DEFERRED FINANCING COST, NET

12 Months Ended

Mar. 31, 2024

Deferred Financing Cost Net

DEFERRED FINANCING COST, NET

NOTE – 8 DEFERRED FINANCING COST, NET

Deferred financing cost, net is as follows:

	March 31, 2024			March 31, 2023
Deferred financing cost	$	1,207,500		$	1,207,500
Less: impairment of deferred finance cost		(495,298	)		–
Less: amortization		(712,202	)		(309,701	)
Deferred financing cost, net	$	–		$	897,799

On June 24, 2022, the Company issued 525,000,000 shares of its common stock as Commitment Shares to Williamsburg Venture Holdings, LLC (the “Investor”), under an Equity Purchase Agreement dated June 21, 2022 (the “Agreement”), in consideration for the Investor’s execution and delivery of, and performance under the Agreement, which was deferred to be amortized over the financing period of 3 years.

Amortization expense for the 12 months ended March 31, 2024 and 2023 were $402,500 and $309,701, respectively.

Impairment of deferred finance costs for the 12 months ended March 31, 2024 and 2023 were $495,298 and $nil, respectively.