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NOTE 5 – CONVERTIBLE NOTES PAYABLE
 12 Months Ended
Mar. 31, 2023
Debt Disclosure [Abstract]  
NOTE 5 – CONVERTIBLE NOTES PAYABLE

NOTE 5 – CONVERTIBLE NOTES PAYABLE

A summary of the Company’s convertible notes as of March 31, 2023, is presented below:

 

Note Holder  Date  Maturity Date  Interest 

Balance
March 31, 2022

  Additions  Conversions 

Balance
March 31, 2023

EROP Enterprises (1)    9/9/2021   9/9/2022   8%   $25,000    $—     $(25,000)   $—  
EROP Enterprises (1)   11/12/2021   11/12/2022   8%   $30,000    $—     $(30,000)   $—  
EROP Enterprises (2)     1/12/2022     1/12/2023     8 %    $ 77,783      $ —       $ (77,783 )     $ —   
EROP Enterprises (2)     1/13/2022     1/13/2023     8 %    $ 25,000      $ —       $ (25,000 )     $ —   
Thirty 05, LLC (2)     1/25/2022     1/25/2024     8 %    $ 5,000      $ —       $ —        $ 5,000  
EROP Enterprises (3)     3/4/2022     3/4/2023     8 %    $ 20,000      $ —       $ (20,000 )     $ —    
Thirty 05, LLC (3)     3/7/2022     3/7/2024     8 %    $ 2,500      $ —       $ —        $ 2,500  
Thirty 05, LLC (3)     5/19/2022      5/19/2023     8 %     $ —        $ 15,000      $ —        $ 15,000  
EROP Enterprises (3)      5/24/2022      5/24/2023      8 %     —          20,000       (20,000 )      —    
EROP Enterprises (4)      11/14/2022      11/14/2023      8 %     —       $ 10,000       —        $  10,000  
EROP Enterprises (5)     12/15/2022     12/15/2023      8 %     —       $  51,444       —        $  51,444  
EROP Enterprises (5)     12/29/2022     12/29/2023      8 %      —       $  25,000       —        $  25,000  
EROP Enterprises (5)     2/13/2023     2/13/2024     8 %     —         10,000       —         10,000  
EROP Enterprises (6)     3/28/2023     3/28/2024     8 %     —         20,000       —         20,000  
        Total   $185,283   $151,444   $ (197,783)   $138,944 
        Less Discount   $(129,180)            $(91,100)
        Total   $56,103             $47,844 

   

On January 25, 2023, EROP Enterprises LLC, agreed to extend the convertible promissory notes dated January 25, 2022 and March 7, 2022 by one additional year.

 

Total accrued interest on the above Notes as of March 31, 2023 and 2022, is $3,889 and $4,780, respectively.

 

  (1) On notice, the Note holder has the right to convert all or a portion of the outstanding balance of the Note into common shares of the Company at a rate of the lesser of (i)$0.10 or 70% of the lowest closing bid price of the common stock in the 5 days prior to conversion.
     
  (2) On notice, the Note holder has the right to convert all or a portion of the outstanding balance of the Note into common shares of the Company at a rate of the lesser of (i)$0.04 or 70% of the lowest closing bid price of the common stock in the 5 days prior to conversion.
     
  (3) On notice, the Note holder has the right to convert all or a portion of the outstanding balance of the Note into common shares of the Company at a rate of the lesser of (i)$0.02 or 70% of the lowest closing bid price of the common stock in the 5 days prior to conversion.
     
  (4) On notice, the Note holder has the right to convert all or a portion of the outstanding balance of the Note into common shares of the Company at a rate of the lesser of (i)$0.015 or 80% of the lowest closing bid price of the common stock in the 5 days prior to conversion.
     
  (5) On notice, the Note holder has the right to convert all or a portion of the outstanding balance of the Note into common shares of the Company at a rate of the lesser of (i)$0.015 or 70% of the lowest closing bid price of the common stock in the 5 days prior to conversion.
     
  (6) On notice, the Note holder has the right to convert all or a portion of the outstanding balance of the Note into common shares of the Company at a rate of the lesser of (i)$0.07 or 70% of the lowest closing bid price of the common stock in the 5 days prior to conversion.

 

A summary of the activity of the derivative liability for the notes above is as follows:

 

Balance at March 31, 2021  $142,642 
Increase to derivative due to new issuances   809,212 
Decrease to derivative due to conversion/repayments   (339,324)
Derivative gain due to mark to market adjustment   (455,023)
Balance at March 31, 2022  157,507 
Increase to derivative due to new issuances   284,436 
Decrease to derivative due to conversion/repayments   (1,357,372)
Derivative loss due to mark to market adjustment   1,003,598
Balance at March 31, 2023  $88,169 

  

A summary of quantitative information about significant unobservable inputs (Level 3 inputs) used in measuring the Company’s derivative liability that are categorized within Level 3 of the fair value hierarchy as of March 31, 2023 and 2022, is as follows:

 

Inputs  March 31, 2023  March 31, 2022
Stock price  $0.051   $0.0255 
Conversion price  $0.015 – 0.056   $0.0172 
Volatility (annual)   187.53% - 200.08%   122.88% - 146.18%
Risk-free rate   4.64 - 4.94    .44 - 1.63 
Dividend rate   —      —   
Years to maturity   .13 - .99    .44 - .93 

    

A summary of quantitative information about significant unobservable inputs (Level 3 inputs) used in measuring the Company’s derivative liability that are categorized within Level 3 of the fair value hierarchy at the time of conversion is as follows:

 

Inputs  March 31, 2023   March 31, 2022
Stock price  $0.01 – 0.0141    $0.047 – 0.058 
Conversion price  $0.0106 – 0.0105    $0.0291 – 0.0452 
Volatility (annual)   140.81 – 196.26%    91.3% – 141.8%
Risk-free rate   1.15 – 4.72%    .05 – .17%
Dividend rate   —       —   
Years to maturity   .25 – .45     .25 – 1 

   

The development and determination of the unobservable inputs for Level 3 fair value measurements and fair value calculations are the responsibility of the Company’s management.