to another person,  firm, or corporation of
the  property of the Company as an entirety  or  substantially  as an  entirety,
Holder  shall  have the right to  convert  this Note into the kind and amount of
securities and property  (including  cash)  receivable upon such  consolidation,
merger,  sale or  conveyance  by Holder of the number of shares of Common  Stock
into which such Note might have been converted immediately prior thereto.

     5.4 Exercise of Conversion Privilege.

        5.4.1  The  Conversion  Privilege  provided  for in this  Note  shall be
exercisable  by Holder by written notice to the Company or its successor and the
surrender of this Note in exchange for the number of shares (or other securities
and property,  including  cash, in the event of an adjustment of the  Conversion
Price) into which this Note is convertible based upon the Conversion Price.

        5.4.2 Holder's  conversion  right set forth in this Paragraph 5.5 may be
exercised  at any time and from time to time but prior to payment in full of the
principal  amount of the accrued interest on this Note.  Conversion  rights will
expire at the close of business on the Business  Day prior to the Maturity  Date
or redemption date of this Note.

        5.4.3 Holder may exercise the right to convert all or any portion of the
principal  amount and accrued Interest on this Note by delivery of (i) this Note
and (ii) a completed  Conversion  Notice in the form  attached as Exhibit A on a
Business Day to the Company's principal executive offices. Such conversion shall
be deemed to have been made  immediately  prior to the close of  business on the
Business Day of such delivery a conversion notice (the "Conversion  Date"),  and
Holder shall be treated for all  purposes as the record  holder of the shares of
Common Stock into which this Note is converted as of such date.


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<PAGE>


        5.4.4  Upon  conversion  of the  entire  principal  amount  and  accrued
Interest of this Note and the delivery of shares of Common Stock upon conversion
of this Note, except as otherwise provided in Paragraph 21, "Representations and
Warranties to Survive  Closing," the Company shall be forever  released from all
of its obligations and liabilities under this Note.

     5.5  Corporate  Status of Common  Stock to be Issued.  All Common Stock (or
other  securities in the event of an adjustment of the  Conversion  Price) which
may be issued upon the conversion of this Note shall,  upon  issuance,  be fully
paid and nonassessable.

     5.6 Issuance of Certificates. Upon the conversion of this Note, the Company
shall,  within  five (5)  Business  Days of such  conversion,  issue to Holder a
certificate  or  certificates  representing  the  number of shares of the Common
Stock  (or other  securities  in the event of an  adjustment  of the  Conversion
Price) to which the conversion  relates. 

     6.  Status of Holder of Note.  This Note  shall not  entitle  Holder to any
voting rights or other rights as a  shareholder  of the Company or to any rights
whatsoever except the rights herein expressed, and no dividends shall be payable
or accrue in respect of this Note or the securities issuable upon the conversion
hereof  unless and until this Note shall be  converted.  Upon the  conversion of
this Note,  Holder  shall,  to the extent  permitted by law, be deemed to be the
holder of record of the shares of Common Stock  issuable  upon such  conversion,
notwithstanding  that the stock  transfer  books of the  Company  shall  then be
closed or that the certificates  representing  such shares of Common Stock shall
not then be actually delivered.

     7. Reserve of Shares of Common Stock.  The Company shall reserve out of its
authorized  shares of Common  Stock,  and  other  securities  in the event of an
adjustment of the Conversion  Price, a number of shares  sufficient to enable it
to  comply  with its  obligation  to issue  shares of  Common  Stock,  and other
securities  in the event of an  adjustment  of the  Conversion  Price,  upon the
conversion of this Note.

