NOTES PAYABLE

6 Months Ended

Sep. 30, 2021

Notes Payable

NOTES PAYABLE

NOTE 8 - NOTES PAYABLE

The following is a summary of notes payable as of September 30, 2021 and March 31, 2021: 

	As of			As of
	September 30,			March 31,
	2021			2021
Notes payable - current maturity:
Note Payable PPP SBA Loan	$	–		$	15,600
SBA EIDL Loan		10,000			10,000
SBA Loan Payable B2Digital		97,200			97,200
Notes payable – in default:
Emry Capital $14,000, 4% loan with principal and interest due April, 2020		14,000			14,000
Notes payable – long term:
WLES LP LLC $60,000, 5% loan due January 15, 2022		30,000			30,000
Brian Cox 401K		8,157			12,882
SBA Loan (Hillcrest)		35,400			35,400
SBA Loan (One More Gym, LLC)		52,528			63,047
GS Capital, LLC		153,000			–
Total notes payable		400,285			278,129
Less: long-term		(90,685	)		(105,929	)
Total	$	309,600		$	172,200

During the six months ended September 30, 2021, the Company incurred $9,902 in interest expense related to notes payable.

During the six months ended September 30, 2021, the Company repaid $4,724 on its loan payable to Brian Cox.

During the six months ended September 30, 2021, the bank forgave $6,634 in principal and $1,069 in accrued interest on its SBA Loan (One More Gym, LLC). As a result, the Company recorded $7,703 in gain on forgiveness of loan.

During the six months ended September 30, 2021 the bank forgave the Company’s PPP loan of $15,600. No interest was accrued as of the payoff date. As a result, the Company recorded $15,600 in gain on forgiveness of loan.