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RELATED PARTY TRANSACTIONS
9 Months Ended
Dec. 31, 2021
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS

NOTE 8 – RELATED PARTY TRANSACTIONS

In February 2021, the Company’s chairman of the board of directors 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 December 31, 2021, the investor and executive officer held Notes in an aggregate principal amount of $1,026,630 and $102,663, respectively, with $82,693 and $8,269 of interest payable thereon. For the three months ended December 31, 2021, the Company incurred interest expense of approximately $31,052 and $3,105, respectively, and for the nine months ended December 31, 2021, the Company incurred interest expense of approximately $82,693 and $8,269, 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 nine months ended December 31, 2021, the Company incurred expense of approximately $6,049 and $16,110, respectively, on the Director Note. At December 31, 2021, approximately $16,110 of interest was payable by the Company on the Director Note.

In October 2021, the Company entered into purchase agreements with Ellen O’Connor (Lynn) Vos, the Company’s chief executive officer, and Paul DiPerna, the chairman of the Company’s board of directors and its president, chief financial officer and treasurer, providing for the sale and issuance by the Company of 30,864 shares of the Company’s common stock, par value $0.001 per share at the closing market price on October 28, 2021 of $8.10 per share. The Company received proceeds of approximately $250,000 from the sale of the shares, comprising $150,000 from Ms. Vos and $100,000 from Mr. DiPerna.