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NOTE 1 - NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: (M) DEFERRED FUNDRAISING EXPENSES (Policies)
12 Months Ended
Mar. 31, 2020
Policies  
(M) DEFERRED FUNDRAISING EXPENSES (M) DEFERRED FUNDRAISING EXPENSES

 

In 2019, the Company commenced a plan to raise a Series B Preferred round of equity to fund its ongoing investment program and cost of operations. Typically, it expects that this plan, from start to finish may take from six to nine months and in order to match the cost and benefits of this process, the Company adopted a policy of capitalizing direct expenses incurred in the course of fund raising with the intention of netting accumulated expenses against proceeds from sale of equity, and reporting the net funds raised at the close. Direct expenses include legal fees, investor relations fees, investor roadshows and meeting expenses, and related filing and printing fees. At December 31, 2019, the Company has deferred $256,174 of such expenses.

 

Because of the impact of the Covid-19 virus which caused potential investors to slow down their investment decision making, it became difficult to anticipate the rate of funding and, accordingly, the Company decided to write off all deferred fundraising expenses as at March 31, 2020, and to expense such expenses in future periods.