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Loans Receivable - Construction Project
12 Months Ended
Mar. 31, 2020
Notes  
Loans Receivable - Construction Project

 

NOTE 3 – FINANCIAL STATEMENT ELEMENTS

 

Loans Receivable – Construction Project

 

In July 2015, the Company loaned $75,000 to an unrelated third party, of which as of March 31, 2020 and 2019 a balance of $55,000 remains of which is fully reserved. The loan does not incur interest and is due on demand. The loan is intended to be a short term loan used for a construction project by the borrower.

 

On November 9, 2015, the Company loaned $100,000 to an unrelated third party.  The loan incurs interest at 2% per annum and is due upon the earlier of October 31, 2018, or completion by the borrower of one or more projects having an aggregate value of not less than $40 million. The loan is intended to be a short term bridge loan used for working capital for the third party. As of March 31, 2020, and 2019, this receivable is 100% reserved.