XML 56 R38.htm IDEA: XBRL DOCUMENT v3.24.1.1.u2
CONVERTIBLE PROMISSORY NOTES AND SHORT TERM LOANS (Details Narrative) - USD ($)
1 Months Ended 9 Months Ended 12 Months Ended
Feb. 02, 2024
Jan. 09, 2024
Dec. 08, 2023
Oct. 25, 2023
Aug. 11, 2023
Jul. 18, 2023
Jul. 13, 2023
Mar. 29, 2023
Jan. 23, 2023
Dec. 30, 2022
Dec. 21, 2021
Mar. 31, 2024
Feb. 29, 2024
Jun. 30, 2023
Dec. 31, 2022
Dec. 31, 2022
Mar. 31, 2024
Mar. 31, 2023
Mar. 31, 2022
Mar. 31, 2021
Oct. 23, 2023
Sep. 25, 2023
Nov. 30, 2022
Short-Term Debt [Line Items]                                              
Interest expense                                 $ 1,005,005 $ 159,602          
Issuance of debt                                       $ 11,756,563      
Debt conversion description                                   The redemption price was determined in accordance to the Series B note agreement, where the Company has an option to redeem the note at 115% of its principal value instead of converting the note upon receipt of a conversion notice. The difference between the redemption cash payment and the book value of the note redeemed, including the derivative liability associated to the note          
Deferred finance costs                     $ 193,437                        
Debt converted amount                                 2,962,386 $ 2,355,318          
Debt face amount                     $ 12,400,000                       $ 364,000
Adjustment for amortization                                 49,393            
Interest expense                                 $ 3,018,803 1,839,159          
Warrants issued                       57,536         57,536            
Convertible note issuances                                 $ 4,103            
Redemption of convertible notes                                 135,710 126,680          
Gains losses on extinguishment of debt                                 18,539 (71,119)          
Derivative liabilities non current                       $ 1,435,668         1,435,668 759,065          
Convertible notes payable                                   221,396          
Gross proceeds                                 853,030 1,476,121          
Maturity date                     Dec. 21, 2026                        
Debt instrument interest and debt expense                                 263,696            
Finance charge                                 50,000            
Accrued interest                       795,656         795,656 239,614          
Line of Credit Facility, Revolving Credit Conversion to Term Loan, Description                           In assigning the selling accounts receivables to the revolving loan lender, the Company is receiving 85% of their value as an advance of its regular collection of those receivables                  
Financing Receivable, Revolving, Converted to Term Loan                           $ 1,200,000                  
Line of Credit Facility, Capacity Available for Trade Purchases                       125,000   $ 300,000     125,000            
Increase (Decrease) in Accounts Receivable                       1,286,792         298,248 (686,197)          
Line of Credit Facility, Annual Principal Payment                       1,411,792                      
Revolving Credit Facility [Member]                                              
Short-Term Debt [Line Items]                                              
Accrued interest                       23,879         23,879            
Eighteen Month Anniversary [Member]                                              
Short-Term Debt [Line Items]                                              
Interest rate                                           12.00%  
Debt converted amount       $ 250,000                                      
Debt face amount                                           $ 1,000,000  
Twenty Four Month Anniversary [Member]                                              
Short-Term Debt [Line Items]                                              
Interest rate   8.00%                                          
Debt converted amount   $ 114,303                                          
Other Convertible Notes Payable [Member]                                              
Short-Term Debt [Line Items]                                              
Interest rate                 10.00%                            
Convertible notes payable                 $ 2,000,000                            
Convertible notes payable                 45,045                            
Convertible notes payable                 $ 221,621                            
Notes Payable, Other Payables [Member]                                              
Short-Term Debt [Line Items]                                              
Unamortized issuance cost discount                                   186,404          
Adjustment for amortization                                 186,404 35,217          
Series A Preferred Stock [Member]                                              
Short-Term Debt [Line Items]                                              
Convertible notes payable                       821,500         821,500            
Convertible notes payable remaining                       821,500         $ 821,500 200,000          
Series B Preferred Stock [Member]                                              
Short-Term Debt [Line Items]                                              
Debt conversion description                                 Holders may elect to convert shares of Series B Preferred Stock to common stock at an alternate conversion price equal to 80% (or 70% if the Company’s common stock is suspended from trading on or delisted from a principal trading market or if the Company has effected a reverse split of the common stock) of the lowest daily volume weighed average price of the common stock during the Alternate Conversion Measuring Period (as defined in the Certificate of Designations). In the event the Company receives a conversion notice that elects an alternate conversion price, the Company may, at its option, elect to satisfy its obligation under such conversion with payment in cash in an amount equal to 110% of the conversion amount.            
