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10. Commitments
9 Months Ended
Dec. 31, 2014
Commitments and Contingencies Disclosure [Abstract]  
Commitments

Effective January 1, 2013, the Company modified its employment contract with its Chief Executive Officer (CEO). Pursuant to the terms of the modification, the CEO’s salary was reduced from $400,000 per year to $276,000 per year. Upon completion of a $10,000,000 or more capital raise, the CEO’s salary will increase to $400,000. On September 30, 2013, the CEO’s unpaid salary from inception through 2011 totaling $1,049,350 was exchanged for 2,260,000 warrants to purchase the Company’s common stock for $0.01 per share. The term of the employment agreement is in effect through December 31, 2015. On November 7, 2013, the board of directors voted that, the CEO’s outstanding salary would convert into common stock at $0.35 per share. On March 31, 2014, all of the CEO’s past wages totaling $184,000 were converted into 525,715 shares of the Company’s common stock. As of December 31, 2014 and 2013, the total accrued commitment for the CEO’s past wages was $0 and $241,213, respectively.

 

The Company entered into a new employment agreement with its Chief Operating Officer on June 1, 2014. Under the terms of the new agreement, the Chief Operating Officer is entitled to $245,000 in annual compensation until such time as the Company completes a capital raise of at least $20,000,000 at which time, the annual compensation will increase to $300,000.

 

The consulting agreement dated October 1, 2011, between the Company and C14 Strategies (“C-14”) (the “Consulting Agreement”), an entity controlled by the former President, provides for C-14 to provide assistance with respect to strategic objectives of the Company. As amended, the Consulting Agreement calls for C-14 to receive monthly compensation of $2,000 for such services.

 

Effective January 1, 2013, the Company modified the Chief Financial Officer’s (“CFO”) employment agreement. Under the terms of the agreement the CFO’s annual salary is $175,000. On November 7, 2013, the board of directors voted that the CFO’s outstanding salary would convert into common stock at $0.35 per share.

 

On November 30, 2014, the Company issued 170,000 shares of common stock to LIFE Power & Fuels LLC in lieu of accounts payable owed under the LIFE Management Services Agreement, which contract was terminated simultaneous with the issuance of common shares.