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Note Receivable
3 Months Ended
Jun. 30, 2020
Receivables [Abstract]  
NOTE RECEIVABLE

NOTE 5: NOTE RECEIVABLE

 

The Company entered into a $225 senior secured convertible promissory note on June 18, 2020 with Rabb Resources, LTD. The Company had an existing note in the amount of $25 that had not been secured, and rolled an additional $200 into Rabb Resources, LTD, whereby the entire amount now becomes secured. The note is non-interest bearing if paid or converted within forty-five days of the issuance date of June 18, 2020 (August 2, 2020, which is the maturity date). If not paid or converted, the note bears interest at 11% per annum, paid in cash on a quarterly basis.

 

This note is convertible into shares of Rabb Resources, LTD. based on a valuation of Rabb Resources, LTD. into shares of that company at a value of the $225.

 

The Company has accrued interest income in the amount of $1 as of June 30, 2020 as the repayment of this note had not occurred by the maturity date.