Annual report pursuant to Section 13 and 15(d)

12. SUBSEQUENT EVENTS

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12. SUBSEQUENT EVENTS
12 Months Ended
Mar. 31, 2017
Subsequent Events [Abstract]  
12. SUBSEQUENT EVENTS

On April 20, 2017, the Company entered into a convertible debenture with an affiliate of the Company whose managing member is the Treasurer, Chief Financial Officer, and a director of the Company, for $140,000. The convertible debenture matures one year from date of issuance, and bears interest at 6%. Upon an event of default, as defined in the debenture, the principal and any accrued interest becomes immediately due, and the interest rate increases to 24%. The convertible debenture is convertible at the holder’s option at a conversion price of $0.30.

 

On May 2, 2017, the Company sold 100,000 shares of its common stock at $0.25 per share, for a total financing of $25,000.