v3.21.2
8. Notes Payable
 12 Months Ended
Mar. 31, 2021
Debt Disclosure [Abstract]  
Notes Payable

NOTE 8 - NOTES PAYABLE

 

The following is a summary of notes payable as March 31, 2021 and 2020:

 

   As of   As of 
   March 31,   March 31, 
   2021   2020 
Notes payable - current maturity:          
Emry Capital $14,000, 4% loan with principal and interest due April, 2020  $–   $14,000 
Note Payable PPP SBA Loan   15,600    – 
SBA EIDL Loan   10,000    – 
SBA Loan Payable B2Digital   97,200    – 
Notes payable – in default:          
Emry Capital $14,000, 4% loan with principal and interest due April, 2020   14,000    – 
Notes payable – long term:          
WLES LP LLC $60,000, 5% loan due January 15, 2022   30,000    60,000 
Brian Cox 401K   12,882    21,970 
SBA Loan (Hillcrest)   35,400    – 
SBA Loan (One More Gym, LLC)   63,047    74,757 
Total notes payable   278,129    170,727 
Less: long-term   (105,929)   (156,727)
Total  $172,200   $14,000 

 

On May 8, 2020, WLES LP LLC converted $30,000 of its $60,000 notes payable into 12,000,000 shares of common stock. As a result, the Company recorded a loss on settlement of debt in the amount of $18,281.

 

During the year ended March 31, 2021, the Company repaid $9,082 on its loan payable to Brian Cox 401K.

 

During the year ended March 31, 2021, the Company repaid $5,047 on its SBA Loan (One More Gym, LLC). The Government paid another $6,916 as part of COVID relief.

 

During year ended March 31, 2021, the bank forgave $6,949 in principal and $3,132 in accrued interest on its SBA Loan (One More Gym, LLC). As a result, the Company recorded $10,080 in gain on forgiveness of loan.

 

As of March 31, 2021, the Emry Capital note is in default. However, the note is not subject to any default provisions.