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Related Party Transactions
 12 Months Ended
Mar. 31, 2020
Related Party Transactions [Abstract]  
Related Party Transactions

13. Related Party Transactions

 

Related party transactions for the Company primarily relate to shared office expenditures in addition to administrative and operating expenses paid on behalf of the principal stockholder. The total billed to and reimbursed by the stockholder for the years ended March 31, 2020 and 2019 were $44,724 and $51,276, respectively. The principal stockholder pays for his share of the lease amount for the shared office space directly to the lessor. Amounts paid by the principal stockholder directly to the lessor for the year ending March 31, 2020 and 2019 were $15,881 and $13,291, respectively.

 

In March 2020, the Company entered into an agreement with our principal shareholder, Nicholas C. Taylor for the sale of surface rights to an undivided interest of 1.98 acres in a 160-acre tract of rural land located in Brazoria County, Texas. Mr. Taylor paid the company approximately $18,000 in cash for these rights, such price being based on a November 22, 2019 appraisal by a firm of MAI appraisers at $9,000 per acre undiscounted by 10%.