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Related Party Transactions
12 Months Ended
Mar. 31, 2017
Notes  
Related Party Transactions

3.      Related Party Transactions

On April 26, 2016, we entered into Promissory Notes in the aggregate principal amount of $50,000 (the “Notes”) with Khristine Carroll, our Executive VP of Commercial Operations and an affiliate of Michael Adams, our Chief Executive Officer (the “Affiliate”) (collectively, the “Investors”). The Notes were initially due on May 25, 2016 and are currently being extended for consecutive monthly periods as mutually agreed upon by the parties and provided for by the terms of the Notes. The Notes bear interest at the rate of 10% per annum and all principal and accrued interest, if any, is due on demand. As of March 31, 2017, the principal balance outstanding was $50,000. During the year ended March 31, 2017, we accrued and paid interest of $5,000 and $0, respectively. As of March 31, 2017 our accrued interest outstanding was $0.

On December 5, 2016, we entered into an additional Promissory Note in the principal amount of $100,000 (the “Second Note”) with the Affiliate. The Second Note bears interest at the rate of 12% per annum, provides for a $3,000 commitment fee and all principal and accrued interest, if any, is due on demand, but not later than June 5, 2017. As of March 31, 2017, the principal balance outstanding was $100,000. During the year ended March 31, 2017 we paid $3,000 of interest and $3,000 of commitment fee on the Second Note. As of March 31, 2017 our accrued interest outstanding was $0.

On April 3, 2017, Michael Adams, our CEO and President, advanced and committed to us $20,000 pursuant to a promissory note, as amended (the “Advance Note”). The Advance Note provides the availability of up to $20,000 at the sole discretion of Mr. Adams through April 2, 2018, bears interest at the rate of 10% per annum, and provides for a $2,000 commitment fee and guaranteed interest of $2,000 payable upon execution of the Advance Note. On April 19, 2017 we paid the commitment fee and guaranteed interest of $2,000 and $2,000, respectively. Additionally, on April 19, 2017 we paid down the $20,000 advance.