Note 8 - Capital Stock

9 Months Ended

Dec. 31, 2019

Notes to Financial Statements

Stockholders' Equity Note Disclosure [Text Block]

NOTE

8

– CAPITAL STOCK

Authorized

The Company is authorized to issue up to

20,000,000

shares of

$0.001

par value Series A Preferred Stock,

5,000,000

shares of

$0.001

par value Series B Preferred Stock and

100,000,000

shares of

$0.001

par value Common Stock.

The holders of the Series A Preferred Stock are entitled to

10

votes for each share held. Each share of Series A Preferred Stock is convertible into

10

shares of Common Stock at the discretion of the Company’s directors. In the event that there is a change of control transaction, each share of Series A Preferred Stock is convertible into

10

shares of Common Stock at the option of the holder. The holders of the Series A Preferred Stock are entitled to participate in dividends. Dividends are non-cumulative and are at the discretion of the Company’s directors.

The holders of the Series B Preferred Stock are entitled to

4

votes for each share held. Each share of Series B Preferred Stock is convertible into

4

shares of Common Stock at the discretion of the stockholder. The holders of the Series B Preferred Stock are entitled to participate in dividends. Dividends are non-cumulative and are at the discretion of the Company’s directors.

Issued

During the

nine

months ended

December 31, 2019,

the Company accepted stock subscriptions to issue a total of

136,000

shares of common stock at

$0.25

per share resulting in total cash proceeds of

$34,000.

During the

nine

months ended

December 31, 2019,

the Company issued a total of

2,544,375

shares of Series B Convertible Preferred Stock for total cash proceeds of

$1,664,000.

Of this amount,

1,138,625

shares of Series B Convertible Preferred Stock was issued to related parties for total cash proceeds of

$820,550.

Additionally, the Company paid approximately

$110,00

to a related party as a finders’ fee in conjunction with the sale of equity investments.

There were

19,999,998;

3,910,000

and

7,320,858

shares of Series A Convertible Preferred Stock, Series B Preferred Stock and Common Stock issued and outstanding as of

December 31, 2019.

There were

19,999,998,

1,365,625

and

7,184,858

shares of Series A Convertible Preferred Stock, Series B Preferred Stock and Common Stock issued and outstanding as of

March 31, 2019.

Shareholder Contributions

During the

nine

months ended

December 31, 2019,

the Company received

$3,040

in cash from a shareholder as a capital contribution.

Additionally during the

nine

months ended

December 31, 2019,

two

former officers of the Company forgave accrued wages totaling

$73,738

which was treated as a forgiveness of debt by a related party resulting in a capital contribution of

$73,738.