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Subsequent Events
12 Months Ended
Mar. 31, 2021
Subsequent Events [Abstract]  
Subsequent Events

13. SUBSEQUENT EVENTS

 

The Company’s management has evaluated subsequent events up to June 21, 2021, the date the consolidated financial statements were issued, pursuant to the requirements of ASC 855 and has determined the following material subsequent events:

 

In May 2021, Biotricity received the previously anticipated forgiveness of the $1,200,000 loan (the “PPP Loan”) under the Paycheck Protection Program established by the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”) administered by the U.S. Small Business Administration (“SBA”). The impact of the forgiveness has been accrued in the financial results as of March 31, 2021 (Note 6).

 

Also subsequent to year end, the Company received $499,000 in an additional EIDL.