9. Convertible Note Payable (Tables)
|
9 Months Ended |
Dec. 31, 2020 |
|---|
| Debt Disclosure [Abstract] |
|
| Convertible note payable |
The following is a summary of convertible notes payable
as of December 31, 2020:
| Note* |
|
Inception Date |
|
Maturity |
|
Coupon |
|
Face Value |
|
|
Unamortized Discount |
|
|
Carrying Value |
|
| Note 3 |
|
12/5/2019 |
|
12/5/2020 |
|
8% |
|
$ |
62,000 |
|
|
$ |
– |
|
|
$ |
62,000 |
|
| Note 4 |
|
12/31/2019 |
|
12/31/2020 |
|
8% |
|
|
62,000 |
|
|
|
– |
|
|
|
62,000 |
|
| Note 5 |
|
1/27/2020 |
|
1/27/2021 |
|
8% |
|
|
184,000 |
|
|
|
2,840 |
|
|
|
181,160 |
|
| Note 6 |
|
2/19/2020 |
|
2/19/2021 |
|
8% |
|
|
78,000 |
|
|
|
3,151 |
|
|
|
74,849 |
|
| Note 7 |
|
3/10/2020 |
|
3/10/2021 |
|
8% |
|
|
78,000 |
|
|
|
3,894 |
|
|
|
74,106 |
|
| Note 8 |
|
8/4/2020 |
|
8/4/2021 |
|
8% |
|
|
156,000 |
|
|
|
34,266 |
|
|
|
121,734 |
|
| Note 9 |
|
10/2/2020 |
|
10/2/2021 |
|
8% |
|
|
205,000 |
|
|
|
93,004 |
|
|
|
111,996 |
|
| Note 10 |
|
10/15/2020 |
|
10/15/2021 |
|
8% |
|
|
172,000 |
|
|
|
61,621 |
|
|
|
110,379 |
|
| Note 11 |
|
11/2/2020 |
|
11/2/2021 |
|
8% |
|
|
69,000 |
|
|
|
28,264 |
|
|
|
40,736 |
|
| Note 12 |
|
11/12/2020 |
|
11/12/2021 |
|
8% |
|
|
69,000 |
|
|
|
18,953 |
|
|
|
50,047 |
|
| Note 13 |
|
12/1/2020 |
|
12/1/2021 |
|
8% |
|
|
107,500 |
|
|
|
94,476 |
|
|
|
13,024 |
|
| Note 14 |
|
12/10/2020 |
|
12/10/2021 |
|
8% |
|
|
80,000 |
|
|
|
31,896 |
|
|
|
48,104 |
|
| Note 15 |
|
12/29/2020 |
|
12/29/2021 |
|
8% |
|
|
55,650 |
|
|
|
48,908 |
|
|
|
6,742 |
|
| |
|
|
|
|
|
|
|
$ |
1,378,150 |
|
|
$ |
421,273 |
|
|
$ |
956,877 |
|
* Note 1 and Note2 in the amounts of $82,000
and $208,000 was fully converted as of December 31, 2020.
