9. Convertible Note Payable (Tables)
|
12 Months Ended |
Mar. 31, 2021 |
|---|
| Debt Disclosure [Abstract] |
|
| Convertible note payable |
The following is a summary of convertible notes payable
as of March 31, 2021:
| Note* | |
Inception Date | |
Maturity | |
Coupon | | |
Face Value | | |
Unamortized Discount | | |
Carrying Value | |
| Note 5 | |
1/27/2020 | |
1/27/2021 | |
| 8% | | |
$ | 202,400 | | |
$ | – | | |
$ | 202,400 | |
| Note 6 | |
2/19/2020 | |
2/19/2021 | |
| 8% | | |
| 85,800 | | |
| – | | |
| 85,800 | |
| Note 7 | |
3/10/2020 | |
3/10/2021 | |
| 8% | | |
| 85,800 | | |
| – | | |
| 85,800 | |
| Note 8 | |
8/4/2020 | |
8/4/2021 | |
| 8% | | |
| 156,000 | | |
| 22,400 | | |
| 133,600 | |
| Note 9 | |
10/2/2020 | |
10/2/2021 | |
| 8% | | |
| 205,000 | | |
| 68,000 | | |
| 137,000 | |
| Note 10 | |
10/15/2020 | |
10/15/2021 | |
| 8% | | |
| 172,000 | | |
| 45,911 | | |
| 126,089 | |
| Note 11 | |
11/2/2020 | |
11/2/2021 | |
| 8% | | |
| 69,000 | | |
| 21,287 | | |
| 47,713 | |
| Note 12 | |
11/12/2020 | |
11/12/2021 | |
| 8% | | |
| 69,000 | | |
| 13,892 | | |
| 55,108 | |
| Note 14 | |
12/10/2020 | |
12/10/2021 | |
| 8% | | |
| 80,000 | | |
| 24,738 | | |
| 55,262 | |
| Note 15 | |
12/29/2020 | |
12/29/2021 | |
| 8% | | |
| 55,650 | | |
| 43,660 | | |
| 11,990 | |
| Note 16 | |
1/14/2021 | |
1/14/2022 | |
| 8% | | |
| 107,000 | | |
| 31,364 | | |
| 75,636 | |
| Note 17 | |
1/27/2021 | |
1/27/2021 | |
| 8% | | |
| 60,000 | | |
| 21,437 | | |
| 38,563 | |
| Note 18 | |
2/3/2021 | |
2/3/2022 | |
| 8% | | |
| 45,250 | | |
| 38,608 | | |
| 6,642 | |
| Note 19 | |
2/12/2021 | |
2/12/2022 | |
| 8% | | |
| 69,000 | | |
| 55,870 | | |
| 13,130 | |
| | |
| |
| |
| | | |
$ | 1,461,900 | | |
$ | 387,167 | | |
$ | 1,074,733 | |
|
| Allocation of cash proceeds |
Based on the previous conclusions, the Company
allocated the cash proceeds first to the derivative components at its fair value with the residual allocated to the host debt contract,
as follows:
| | |
Notes 1-19 | |
| Compound embedded derivative | |
$ | 910,762 | |
| Convertible notes payable | |
| 1,091,717 | |
| Day one derivative expense | |
| (151,978 | ) |
| Legal fees | |
| 7,000 | |
| Original issue discount | |
| 91,900 | |
| Face value | |
$ | 1,949,400 | |
|
| Amortization expense, interest expense and accrued interest |
Amortization expense and interest expense for the year ended March 31, 2021 is as follows:
| Note | |
Interest Expense | | |
Accrued Interest | | |
Amortization of Debt Discount | | |
Unamortized | |
| Note 1 | |
$ | 2,216 | | |
$ | – | | |
$ | 11,869 | | |
$ | – | |
| Note 2 | |
| 8,821 | | |
| – | | |
| 53,298 | | |
| – | |
| Note 3 | |
| 4,430 | | |
| – | | |
| 13,021 | | |
| – | |
| Note 4 | |
| 4,294 | | |
| – | | |
| 11,688 | | |
| – | |
| Note 5 | |
| 18,468 | | |
| 21,401 | | |
| 31,334 | | |
| – | |
| Note 6 | |
| 7,249 | | |
| 7,950 | | |
| 17,095 | | |
| – | |
| Note 7 | |
| 6,770 | | |
| 7,129 | | |
| 20,636 | | |
| – | |
| Note 8 | |
