Notes Payable

6 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

NOTES PAYABLE

NOTE 8: NOTES PAYABLE

On August 23, 2022, prior to the closing of the Exchange, the Company had been advanced certain amounts by the former directors/management and the former directors/management had converted accrued compensation to both convertible and non-convertible promissory notes as reflected below.

	September 30, 2022			March 31, 2022
	(unaudited)
Unsecured Convertible Promissory Note (a)	$	815,565		$	-
Unsecured Convertible Promissory Note (b)		90,000			-
Unsecured Promissory Note (c)		139,000			-
Total notes payable		1,044,565			-
Less: current portion		(1,044,565	)		-
Notes payable, net of current portion	$	-		$	-

(a) Unsecured Convertible Promissory Note entered into on August 23, 2022 accruing interest at the rate of 6% per annum payable monthly, maturing August 23, 2023. The note is convertible into shares of the Company’s common stock at a price of $0.06 per share, which was the closing price of the common stock on the date the note was entered into. The note is with the former CEO of the Company.

(b) Unsecured Convertible Promissory Note entered into on August 23, 2022 accruing interest at the rate of 6% per annum payable monthly, maturing August 23, 2023. The note is convertible into shares of the Company’s common stock at a price of $0.06 per share, which was the closing price of the common stock on the date the note was entered into. The note is with a former director of the Company.

(c) Unsecured Promissory Note entered into on August 23, 2022 accruing interest at the rate of 6% per annum payable monthly, maturing August 23, 2023. The note is with the former CEO of the Company.

Interest expense on the notes payable during the six months ended September 30, 2022 and 2021 are $6,525 and $0, respectively, and $6,525 and $0 for the three months ended September 30, 2022 and 2021, respectively.