11. SUBSEQUENT EVENTS
|3 Months Ended|
Jun. 30, 2020
|Subsequent Events [Abstract]|
Subsequent to year end, the Company issued 500 Series B Preferred Shares in various tranches of the SPA, totaling $500,000.
Subsequent to the year ended March 31, 2020, the Company has converted approximately 1,250 Series B PS plus 80 Series B PS dividends into 40,910,165 shares of the Company’s common stock.
On July 15, 2020, the Company issued a promissory note to Ms. Williams in the amount of $383,604 to settle the amounts that had been recognized per the separation agreement dated August 15, 2019 for accrued compensation and debt owed to the late Mr. Bill Williams. The note bears interest at one percent per annum, and calls for monthly payments of $8,000 until the balance is paid in full.
On August 11, 2020, the Company issued a press release announcing that it has signed a letter of intent to acquire the assets of Alder Aqua, formerly known as VeroBlue Farms, in Webster City, Iowa, including, but not limited to, the real property, equipment, tanks, rolling stock, inventory, permits, contracts, customer lists and contracts and other such assets used in the operation of the business. The purchase price will be $10,000,000, consisting of a $5,000,000 down payment and notes due in 36 and 48 months. The acquisition is subject to successful due diligence by the Company and is expected to close in the fourth quarter of 2020. Additionally, the facilities located in Blairsburg, Iowa and Buckeye, Iowa are included in the transaction.
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