| 8,172 | | |
| 8,172 | | |
| 26,063 | | |
| 22,400 | |
| Note 9 | |
| 8,088 | | |
| 8,088 | | |
| 45,444 | | |
| 68,000 | |
| Note 10 | |
| 6,296 | | |
| 6,296 | | |
| 25,081 | | |
| 45,911 | |
| Note 11 | |
| 2,253 | | |
| 2,253 | | |
| 11,052 | | |
| 21,287 | |
| Note 12 | |
| 2,102 | | |
| 2,102 | | |
| 8,175 | | |
| 13,892 | |
| Note 13 | |
| 3,170 | | |
| – | | |
| 107,500 | | |
| – | |
| Note 14 | |
| 1,946 | | |
| 1,946 | | |
| 9,332 | | |
| 24,738 | |
| Note 15 | |
| 1,464 | | |
| 1,464 | | |
| 6,424 | | |
| 43,660 | |
| Note 16 | |
| 1,782 | | |
| 1,782 | | |
| 5,070 | | |
| 31,364 | |
| Note 17 | |
| 828 | | |
| 828 | | |
| 3,263 | | |
| 21,437 | |
| Note 18 | |
| 555 | | |
| 555 | | |
| 2,117 | | |
| 38,608 | |
| Note 19 | |
| 711 | | |
| 711 | | |
| 3,708 | | |
| 55,870 | |
| | |
$ | 89,615 | | |
$ | 70,677 | | |
$ | 412,170 | | |
$ | 387,167 | |
|
| Schedule of Debt Conversions |
The following table illustrates the debt converted
and the associated gain or loss:
| Note | |
Conversion Date | |
Shares issued in conversion | |
Fair value of shares | |
Face Value | |
Accrued Interest | |
Fees | |
Total Debt | |
Derivative liability | |
Net (gain)/
loss | |
| WLES LP LLC | May 8, 2020 | |
| 12,000,000 | |
$ | 48,281 | |
$ | 30,000 | |
$ | – | |
$ | – | |
$ | 30,000 | |
$ | – | |
$ | 18,281 | |
| Note 1 | |
| July 30, 2020 | |
| 4,292,918 | |
| 12,449 | |
| 7,000 | |
| 341 | |
| – | |
| 7,341 | |
| – | |
| 5,108 | |
| Note 1 | |
| July 30, 2020 | |
| 5,071,886 | |
| 16,737 | |
| 7,500 | |
| 488 | |
| – | |
| 7,988 | |
| 8,570 | |
| 179 | |
| Note 1 | |
| August 20, 2020 | |
| 8,468,394 | |
| 155,818 | |
| 12,500 | |
| 871 | |
| 500 | |
| 13,871 | |
| 138,147 | |
| 3,800 | |
| Note 1 | |
| September 9, 2020 | |
| 12,123,426 | |
| 261,866 | |
| 55,000 | |
| 4,075 | |
| 500 | |
| 59,575 | |
| 142,490 | |
| 59,801 | |
| Note 2 | |
| October 1, 2020 | |
| 33,934,756 | |
| 210,395 | |
| 108,000 | |
| 7,196 | |
| 250 | |
| 115,446 | |
| 80,674 | |
| 14,275 | |
| Note 2 | |
| October 15, 2020 | |
| 14,521,245 | |
| 81,319 | |
| 45,000 | |
| 3,136 | |
| 350 | |
| 48,486 | |
| 39,128 | |
| (6,295 | ) |
| Note 2 | |
| November 25, 2020 | |
| 15,120,622 | |
| 78,627 | |
| 35,000 | |
| 2,754 | |
| 350 | |
| 38,104 | |
| 44,183 | |
| (3,660 | ) |
| Note 2 | |
| December 22, 2020 | |
| 8,330,328 | |
| 39,153 | |
| 20,000 | |
| 1,691 | |
| – | |
| 21,691 | |
| 19,806 | |
| (2,344 | ) |
| Note 3 | |
| January 19, 2021 | |
| 15,087,285 | |
| 69,402 | |
| 35,000 | |
| 3,145 | |
| 350 | |
| 38,495 | |
| 32,195 | |
| (1,288 | ) |
| Note 3 | |
| February 4, 2021 | |
| 11,659,246 | |
| 59,462 | |
| 27,000 | |
| 2,521 | |
| 350 | |
| 29,871 | |
| 30,603 | |
| (1,012 | ) |
| Note 4 | |
| February 10, 2021 | |
| 26,279,805 | |
| 394,198 | |
| 62,000 | |
| 5,531 | |
| 350 | |
| 67,881 | |
| 323,556 | |
| 2,760 | |
| | |
| | |
| 166,889,911 | |
$ | 1,427,707 | |
$ | 444,000 | |
$ | 31,749 | |
$ | 3,000 | |
$ | 478,749 | |
$ | 859,352 | |
$ | 89,605 | |
|