Quarterly report pursuant to Section 13 or 15(d)

LONG-TERM NOTES RECEIVABLE (Tables)

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LONG-TERM NOTES RECEIVABLE (Tables)
6 Months Ended
Sep. 30, 2020
Receivables [Abstract]  
Schedule of long-term notes receivable

Long-term notes receivable as of September 30, 2020, and March 31, 2020, are comprised of:

 

    September 30,
2020
    March 31,
2020
 
Notes receivable from Viking Energy Group, Inc. pursuant to 10.5% Secured Promissory Notes dated February 3, 2020 ($5,000,000) and June 25, 2020 ($4,200,000) in the original principal amount of $9,200,000, 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 $132,329 and $83,425 is included in accounts receivable at September 30, 2020, and March 31, 2020, respectively. The Note is secured by secured interests in six Viking Energy Group, Inc. subsidiaries. See also “Note 5 – Plan of Merger and Investment In Unconsolidated Entity”.   $ 9,200,000     $ 5,000,000  
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 $16,132 and $37,966 included in accounts receivable at September 30, 2020, and March 31, 2020, respectively. The Company recognized a partial allowance of $76,152 and the related accrued interest has been fully reserved as of September 30, 2020.  See also “Note 1 – General” and “Note 11 – Lineal Merger Agreement and Divestiture”.     1,539,719       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 $38,809 and $15,781 included in accounts receivable at September 30, 2020, and March 31, 2020, respectively.   The Company recognized a partial allowance of $39,567 and the related accrued interest has been fully reserved as of September 30, 2020.  See also “Note 1 – General” and “Note 11 – Lineal Merger Agreement and Divestiture”.     800,000       800,000  
Equity loss of unconsolidated entity applied to notes receivable. See also “Note 5 – Plan of Merger and Investment In Unconsolidated Entity”     (1,182,952)        
Less allowance for notes receivable     (115,719)        
Less: current maturities            
Total   $ 10,241,048     $ 7,339,719