Quarterly report pursuant to Section 13 or 15(d)

NOTES PAYABLE AND DEBENTURE (Tables)

v3.19.3
NOTES PAYABLE AND DEBENTURE (Tables)
6 Months Ended
Sep. 30, 2019
Debt Disclosure [Abstract]  
Schedule of notes payable or debenture outstanding

Notes payable or debenture outstanding as of September 30, 2019 or March 31, 2019 are comprised of: 

 

    September 30, 2019     March 31, 2019  
             
Promissory note to Willbros United States Holdings, Inc., interest rate of 5% due July 30, 2019 and 2020, maturing July 30, 2021, secured by the assets of the Company, interest incurred of $13,422 for the three and six-month period ended September 30, 2019, respectively   $ 1,175,000     $  
Equipment note payable to third party, original balance of $566,455, due in monthly installments of $16,952, interest rate of 4.9%, maturing July 25, 2022, secured by the equipment purchased, interest incurred of $4,566 for the three and six-month periods ended September 30, 2019, respectively                 532,873        
Equipment note payable to third party, original balance of $109,140, due in monthly installments of $3,420, interest rate of 8%, maturing December 30, 2021, secured by the equipment purchased, interest incurred of $1,639 for the three and six-month periods ended September 30, 2019, respectively                    84,252        
Less: current maturities     (216,721 )      
Total   $ 1,575,404     $