     8. Transfer Restrictions; Exemption from Registration.

        8.1  Holder is an  Accredited  Investor,  as such term is  defined  Rule
501(a) of Regulation D under the Securities Act of 1933, as amended (the "Act").
Holder has conducted its own due diligence  regarding  this  investment  and the
Company.  Holder  understands  and can  bear  the  risks  associated  with  this
investment,  including  the loss of its  entire  investment  in the Note and the
underlying  Common  Stock..  Holder  agrees that (i) this Note and the shares of
Common Stock issuable in payment of Interest and upon  conversion  have not been
registered under the Act and may not be sold or transferred without registration
under the Act or unless an exemption from such  registration is available;  (ii)
Holder has  acquired  this Note and will  acquire  the Common  Stock for its own
account  for  investment  purposes  only and not with a view  toward  resale  or
distribution;  and (iii) if a  registration  statement  that includes the Common
Stock is not  effective  at the time  Common  Stock is  issued  to  Holder  upon
conversion under this Note, and the Common Stock is not exempt from registration
under Rule 144,  then the Common  Stock shall be  inscribed  with the  following
legend:


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<PAGE>

     THE SECURITIES  REPRESENTED BY THIS  CERTIFICATE  HAVE NOT BEEN  REGISTERED
UNDER THE SECURITIES  ACT OF 1933, AS AMENDED,  OR APPLICABLE  STATE  SECURITIES
LAWS.  THE  SECURITIES  HAVE BEEN ACQUIRED FOR INVESTMENT AND MAY NOT BE OFFERED
FOR  SALE,  SOLD,  TRANSFERRED  OR  ASSIGNED  IN  THE  ABSENCE  OF AN  EFFECTIVE
REGISTRATION  STATEMENT FOR THE SECURITIES  UNDER THE SECURITIES ACT OF 1933, AS
AMENDED, OR APPLICABLE STATE SECURITIES LAWS, OR AN OPINION OF HOLDER'S COUNSEL,
IN A  CUSTOMARY  FORM,  THAT  REGISTRATION  IS NOT  REQUIRED  UNDER  SAID ACT OR
APPLICABLE  STATE SECURITIES LAWS OR UNLESS SOLD PURSUANT TO RULE 144 UNDER SAID
ACT.

     8.2 If an opinion of counsel of Holder  provides that  registration  is not
required  for the proposed  conversion  or transfer of this Note or the proposed
transfer of the shares of Common Stock  issuable  upon  conversion  and that the
proposed conversion or transfer in the absence of registration would require the
Company  to take  any  action  including  executing  and  filing  forms or other
documents with the Securities and Exchange  Commission  (the "SEC") or any state
securities  agency,  or  delivering  to Holder any form or  document in order to
establish the right of Holder to effectuate the proposed conversion or transfer,
the Company  agrees  promptly,  at its  expense,  to take any such  action;  and
provided,  further,  that the  Company  will  reimburse  Holder  in full for any
expenses  (including  but not  limited  to the  fees and  disbursements  of such
counsel,  but  excluding  brokers'  commissions)  incurred by Holder or owner of
shares  of  Common  Stock on his,  her or its  behalf  in  connection  with such
conversion or transfer of the Note or transfer of the shares of Common Stock.

     9. Registration Rights.

        9.1  Piggyback  Rights.  Holder  shall  have the  right to join with the
Company to register the Common Stock underlying the Note (the "Underlying Common
Stock"),  which term shall include  those  securities  issuable upon  conversion
hereof in accordance  with Paragraph 5,  "Conversion of Note," in a registration
statement  filed by the Company with the SEC under the Act,  which  registration
statement  includes a public offering of equity  securities for cash, either for
the account of the Company or for the account of any other person. This right to
join  with  the  Company  in a  registration  statement  under  the  Act  is not
applicable to a registration statement filed by the Company with the SEC on Form
S-4, S-8, or any other inappropriate form. If, at any time, the Company proposes
to file a  registration  statement as described in this Paragraph 9.1, it shall,
at least  thirty (30) days prior to such  filing,  give  written  notice of such
proposed filing to Holder and its designees at their addresses  appearing on the
records  of the  Company  and shall  offer to  include  in any such  filing  any
proposed disposition of the Underlying Common Stock. Within fifteen (15) days of
receipt of the Company's notice of filing,  the owners of the Underlying  Common
Stock may request  registration  of the  Underlying  Common Stock  pursuant to a
written request setting forth the intended method of distribution  (or a request
that the Company  include  Holder's  Underlying  Common  Stock in the  Company's
intended  underwriting  agreement)  and such  other data or  information  as the
Company or its counsel shall reasonably require and such Underlying Common Stock
shall be included  in the  registration  statement  under the Act to the maximum
extent permissible.

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<PAGE>


        9.2 Registration Procedures.