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SUBSEQUENT EVENTS
6 Months Ended
Sep. 30, 2023
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

NOTE 5 – SUBSEQUENT EVENTS

At September 30, 2023, the Company had four note payable agreements (Notes #2, #3, #4, and #5) outstanding with total principal of $22,419,032 and total accrued interest of $130,667 due to third party investors collectively represented by Chicago Ventures.

Effective October 5, 2023, the Company entered into standstill agreements for Notes #2 and #3, pursuant to which the investors would not seek repayment of any portion of the notes during the period from October 5, 2023 to October 31, 2023.  In consideration, the Company agreed to pay a standstill fee of $1,300,000, that was added to the note principal of Notes #2 and #3.  

In addition, effective October 5, 2023, the Company entered into termination agreements for Notes #3 and #4.  Notes #3 and #4 were entered into on August 10, 2023, and had an aggregate balance of principal was $7,940,656 at September 30, 2023.  There was no accrued interest at September 30, 2023.  Pursuant to the termination agreements, effective October 5, 2023, the Company and investors agreed to terminate and cancel Notes #3 and #4. In consideration, cash of $3,000,000 held in escrow at September 30, 2023 was released to paydown principal, and $3,680,247 was added to the principal of Notes #2 and #3. The difference of $1,260,409 was in substance offset by the increase in principal of Notes #2 and #3 for the standstill fee of $1,300,000.

Subsequent to September 30, 2023, the Company began negotiating a line of credit for $10 million with Chicago Ventures.  As of November 9, 2023, the negotiations are ongoing.  

Once the terms of the line of credit are finalized, the Company will determine the appropriate accounting treatment with regards to the line of credit, standstill and termination agreements.