Annual report pursuant to Section 13 and 15(d)

SUBSEQUENT EVENTS

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SUBSEQUENT EVENTS
12 Months Ended
Mar. 31, 2020
SUBSEQUENT EVENTS  
SUBSEQUENT EVENTS

16.SUBSEQUENT EVENTS

(a)

In June 2020, the Company has received $1,302,575 of convertible loans which have the same or substantially similar terms and conditions as the loans disclosed in Note 8 (b).

(b)

On May 6, 2020, the Company received funding in the original principal amount of $459,912 pursuant to the federal Paycheck Protection Program (“PPP”) which is administrated by the U.S. Small Business Administration.  The PPP loan bears interest at 1% per annum and matures in two years from the date of disbursement. Interest and principal payments will be deferred for a period of six month. The Company intends to apply for forgiveness for all or a portion of the loans in accordance with applicable law.