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PROMISSORY NOTE RELATED PARTY
6 Months Ended
Sep. 30, 2022
PROMISSORY NOTE RELATED PARTY  
PROMISSORY NOTE - RELATED PARTY

NOTE 5 – PROMISSORY NOTE – RELATED PARTY

 

On December 31, 2016, the Company entered into a promissory note with a majority shareholder, Rise Fast Limited, for an amount of $240,683. The promissory note bears interest at a rate of 2% per annum, and is payable on December 31, 2019.

 

On July 10, 2017, the Company, along with the holder of the promissory note to assigned $174,000 of the promissory note to four individuals not related to the Company. Refer to Note 7 for further details. On October 6, 2017, the Company issued 24,000,000 common shares to the holder of the promissory note for the assignment of the notes of $24,000.

 

On December 31, 2019, the maturity dates of the notes were extended for three years to December 31, 2022 and the interest rate was amended to 15% per annum.

 

As of September 30, 2022 and March 31, 2022, the promissory note payable was $42,683 and accrued interest payable was $22,360 and $19,150, respectively.