XML 16 R10.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
NOTE PAYABLE
9 Months Ended
Dec. 31, 2019
Debt Disclosure [Abstract]  
LOANS PAYABLE

NOTE 5 – NOTE PAYABLE

 

On December 31, 2012, the Company received $500,000 from Pelican Creek, LLC (Pelican Creek”), a former related party who resigned in June 2014, and recorded the corresponding note as a current liability on the balance sheet. Our former director, Larry Kohler, manages Pelican Creek. As an inducement to receive this loan, the Company issued 1,250,000 shares of its common stock to Pelican Creek for the year ended March 31, 2012. The FV of the shares issued was $812,500 valued at $0.65 per share, using the closing price on the effective date of the agreement. The coupon interest on this note accrues daily on the outstanding principal amount at 8% per annum. On March 26, 2014, the Company issued 2,000,000 shares of common stock in exchange for the cancelation of a $500,000 note payable. As such, as of June 30, 2019, the Company accrued interest of $109,259 and remained in the note payable account. This note was settled on July 12, 2019 in exchange for the issuance of 437,032 shares of the Company’s common stock. We recognized a loss on debt settlement of $15,295. We issued 215,000 shares to Mr. Kohler to settle pass due amounts. We recognized a loss on debt settlement of $7,525.

 

In December 31, 2014, we entered into a note payable for $63,357 which bears an interest rate of 6% per year as a settlement for previously due amounts recorded in accounts payable. In May 2018, the Company paid $5,000 to reduce the amount of the note. The amount of principle and interest as of December 31, 2019 is $79,414. The principle and interest are due on September 15, 2016. The note payable is currently in default.