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Notes Payable - Related Party
6 Months Ended
Sep. 30, 2015
Debt Disclosure [Abstract]  
Notes Payable - Related Party

7. NOTE PAYABLE– RELATED PARTY

 

On February 28, 2013, the Company issued convertible notes to a principal owner of the Company and other associated or related parties. The principal amount due under these convertible notes has been advanced to the Company since September 14, 2009. The notes are due on demand, secured by all assets of the Company and convertible to the Company’s common shares.

 

During fiscal year 2014, these convertible notes were exchanged for non-convertible notes earning interest at 8% per annum with a maturity date of August 31, 2015. The notes were not secured. In November 2014, $445,813 of these non-convertible notes was exchanged for part of two convertible notes, leaving a note with principal of $4,438 remaining outstanding immediately after the exchange.

 

As of September 30, 2015 and March 31, 2015, the Company had notes payable to related party in the amount of $4,438. The note is currently in default.