NOTES PAYABLE

9 Months Ended

Dec. 31, 2017

Payables and Accruals [Abstract]

NOTES PAYABLE

NOTE 3 – NOTES PAYABLE

Note payable-stockholder consists of the following:

	December 31, 2017		March 31, 2017
5.75% note payable to a stockholder, due May 31, 2018.	$	100,000	$	—

Convertible notes payable-related party consists of the following:

	December 31, 2017		March 31, 2017
2% convertible notes payable to Ryan Corley, President of the Company, due on demand, convertible into a maximum of 37,638,984 common shares		749,455		719,455
2% convertible note payable to an entity controlled by Ryan Corley, President of the Company, due on demand, convertible into a maximum of 978,000 common shares		48,900		48,900
3% convertible notes payable to an entity controlled by Ryan Corley, President of the Company, due on demand, convertible into a maximum of 1,619,500 common shares		111,350		111,350
2% convertible notes payable to Douglas Goodsell, a related party, due on demand, convertible into a maximum of 519,828 common shares		10,396		10,396
Total notes payable-related party	$	920,101	$	890,101

Convertible notes payable consist of the following:

	December 31, 2017		March 31, 2017
7% convertible note payable to stockholder, which is past due, convertible into a maximum of 250,000 common shares,		50,000		100,000
7% convertible note payable to stockholder, due on August 12, 2018, convertible into a maximum of 250,000 common shares,		50,000		50,000
7% convertible note payable to stockholder, due on August 15, 2019, convertible into a maximum of 250,000 common shares,		50,000		—
7% convertible note payable to stockholder, due on September 10, 2019, convertible into a maximum of 250,000 common shares,		50,000		—
4% convertible notes payable to a stockholder, due on demand, convertible into a maximum of 350,000 common shares		175,000		175,000
2% convertible notes payable to stockholders, due on demand, convertible into a maximum of 1,100,000 common shares		25,000		25,000
Total notes payable	$	400,000	$	350,000

On April 1, 2017, the Company converted $6,000 of the advances from an officer into a convertible note payable. The note bears interest of 2% and is convertible with the accrued interest into common shares of the Company at a rate of $0.05 per share.

On May 30, 2017, the Company’s subsidiary, EnXnet Energy Company, LLC, entered into a loan agreement with an individual to borrow $100,000 for an initial term of 6 months with the option to extend the note for an additional 6 months. The note is due November 30, 2017 with interest of 5.5% in the amount of $2,750 which was paid in December 31, 2017. The Company also issued 100,000 shares of common stock with a fair value of $4,000 which was recognized as interest expense during nine months ended December 31, 2017. The loan is to be used to secure a one hundred thousand ($100,000) Cash Oil and Gas Blanket Activity Bond with the State of Colorado.

On June 16, 2017, the Company borrowed $16,000 from our CEO, Ryan Corley. The note bears interest of 2% and is convertible with the accrued interest into common shares of the Company at a rate of $0.016 per share.

On August 15, 2017, the Company borrowed $50,000 from a stockholder with the primary use of the proceeds to acquire oil and gas leases in Colorado. The note bears interest of 7% and is convertible with the accrued interest into common shares of the Company at a rate of $0.20 per share. The note matures on August 15, 2019. The Company also issued 200,000 shares of common stock with a fair value of $3,600 which was recognized as interest expense during nine months ended December 31, 2017.

On September 7, 2017, the Company entered into an extension agreement with a stockholder loan in the amount of $50,000 and bearing interest of 7%. The original date of the note was September 10, 2015 with an original maturity date of September 10, 2017. The extension agreement is for 2 years with the maturity date being September 10, 2019. The Company also issued 50,000 shares of common stock with a fair value of $700 which was recognized as interest expense during nine months ended December 31, 2017. The extension agreement is not considered an extinguishment of debt.

On December 1, 2017, the Company entered into an extension agreement with a stockholder loan in the amount of $100,000 and bearing interest of 5.75%. The original date of the note was May 30, 2017 with an original maturity date of December 1, 2017. The extension agreement is for six months with the maturity date being May 31, 2018. The Company also issued 100,000 shares of common stock with a fair value of $2,000 which was recognized as interest expense during nine months ended December 31, 2017. The extension agreement is not considered an extinguishment of debt.

On November 21, 2017, the Company borrowed $8,000 from our CEO, Ryan Corley. The note bears interest of 2% and is convertible with the accrued interest into common shares of the Company at a rate of $0.0125 per share.