Quarterly report pursuant to Section 13 or 15(d)


9 Months Ended
Dec. 31, 2016
Subsequent Events [Abstract]  

On January 10, 2017, NaturalShimp Corporation, a wholly-owned subsidiary of NaturalShrimp entered into a promissory note with Community National Bank for $245,000, at an annual interest rate of 5% and a maturity date of January 10, 2020 (the “CNB Note”). The CNB Note is secured by certain real property owned by the Company in LaCoste, Texas, and is also personally guaranteed by the Company’s President, as well as certain shareholders of the Company. As consideration for their personal guarantees, the Company agreed to issue to these shareholders an aggregate of 600,000 shares of our common stock.


Concurrent with the closing of the CNB Note, the Company agreed to pay Baptist Community Services of Amarillo, Texas (“BCS”) $200,000 of the proceeds from the CNB Note to payoff the Company’s existing notes payable, plus accrued interest, owing to BCS totaling approximately $2,540,000 (the “BCS Notes”). Subsequent to the date of this filing, the Company expects to execute mutual release agreements with BCS memorializing the payoff of the BCS Notes and to further release the Company from any further obligations under the BCS Notes.


On January 10, 2017, the Company issued 1,000,000 shares to a consultant for services to be rendered over six months.