Annual report pursuant to Section 13 and 15(d)

LONG-TERM NOTES RECEIVABLE (Tables)

v3.20.2
LONG-TERM NOTES RECEIVABLE (Tables)
12 Months Ended
Mar. 31, 2020
Receivables [Abstract]  
Schedule of long-term notes receivable

Long-term notes receivable as of March 31, 2020 and 2019 are comprised of: 

 

    March 31, 2020     March 31, 2019  
Note receivable from Viking Energy Group, Inc. pursuant to a 10.5% Secured Promissory Note dated February 3, 2020 in the original principal amount of $5,000,000, having an annual interest rate of 10.5%, with interest due quarterly beginning on May 1, 2020, maturing February 3, 2022. Accrued and unpaid interest of $83,425 is included in accounts receivable at March 31, 2020. The Note is secured by secured interests in 6 Viking Energy Group, Inc. subsidiaries. See also “Note 5 - Plan of Merger and Investment in Unconsolidated Entity”.   $ 5,000,0000     $  
Note receivable from Lineal Star Holdings, LLC pursuant to a Promissory Note dated effective December 31, 2019, in the original principal amount of $1,539,719, accruing annual interest of 10.5%, due quarterly beginning on March 31, 2020, maturing December 31, 2021, with accrued and unpaid interest of $37,966 included in accounts receivable at March 31, 2020. See also “Note 12 - Merger Agreement and Divestiture”.     1,539,719        
Note receivable from Lineal Star Holdings, LLC pursuant to a Promissory Note No. 2 dated effective December 31, 2019, in the original principal amount of $800,000, accruing annual interest of 8%, due quarterly beginning on March 31, 2020, maturing December 31, 2021, with accrued and unpaid interest of $15,781 included in accounts receivable at March 31, 2020. See also “Note 12 - Merger Agreement and Divestiture”.     800,000        
Less: current maturities            
Total   $ 7,339,719     $