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NOTES PAYABLE AND INVESTOR STOCK PAYABLE
9 Months Ended
Dec. 31, 2020
Notes Payable And Investor Stock Payable  
NOTES PAYABLE AND INVESTOR STOCK PAYABLE

NOTE 5-NOTES PAYABLE AND INVESTOR STOCK PAYABLE

 

Notes Payable

 

The Company’s unsecured notes payable bore interest at 0% per annum and were due and payable on demand. The Company may from time to time borrow additional funds from these non-affiliated sources on similar terms, if available. The Company used these funds primarily for working capital purposes. These two (2) notes payable were made in the ordinary course of business. As of December 31, 2020 and March 31, 2020 the Company had $102,200 and $102,200 in outstanding notes payable, respectively.

 

The Company, during the nine-month period ended December 31, 2020 neither borrowed nor repaid any notes payable balances during the period.

 

 

Investor Stock Payable

 

During the nine-month period ended December 31, 2020, the Company in connection with its failure to list on the available exchanges to it made an offer to several of its shareholders to repurchase their shares at the same price that they had originally invested in the Company. The Company during the month of June 2020 received executed agreements from 42 investors to purchase their shares for a total of $1,750 enabling the Company to retire 175,000 shares of its common stock. The Company during the month of July 2020 received executed agreements from 2 investors to purchase their shares for a total of $8,750 enabling the Company to retire 875,000 shares of its common stock. The Company during the month of August 2020 received an executed agreement from 1 investor to purchase their shares for a total of $2,500 enabling the Company to retire 250,000 shares of its common stock.

 

As discussed in Note 4-Related Party Notes Payable and Other Related Party Transactions above; DLE Consulting and its principal, Mr. Estus have been determined to be related parties, requiring the necessary disclosure in our financial statements. Mr. Estus was a shareholder through his purchase of common stock until he accepted the Company’s agreement as described above to purchase his shares. Mr. Estus accepted the terms and executed the agreement for purchase of his shares as of August 31, 2020. As of September 30, 2020 Mr. Estus is no longer considered a shareholder or a related party of the Company and is owed approximately $2,500 for his 250,000 shares of common stock.

 

The Company as of December 31, 2020 recorded a payable in the amount of $13,000 due to these former shareholders.