12. SUBSEQUENT EVENTS
|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.
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.
No definition available.