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Subsequent Events
12 Months Ended
Mar. 31, 2019
Subsequent Events [Abstract]  
Subsequent Events

11. SUBSEQUENT EVENTS

 

The Company’s management has evaluated subsequent events up to July 11, 2019, the date the consolidated financial statements were issued, pursuant to the requirements of ASC 855 and has determined the following material subsequent events:

 

Issuance of Promissory Notes

 

Subsequent to year end, the Company issued $923,531 in promissory notes to accredited investors. The notes mature between twelve and twenty-four months from the date of issuance. Interest on the notes ranges from 10% to 13% and accrues quarterly in arrears. In certain cases, pursuant to the subscription agreement between the Company and the investors, the Notes may be convertible, subject to mutual agreement of the Company and the Holders of the Notes at a 20% discount to the next equity financing of greater than $5,000,000 excluding the conversion of the Notes. The Notes referenced above were offered and sold pursuant to an exemption from the registration requirements under Section 4(a)(2) of the Securities Act since, among other things, the transactions did not involve a public offering.