NOTES PAYABLE

3 Months Ended

Jun. 30, 2022

Notes Payable

NOTES PAYABLE

NOTE 8 - NOTES PAYABLE

The following is a summary of notes payable as of June 30, 2022 and March 31, 2022:  

	As of June 30, 2022		As of March 31, 2022
Notes Payable:
SBA EIDL Loan	$	10,000	$	10,000
SBA Loan Payable B2 Digital		97,200		97,200
GS Capital, LLC		303,000		153,000
SBA Loan (Hillcrest)		35,400		35,400
Advantage Platform		220,000		–
Notes Payable – in default
Emry Capital $14,000, 4% loan with principal and interest due April, 2021		14,000		14,000
WLES LP LLC $60,000, 5% loan due January 15, 2022		30,000		30,000
Total notes payable		709,600		339,600
Less: long-term		–		(30,000	)
Total	$	709,600	$	309,600

During the three months ended June 30, 2022, the Company entered into an Agreement for the Purchase and Sale of Future Receipts with Advantage Platform. In exchange for $300,000 the Company agreed to release future revenue to Advantage in the amount of $14,400 for 30 weeks. The Company accounted for this agreement as a debt under guidance from ASC 470-10-25-2. This transaction does not purport a sale of the Company, the Company continues to be involved in the daily operations and generation of cash flow, the transaction is cancelable by either party and with a lump sum payment or other transfer of assets to Advantage by the Company, the agreement explicitly limits Advantage’s rate of return, Advantage has several other entities in its portfolio and has any recourse to the Company relating to the payments due under the agreement.

As of June 30, 2022, the Emry Capital note is in default. However, the note is not subject to any default provisions.

As of June 30, 2022, the WLES LP LLC note is in default. However, the note is not subject to any default provisions.