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RELATED PARTY TRANSACTIONS
 6 Months Ended
Sep. 30, 2021
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS

NOTE 7 – RELATED PARTY TRANSACTIONS

In February 2021, the Company’s chairman of the Board and president and an existing investor, who is represented by a member of the Company’s board of directors, purchased $100,000 and $1,000,000, aggregate principal amount of the Original Notes, respectively. Effective April 30, 2021, the related party holders entered into revocation agreements with the Company pursuant to which their collective $1,100,000 aggregate principal amount of Original Notes and accrued interest of $50,091 were replaced with Notes. At September 30, 2021, the investor and executive officer held Notes in an aggregate principal amount of $1,026,630 and $102,663, respectively, with $51,640 and $5,164 of interest payable thereon. For the three months ended September 30, 2021, the Company incurred interest expense of approximately $31,105 and $3,100, respectively, and for the six months ended September 30, 2021, the Company incurred interest expense of approximately $51,600 and $5,160, respectively, on the related party holder Notes.

 

In May 2021, a member of the Board purchased $200,000 aggregate principal amount of Notes (the Director Note). For the three and six months ended September 30, 2021, the Company incurred expense of approximately $4,000 and $10,060, respectively, on the Director Note. At September 30, 2021, approximately $10,060 of interest was payable by the Company on the Director Note.