Convertible notes payable                       157,720         $ 157,720            
Convertible notes payable remaining                       22,010         22,010 157,720          
Series A Convertible Note Holders [Member]                                              
Short-Term Debt [Line Items]                                              
Warrants issued                   51,101                          
Warrant [Member]                                              
Short-Term Debt [Line Items]                                              
Warrants issued                             51,101 51,101              
Warrant [Member] | Placement Agent [Member]                                              
Short-Term Debt [Line Items]                                              
Placement agent fees description                                       The Company was also obligated to issue warrants to the placement agent that have a 10-year term and cover 12% of funds raised for $8,925,550 (face value) of the notes (first series) and 2.5% of funds raised for the remaining $2,350,000 (face value) of notes (second series), with an exercise price that is 120% of the 20-day volume weighted average price of the Company’s common shares at the time final closing. On final closing, which occurred on January 8, 2021, the warrants’ exercise price was struck at $6.36 per share.      
Preferred Stock [Member]                                              
Short-Term Debt [Line Items]                                              
Interest rate                                           15.00%  
Interest expense                                 74,851            
Convertible notes payable                                            
Two Series A Notes [Member]                                              
Short-Term Debt [Line Items]                                              
Issuance of debt                                       $ 11,275,500      
Interest rate                                       12.00%      
Two Series A Notes [Member] | Warrant [Member]                                              
Short-Term Debt [Line Items]                                              
Placement agent fees description                                       The Company was obligated to issue warrants that accompany the convertible notes and provide 50% warrant coverage. The warrants have a 3-year term from date of issuance and an exercise price that is 120% of the 20-day volume weighted average price of the Company’s common shares at the time final closing      
Series A Notes One [Member]                                              
Short-Term Debt [Line Items]                                              
Description of conversion terms for debt instrument                                       (i) the Outstanding Balance divided by (ii) 75% of the volume weighted average price of the Common Stock for the 5 trading days prior to the Conversion Date (the conversion price).      
Debt conversion description                                       the notes would automatically convert into common stock (in each case, subject to the trading volume of the Company’s common stock being a minimum of $500,000 for each trading day in the 20 consecutive trading days immediately preceding the conversion date), upon the earlier to occur of (i) the Company’s common stock being listed on a national securities exchange, in which event the conversion price would be equal to 75% of the volume weighted average price of the common stock for the 20 trading days prior to the conversion date, or (ii) upon the closing of the Company’s next equity round of financing for gross proceeds of greater than $5,000,000, in which event the conversion price would be equal to 75% of the price per share of the common stock (or of the conversion price in the event of the sale of securities convertible into common stock) sold in such financing. The Company could, at its discretion, redeem the notes for 115% of their face value plus accrued interest.      
Series A Notes One [Member] | Placement Agent [Member]                                              
Short-Term Debt [Line Items]                                              
Placement agent fees description                                       The Company was obligated to pay the placement agent of the first series of Series A Notes a 12% cash fee for $8,925,500 (face value) of the notes and 2.5% cash fee and other sundry expenses for the remaining $2,350,000 (face value) of the notes      
Series A Notes Two [Member]                                              
Short-Term Debt [Line Items]                                              
Debt conversion description                                       the notes would automatically convert into common stock (in each case, subject to the trading volume of the Company’s common stock being a minimum of $500,000 for each trading day in the 20 consecutive trading days immediately preceding the conversion date), upon the earlier to occur of (i) the Company’s common stock being listed on a national securities exchange, in which event the conversion price would be equal to the lower of $24.00 per share or 75% of the volume weighted average price of the common stock for the 20 trading days prior to the conversion date, or (ii) upon the closing of the Company’s next equity round of financing for gross proceeds of greater than $5,000,000, in which event the conversion price would be equal to the lower of $24.00 per share or 75% of the price per share of the common stock (or of the conversion price in the event of the sale of securities convertible into common stock) sold in such financing. The Company could, at its discretion, redeem the notes for 115% of their face value plus accrued interest      
Conversion price                                       $ 24.00      
Volume weighted average price of common stock, percent                                       75.00%      
Series A Notes [Member]                                              
Short-Term Debt [Line Items]                                              
Deferred finance costs                                     $ 2,301,854        
Unamortized issuance cost discount                                     8,088,003        
Debt converted amount                                     10,575,500        
Debt face amount                                     700,000        
Series A Notes [Member] | Additional Collateralized Bridge Loan Agreement [Member]                                              
Short-Term Debt [Line Items]                                              
Deferred finance costs           $ 28,000                                  
Series A Note [Member]                                              
Short-Term Debt [Line Items]                                              
Debt instrument carrying amount                   $ 500,000                          
Accrued interest                       173,762         173,762 74,912          
Interest expense                                 98,850 100,556          
New Convertible Note [Member]                                              
Short-Term Debt [Line Items]                                              
Interest rate                   12.00%                          
Debt instrument carrying amount                   $ 621,500                          
Debt instrument accrued interest                   $ 121,500                          
Debt instrument interest rate during period                   75.00%                          
Series B Notes [Member]                                              
Short-Term Debt [Line Items]                                              
Debt conversion description                                       The Series B Notes will automatically convert into common stock upon a merger, consolidation, exchange of shares, recapitalization, reorganization, as a result of which the Company’s common stock shall be changed into another class or classes of stock of the Company or another entity, or in the case of the sale of all or substantially all of the assets of the Company other than a complete liquidation of the Company. Within the first 180 days after the issuance date, the Company may, at its discretion, redeem the notes for 115% of their face value plus accrued interest. The Company is obligated to issue warrants that accompany the convertible notes and provide 50% warrant coverage.      
