Note 5 - Notes Payable (Tables)

6 Months Ended

Sep. 30, 2019

Table Text Block Supplement [Abstract]

Amounts Recorded in Other Expense

e expense is included in the Other Expense caption of the Company’s Condensed Consolidated Statement of Operations for the three and six months ended September 30, 2018. In total, the Company recorded $3.0 million in Other Expense in its Condensed Consolidated Statement of Operations for the three and six months ended September 30, 2018, as summarized in the table below:

Amounts Recorded in Other Expense	For the Three and Six Months Ended September 30, 2018
Prepaid royalties expensed during the quarter	$          1,530,000
Promissory note issued to Pacific Leaf, due on or before November 30, 2018	500,000
100,000 shares common stock issued to Pacific Leaf	36,000
Long-term note payable and accrued interest terminated	(20,075)
Total non-cash expense	2,045,925
Cash payments made in August 2018	1,000,000
Total	$          2,045,925

Schedule of Note Payable

As of September 30, 2019, the following notes payable were recorded in the Company’s consolidated balance sheet:

	As of September 30, 2019
Short-Term Notes Payable	Face Value	Discount	Carrying Value
6% Convertible promissory notes payable (Note 6)	$ 1,257,000	$ (360,134)	$ 896,866
8% Convertible Secured Promissory Note dated February 28, 2019, as amended (Note 6)	$ 1,361,863	$ (101,611)	$ 1,260,252
8% Convertible Promissory Note dated April 23, 2019	$ 2,765,000	$ (261,760)	$ 2,503,240
0% Note Payable dated October 23, 2017, current portion	$ 311,111	$ (53,816)	$ 257,295
Total Short-Term Notes Payable	$ 5,694,974	$ (777,321)	$ 4,917,653
Long-Term Notes Payable
0% Note Payable dated October 23, 2017	$ 58,333	$ (1,919)	$ 56,414
Total Long-Term Notes Payable	$ 58,333	$ (1,919)	$ 56,414
Discontinued Operations
0% Note Payable dated December 20, 2018	$ 100,000	$ -	$ 100,000