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RELATED PARTY TRANSACTIONS
9 Months Ended
Dec. 31, 2018
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS

NOTE 4 – RELATED PARTY TRANSACTIONS

 

Advances from Stockholder:

Advances from a stockholder at December 31, 2018 and March 31, 2018 was $31,000.

 

Advances from Officer:

Our CEO, Ryan Corley, has made advances to the Company in prior years. During the nine months ended December 31, 2018 and the year ended March 31, 2018, respectively, the CEO made additional unsecured advances totaling $-0- and $15,500. During the nine months ended December 31, 2018 and the year ended March 31, 2018, the Company made payments on these advances of $-0- and $500, respectively. At December 31, 2018 and March 31, 2018, respectively, advances from the CEO were $-0- and $15,000, respectively.

 

Accrued Interest - officer

The Company has notes payable to the CEO in the aggregate amount of $764,455 and $749,455 as of December 31, 2018 and March 31, 2018, respectively. Accrued interest owed on these notes at December 31, 2018 and March 31, 2018 is $216,329 and $204,861, respectively. These notes and accrued interest are convertible into 42,579,360 and 41,411,316 shares of restricted common stock of the Company, as of December 31, 2018 and March 31, 2018 respectively.

 

Advances from officer - related party

At December 31, 2018 and March 31, 2018, advances from the entity controlled by the CEO was $10,500 and notes payable totaled $160,250. Accrued interest owed on these notes at December 31, 2018 and March 31, 2018 is $37,242 and $35,188, respectively. These notes and accrued interest are convertible into 3,195,213 and 3,155,917 shares of restricted common stock of the Company, as of December 31, 2018 and March 31, 2018, respectively.

 

Oil and Gas Leases

During the nine months ended December 31, 2018, the Company paid $100 in transfer fees to acquire a lease on an additional 640 acres in the Rocky Mountain range located in the state of Colorado for a 4-year term. The lease was acquired from our President and CEO. Each year, the Company is responsible for making additional lease payments of $2.50 per acre to keep the lease

 

The Company conducts its business from the office of its CEO, Ryan Corley, rent free.