NOTES PAYABLE

9 Months Ended

Dec. 31, 2022

Notes Payable

NOTES PAYABLE

NOTE 9 – NOTES PAYABLE

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

	As of December 31, 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		1,352,500			153,000
SBA Loan (Hillcrest)		35,400			35,400
Advantage Platform		222,650			–
	$	1,717,750		$	295,600
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
	$	44,000		$	44,000
Total notes payable		1,761,750			339,600
Less: long-term		–			(30,000	)
Less: discount on notes payable		(93,310	)		–
Total notes payable, current portion	$	1,668,440		$	309,600

During the nine months ended December 31, 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 December 31, 2022, the Company has paid $77,350 to Advantage Platform and has not received notice of default from the lender.

As of December 31, 2022, the Emry Capital note is in default. However, the note is not subject to any default provisions.

As of December 31, 2022, the WLES LP LLC note is in default. However, the note is not subject to any default provisions.