13. SUBSEQUENT EVENTS
|12 Months Ended|
Mar. 31, 2020
|Subsequent Events [Abstract]|
Subsequent to year end, the Company has converted approximately $226,000 of their outstanding convertible debt as of March 31, 2020, into 37,926,000 shares of the Company’s common stock.
Subsequent to year end, the Company issued 1,000 Series B Preferred Shares in various tranches of the SPA, totaling $1,000,000.
Subsequent to year end, the Company has converted approximately 750 Series B PS plus 50 Series B PS dividends into 33,570,000 shares of the Company’s common stock, of which approximately 5,059,000 shares have not yet been issued as of the date of this filing.
On April 10, 2020, the Company obtained a Paycheck Protection Program (“PPP”) loan in the amount of $103,200 pursuant to the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). Interest on the loan is at the rate of 1% per year, and all loan payments are deferred for six months, at which time the balance is payable in 18 monthly installments if not forgiven in accordance with the CARES Act and the terms of the promissory note executed by the Company in connection with the loan. The promissory note contains events of default and other provisions customary for a loan of this type. As required, the Company intends to use the PPP loan proceeds for payroll, healthcare benefits, and utilities. The program provides that the use of PPP Loan amount shall be limited to certain qualifying expenses and may be partially or wholly forgiven in accordance with the requirements set forth in the CARES Act
The complaint with Vista Capital Investments, LLC was settled subsequent to the year end, on April 9, 2020. See discussion above in Note 12. On May 18, 2020, the Company received $50,000 as consideration for waiving the purchase option on the Settlement Shares, thereby allowing Vista Capital Investments, LLC to retain all of the Settlement Shares.
The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef