Annual report pursuant to Section 13 and 15(d)

NOTES PAYABLE AND DEBENTURE

v3.20.2
NOTES PAYABLE AND DEBENTURE
12 Months Ended
Mar. 31, 2020
Debt Disclosure [Abstract]  
NOTES PAYABLE AND DEBENTURE

NOTE 8 – NOTES PAYABLE AND DEBENTURE

 

The Company had no notes payable or debenture outstanding as of March 31, 2020 2019. 

 

Debenture 

 

On October 31, 2018, an accredited institutional investor, Discover Growth Fund LLC (“Discover”) converted the entire $495,000 remaining balance of principal owed under the terms of a convertible debenture which it held, into an aggregate of 642 shares of common stock, including 5 shares of common stock issuable upon conversion of the principal amount thereof (at a conversion price of $101,562.50 per share), and 637 shares in connection with conversion premiums due thereon (at an initial conversion price, as calculated as provided in such debenture, of $1,912.50 per share). A total of 80 of such shares were issued to Discover in connection with the initial conversion and the remaining shares were held in abeyance subject to Discover’s 9.99% ownership limitation, to be issued from time to time, at the request of Discover. Subsequent to the October 31, 2018 conversion date, Discover was due an additional 38,116 shares of common stock in connection with true ups associated with the original issuance, as a result of the conversion price of the conversion premiums falling to $31.25 per share pursuant to the terms of the convertible debenture. Through March 31, 2020, all of the shares have been issued.