|
| 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:
| |
|
Note 1 |
|
|
Note 2 |
|
|
Note 3 |
|
|
Note 4 |
|
|
Note 5 |
|
|
Note 6 |
|
|
Note 7 |
|
|
Note 8 |
|
| Compound embedded derivative |
|
$ |
26,395 |
|
|
$ |
68,030 |
|
|
$ |
15,893 |
|
|
$ |
10,812 |
|
|
$ |
25,834 |
|
|
$ |
14,095 |
|
|
$ |
17,636 |
|
|
$ |
42,463 |
|
| Convertible notes payable |
|
|
48,605 |
|
|
|
133,970 |
|
|
|
44,107 |
|
|
|
49,188 |
|
|
|
152,666 |
|
|
|
60,905 |
|
|
|
57,364 |
|
|
|
107,537 |
|
| Original issue discount |
|
|
7,000 |
|
|
|
6,000 |
|
|
|
2,000 |
|
|
|
2,000 |
|
|
|
5,500 |
|
|
|
3,000 |
|
|
|
3,000 |
|
|
|
6,000 |
|
| Face value |
|
$ |
82,000 |
|
|
$ |
208,000 |
|
|
$ |
62,000 |
|
|
$ |
62,000 |
|
|
$ |
184,000 |
|
|
$ |
78,000 |
|
|
$ |
78,000 |
|
|
$ |
156,000 |
|
| |
|
Note 9 |
|
|
Note 10 |
|
|
Note 11 |
|
|
Note 12 |
|
|
Note 13 |
|
|
Note 14 |
|
|
Note 15 |
|
| Compound embedded derivative |
|
$ |
103,445 |
|
|
$ |
63,992 |
|
|
$ |
28,339 |
|
|
$ |
18,066 |
|
|
$ |
209,545 |
|
|
$ |
29,070 |
|
|
$ |
65,863 |
|
| Convertible notes payable |
|
|
91,555 |
|
|
|
101,008 |
|
|
|
36,661 |
|
|
|
46,934 |
|
|
|
– |
|
|
|
45,930 |
|
|
|
– |
|
| Day one derivative loss |
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
(109,545 |
) |
|
|
– |
|
|
|
(15,863 |
) |
| Legal fees |
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
3,500 |
|
|
|
– |
|
|
|
3,500 |
|
| Original issue discount |
|
|
10,000 |
|
|
|
7,000 |
|
|
|
4,000 |
|
|
|
4,000 |
|
|
|
4,000 |
|
|
|
5,000 |
|
|
|
2,150 |
|
| Face value |
|
$ |
205,000 |
|
|
$ |
172,000 |
|
|
$ |
69,000 |
|
|
$ |
69,000 |
|
|
$ |
107,500 |
|
|
$ |
80,000 |
|
|
$ |
55,650 |
|
|
| Amortization expense, interest expense and accrued interest |
Amortization expense and interest expense for
the nine months ended December 31, 2020 is as follows:
| Note |
|
Interest Expense |
|
|
Accrued Interest |
|
|
Amortization of Debt Discount |
|
|
Unamortized |
|
| Note 1 |
|
$ |
2,696 |
|
|
$ |
– |
|
|
$ |
28,186 |
|
|
$ |
– |
|
| Note 2 |
|
|
8,342 |
|
|
|
|
|
|
|
53,298 |
|
|
|
– |
|
| Note 3 |
|
|
3,737 |
|
|
|
5,327 |
|
|
|
13,021 |
|
|
|
– |
|
| Note 4 |
|
|
3,737 |
|
|
|
4,974 |
|
|
|
9,180 |
|
|
|
– |
|
| Note 5 |
|
|
11,090 |
|
|
|
13,671 |
|
|
|
23,669 |
|
|
|
2,840 |
|
| Note 6 |
|
|
4,701 |
|
|
|
5,402 |
|
|
|
12,675 |
|
|
|
3,151 |
|
| Note 7 |
|
|
4,701 |
|
|
|
5,060 |
|
|
|
15,254 |
|
|
|
3,894 |
|
| Note 8 |
|
|
5,095 |
|
|
|
5,095 |
|
|
|
14,197 |
|
|
|
34,266 |
|
| Note 9 |
|
|
4,044 |
|
|
|
4,044 |
|
|
|
20,440 |
|
|
|
93,004 |
|
| Note 10 |
|
|
2,903 |
|
|
|
2,903 |
|
|
|
9,370 |
|
|
|
61,621 |
|
| Note 11 |
|
|
892 |
|
|
|
892 |
|
|
|
4,075 |
|
|
|
28,264 |
|
| Note 12 |
|
|
741 |
|
|
|
741 |
|
|
|
3,113 |
|
|
|
18,953 |
|
| Note 13 |
|
|
707 |
|
|
|
707 |
|
|
|
2,274 |
|
|
|
94,476 |
|
| Note 14 |
|
|
368 |
|
|
|
368 |
|
|
|
2,174 |
|
|
|
31,896 |
|
| Note 15 |
|
|
366 |
|
|
|
366 |
|
|
|
1,177 |
|
|
|
48,908 |
|
| |
|
$ |
54,120 |
|
|
$ |
49,550 |
|
|
$ |
212,103 |
|
|
$ |
421,273 |
|
|