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SUBSEQUENT EVENTS
9 Months Ended
Dec. 31, 2021
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

(8) SUBSEQUENT EVENTS

 

Subsequent to December 31, 2021, the following events transpired:

 

The Company borrowed an additional $100,000 under the note payable and lines of credit agreement with Radiant Life, LLC and, in conjunction, issued 200,000 warrants.

 

On January 1, 2022, the Company entered into a marketing and consulting agreement with Tradability, LLC (“Consultant”) that requires the Company to make an initial $100,000 payment and up to an additional $400,000 in the future (which will be financed by the Consultant via a promissory note). The $400,000 obligation is contingent upon the Consultant and the Company successfully reaching certain milestones. Further, the agreement requires the Company to issue between 1,000,000 and 10,000,000 stock options (which are exercisable into the Company’s common stock at prices between $1.00 to $2.50 per share) contingent upon the Consultant and the Company successfully reaching certain milestones. The milestones primarily relate to the Consultant finalizing the tokenization of 500 million non-fungible tokens (“NFTs”) and the successful placement of NFTs with proceeds of between $100 million and $500 million. The proceeds will be used to purchase Life Settlements for which the Company will be an advisor.

 

On February 2, 2021 the unsecured promissory note with Satco International, Ltd. (see Note 5) was amended to extend the due date from January 6, 2022 to April 6, 2022, or at the immediate time when alternative financing or other proceeds are received. This extension has no bearing on the warrants that were issued in conjunction with the original promissory note.

 

On February 7, 2022, the related party note payable and line of credit agreement with Radiant Life, LLC, an entity partially owned by the Chairman of the Board of Directors (see Note 5) was amended to extend the due date from November 30, 2022 to November 30, 2023, or at the immediate time when alternative financing or other proceeds are received. As per the provision outlined in Note 4, and in conjunction with the extension of the due date of the agreement, the Company also agreed to provide Radiant Life, LLC with warrants for 649,754 shares of common stock vested immediately upon issuance, with an exercise price of $0.05 per share and a 5-year exercise window from the date of the extension agreement.

 

On February 7, 2022, the related party note payable and line of credit agreement with the Chairman of the Board of Directors and a stockholder (see Note 5) was amended to extend the due date from November 30, 2022 to November 30, 2023, or at the immediate time when alternative financing or other proceeds are received. As per the provision outlined in Note 4, and in conjunction with the extension of the due date of the agreement, the Company also agreed to provide the Chairman of the Board of Directors and a stockholder, with warrants for 653,150 shares of common stock, vested immediately upon issuance, with an exercise price of $0.05 per share and a 5-year exercise window from the date of the extension agreement.

 

On February 8, 2022, the Company agreed to amend the 8% convertible debenture agreement with Satco International, Ltd. (see Note 7) to extend the due date and conversion rights from November 30, 2022 to November 30, 2023.

 

On February 10, 2022, the unsecured promissory notes from Mr. Glenn S. Dickman, a stockholder and member of the Board of Directors (see Note 5) were amended to extend the due date from November 30, 2022 to October 31, 2022, or at the immediate time when alternative financing or other proceeds are received. As per the provision outlined in Note 4, and in conjunction with the extension of the due date of the promissory notes, the Company also agreed to provide Mr. Dickman with warrants for 488,583 shares of common stock, vested immediately upon issuance, with an exercise price of $0.05 per share and a 5-year exercise window from the date of the extension agreement.