8. Notes Payable

9 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Notes Payable

NOTE 8 - NOTES PAYABLE

The following is a summary of notes payable as of December 31, 2020 and March 31, 2020:

	As of			As of
	December 31,			March 31,
	2020			2020
Notes payable - current maturity:
Emry Capital $14,000, 4% loan with principal and interest due April, 2020	$	–		$	14,000
Note Payable PPP SBA Loan		15,600			–
SBA EIDL Loan		10,000			–
SBA Loan Payable B2Digital		97,200			–
Notes payable – in default:
Emry Capital $14,000, 4% loan with principal and interest due April, 2020		14,000			–
Notes payable – long term:
WLES LP LLC $60,000, 5% loan due January 15, 2022		30,000			60,000
Brian Cox 401K		15,199			21,970
SBA Loan (One More Gym, LLC)		62,794			74,757
Total notes payable		244,793			170,727
Less: long-term		(107,993	)		(136,454	)
Total	$	136,800		$	34,162

On May 8, 2020, WLES LP LLC converted $30,000 of its $60,000 notes payable into 12,000,000 shares of common stock. As a result, the Company recorded a loss on settlement of debt in the amount of $18,281.

During the nine months ended December 31, 2020, the Company repaid $6,771 on its loan payable to Brian Cox 401K.

During the nine months ended December 31, 2020, the Company repaid $5,047 on its SBA Loan (One More Gym, LLC). The Government paid another $6,916 as part of COVID relief.

During the nine months ended December 31, 2020, the bank forgave $6,949 in principal and $3,132 in accrued interest on its SBA Loan (One More Gym, LLC). As a result, the Company recorded $10,080 in gain on forgiveness of loan.

As of December 31, 2020, the Emry Capital note is in default. However, the note is not subject to any default provisions.