v3.22.4
NOTES PAYABLE
 9 Months Ended
Dec. 31, 2022
Notes Payable  
NOTES PAYABLE

NOTE 9 – NOTES PAYABLE

 

The following is a summary of notes payable as of December 31, 2022 and March 31, 2022:  

         
   As of
December 31, 2022		   As of
March 31, 2022		 
Notes Payable:          
SBA EIDL Loan  $10,000   $10,000 
SBA Loan Payable B2 Digital   97,200    97,200 
GS Capital, LLC   1,352,500    153,000 
SBA Loan (Hillcrest)   35,400    35,400 
Advantage Platform   222,650    – 
   $1,717,750   $295,600 
           
Notes Payable – in default          
Emry Capital $14,000, 4% loan with principal and interest due April, 2021   14,000    14,000 
WLES LP LLC $60,000, 5% loan due January 15, 2022   30,000    30,000 
   $44,000   $44,000 
           
Total notes payable   1,761,750    339,600 
Less: long-term   –    (30,000)
Less: discount on notes payable   (93,310)   – 
Total notes payable, current portion  $1,668,440   $309,600 

 

During the nine months ended December 31, 2022, the Company entered into an Agreement for the Purchase and Sale of Future Receipts with Advantage Platform. In exchange for $300,000 the Company agreed to release future revenue to Advantage in the amount of $14,400 for 30 weeks. The Company accounted for this agreement as a debt under guidance from ASC 470-10-25-2. This transaction does not purport a sale of the Company, the Company continues to be involved in the daily operations and generation of cash flow, the transaction is cancelable by either party and with a lump sum payment or other transfer of assets to Advantage by the Company, the agreement explicitly limits Advantage’s rate of return, Advantage has several other entities in its portfolio and has any recourse to the Company relating to the payments due under the agreement.

 

As of December 31, 2022, the Company has paid $77,350 to Advantage Platform and has not received notice of default from the lender.

 

As of December 31, 2022, the Emry Capital note is in default. However, the note is not subject to any default provisions.

 

As of December 31, 2022, the WLES LP LLC note is in default. However, the note is not subject to any default provisions.