Annual report pursuant to Section 13 and 15(d)

NOTES PAYABLE (Tables)

v3.19.2
NOTES PAYABLE (Tables)
12 Months Ended
Mar. 31, 2019
Convertible Debt [Table Text Block]
Balance, March 31, 2016
 
$
-
 
Additional principal investment
 
 
2,000,000
 
Accrued Interest
 
 
17,488
 
Balance, March 31, 2017
 
 
2,017,488
 
Additional principal investment
 
 
2,999,975
 
Fair value of warrants
 
 
(548,178
)
Accretion expense
 
 
548,178
 
Accrued Interest
 
 
1,037,067
 
Conversion of principal and interest
 
 
(6,054,530
)
Balance, March 31, 2018 and March 31, 2019
 
$
-
 
Schedule of Conversion of Notes Payable [Table Text Block]
 
 
March 31, 2018
 
 
 
Principal
 
 
Interest
 
 
Premium
 
 
Total

Conversion

Amount
 
 
Beneficial

Conversion

Feature
 
 
Number of

Shares

Converted
 
Convertible Notes Payable (December 2016 to December 2017)
 
$
4,999,975
 
 
$
1,054,555
 
 
$
1,249,994
 
 
$
7,304,523
 
 
$
762,301
 
 
 
779,461
 
Chinese Convertible Loan
 
$
500,000
 
 
$
33,556
 
 
 
-
 
 
$
533,556
 
 
$
76,230
 
 
 
62,629
 
Convertible Notes Payable (December 2017 to March 2018)
 
$
3,611,400
 
 
$
201,928
 
 
 
-
 
 
$
3,813,328
 
 
$
550,598
 
 
 
406,918
 
Total
 
$
9,111,375
 
 
$
1,290,039
 
 
$
1,249,994
 
 
$
11,651,407
 
 
$
1,389,129
 
 
 
1,249,008
 
Schedule of Convertible Debt Fair Value [Table Text Block]
The tables below reflect the fair value and anti-dilution features of the convertible loans, which resulted in accretion expense related to the loans:
 
 
 
At issuance
 
 
At July 20, 2018
 
 
 
Principal
 
 
Conversion feature fair value
 
 
 
 
 
 
 
 
 
 
 
Ending
 
 
 
 
 
 
Conversion
 
 
Anti-dilution
 
 
Fair value of

debt
 
 
Accretion

expense
 
 
Interest
 
 
balance

before

conversion
 
Convertible promissory note
 
$
4,708,306
 
 
$
406,744
 
 
$
1,697,674
 
 
$
2,603,888
 
 
$
2,104,418
 
 
$
24,547
 
 
$
4,732,853
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Conversion
 
 
 
 
Anti-dilution
 
 
Total
 
 
 
 
 
 
 
 
 
 
 
 
 
Conversion feature fair value
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
At Issuance
 
 
 
 
 
$
406,744
 
 
$
1,697,674
 
 
$
2,104,418
 
 
 
 
 
 
 
 
 
 
 
 
 
Fair value adjustment
 
 
 
 
 
$
(406,744
)
 
$
68,821
 
 
$
(337,923
)
 
 
 
 
 
 
 
 
 
 
 
 
Balance allocated to equity on conversion
 
 
 
 
 
$
-
 
 
$
(1,766,495
)
 
$
(1,766,495
)
 
 
 
 
 
 
 
 
 
 
 
 
Ending balance at March 31, 2019
 
 
 
 
 
$
-
 
 
$
-
 
 
$
-
 
 
 
 
 
 
 
 
 
 
 
 
 
Schedule of Convertible Debt Beneficial Conversion Feature [Table Text Block]
 
 
At issuance
 
 
At March 28, 2019
 
 
 
Principal
 
 
Accretion expense
 
 
Interest
 
 
Ending Balance
 
Convertible promissory note
 
$
4,650,000
 
 
$
1,162,500
 
 
$
198,117
 
 
$
6,010,617
 
Convertible Debt [Member]  
Schedule of Short-term Debt [Table Text Block]
Balance, March 31, 2017
 
$
-
 
Additional principal investment
 
 
500,000
 
Accrued Interest
 
 
33,556
 
Conversion of principal and interest
 
 
(533,556
)
Balance, March 31, 2018 and March 31, 2019
 
$
-
 
 
$3,611,400 was received from these investors during the twelve months ended March 31, 2018 and $201,928 of interest was accrued and expensed on these convertible loans for the twelve months ended March 31, 2018.
 
Balance, March 31, 2017
 
 
-
 
Additional principal investment
 
 
3,611,400
 
Accrued Interest
 
 
201,928
 
Conversion of principal and interest
 
 
(3,813,328
)
Balance, March 31, 2018 and March 31, 2019
 
$
-
 
Demand Notes payable [Member]  
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block]
Balance March 31, 2017
 
 
330,600
 
Accrued interest
 
 
8,497
 
Repayment
 
 
(287,618
)
Balance, March 31, 2018
 
$
51,479
 
Accrued interest
 
 
1,496
 
Repayment
 
 
(52,975
)
Balance, March 31, 2019
 
$
-