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Subsequent Events
9 Months Ended
Dec. 31, 2018
Subsequent Events [Abstract]  
Subsequent Events

10. SUBSEQUENT EVENTS

 

The Company’s management has evaluated subsequent events up to February 19, 2019, the date the condensed consolidated financial statements were issued, pursuant to the requirements of ASC 855 and has determined the following material subsequent events:

 

On January 9, 2019, pursuant to two purchase agreements, the Company sold to two accredited investors a total of $400,000 in principal amount of notes. The notes are non- convertible, bear an interest rate of 10% per year and mature on January 9, 2020.

 

During the period of January 1, 2019 through February 18, 2019, the Company issued an aggregate of 324,500 common shares under its common share finance facility with a private equity firm (the “Investor”). The size and purchase price for each drawdown is governed by the purchase facilities agreement and is predicated on trading volumes as well as the average trading and closing prices of the common stock on the day of drawdown and the prior ten (10) trading days, such that the purchase price is always fixed and known at the time the Company elects to sell shares to the Investor. On January 23, 2019, the Company issued 186,666 shares to partially satisfy its obligations to issue the shares that were classified as shares to be issued as at December 31, 2018. On February 18, 2019, the Company also a further issued 41,667 shares as compensation to an officer of the Company and 40,000 as compensation to a consultant.