Annual report pursuant to Section 13 and 15(d)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

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2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 12 Months Ended
Mar. 31, 2021
Accounting Policies [Abstract]  
Level 3 liabilities

Derivatives

 

    2021     2020  
Derivative liability balance at beginning of period   $ 176,000     $ 157,000  
Reclass to equity upon conversion or redemption     (205,000 )     (8,000 )
Change in fair value     29,000       27,000  
Balance at end of period   $ -     $ 176,000  

 

At March 31, 2020, the fair value of the derivative liabilities of convertible notes was estimated using the following weighted-average inputs: the price of the Company’s common stock of $0.04; a risk-free interest rate of 0.11% and expected volatility of the Company’s common stock of 229.10%, and the various estimated reset exercise prices weighted by probability.

 

Warrant liability

 

    2021     2020  
Warrant liability balance at beginning of period   $ 90,000     $ 93,000  
Reclass to equity upon cancellation or exercise     (90,000 )     -  
Change in fair value     -       (3,000 )
Balance at end of period   $ -     $ 90,000  

 
Useful life property, plant and equipment
Buildings 39 years
Machinery and Equipment 7 – 10 years
Vehicles 10 years
Furniture and Fixtures 3 – 10 years