Deferred finance costs                                     10,000        
Unamortized issuance cost discount                                     1,312,500        
Debt converted amount                                   $ 555,600 472,500        
Debt face amount                       45,681         45,681   $ 840,000        
Convertible note issuances                                       $ 1,240,000      
Converted instrument shares issued                                   126,833 34,586        
Debt instrument periodic payment                                   $ 126,680          
Cash payment                               $ 145,682              
Convertible notes payable                                   24,408          
Series B Notes [Member] | Accredited Investors [Member]                                              
Short-Term Debt [Line Items]                                              
Debt face amount                                       $ 1,312,500      
Series B Notes [Member] | Warrant [Member]                                              
Short-Term Debt [Line Items]                                              
Warrants and Rights Outstanding, Term                                       3 years      
Series B Notes [Member] | Warrant One [Member]                                              
Short-Term Debt [Line Items]                                              
Class of Warrant or Right, Exercise Price of Warrants or Rights                                       $ 6.36      
Warrants issued                                       100,000      
Series B Notes [Member] | Warrant Two [Member]                                              
Short-Term Debt [Line Items]                                              
Class of Warrant or Right, Exercise Price of Warrants or Rights                                       $ 9.0      
Warrants issued                                       35,417      
Series B Note [Member]                                              
Short-Term Debt [Line Items]                                              
Accrued interest                       $ 88,602         88,602 84,863          
Interest expense                                 3,739 7,886          
Redemption of convertible notes                                 135,710            
Payment redeemed cash                                 162,851            
Gains losses on extinguishment of debt                                 18,540            
Series C Notes [Member]                                              
Short-Term Debt [Line Items]                                              
Issuance of debt                                 $ 1,812,700            
Interest rate                       15.00%         15.00%            
Description of conversion terms for debt instrument                                 (i) seventy-five percent (75%) of the VWAP for the five (5) Trading Days prior to the Conversion Date, or (ii) eighty percent (80%) of the gross sale price per share of Common Stock (or conversion or exercise price per share of Common Stock of any Common Stock Equivalents) sold in a Qualified Financing            
Debt conversion description                                 the notes would convert into common stock at the applicable “Mandatory Conversion Price”, if either (i) on each of any twenty (20) consecutive Trading Days (the “Measurement Period”) (A) the closing price of the Common Stock on the applicable Trading Market is at least $18.00 per share and (B) the dollar value of average daily trades of the Common Stock on the applicable Trading Market is at least $400,000 per Trading Day; or (ii) upon the closing of a Qualified Financing, provided that the dollar value of average daily trades of the Common Stock on the applicable National Exchange on each of the ten (10) consecutive Trading Days following such closing is at least $400,000 per Trading Day. Mandatory Conversion Price means, in the case of a Mandatory Conversion under situation (i) above, seventy percent (70%) of the VWAP over the Measurement Period, or in the case of a Mandatory Conversion under situation (ii) above, eighty percent (80%) of the gross sale price per share of Common Stock (or conversion or exercise price per share of Common Stock of any Common Stock Equivalents) sold in a Qualified Financing            
Unamortized issuance cost discount                       $ 1,232,274         $ 1,232,274 578,589          
Debt face amount                                   590,000          
Adjustment for amortization                                 693,518 195,828          
Convertible note issuances                                 1,100,430            
Derivative liabilities non current                       1,278,786         1,278,786            
Debt issuance costs                                 207,361            
Debt instrument derivative liabilities                                 1,005,829            
Accretion expense                                 $ 134,013 184,417          
Series C Notes [Member] | Note Holders [Member]                                              
Short-Term Debt [Line Items]                                              
Class of Warrant or Right, Exercise Price of Warrants or Rights                                         $ 4.18    
Series C Notes [Member] | Placement Agents Warrants [Member]                                              
Short-Term Debt [Line Items]                                              
Class of Warrant or Right, Exercise Price of Warrants or Rights                                         $ 2.09    
Series C Notes [Member] | Placement Agent [Member]                                              
Short-Term Debt [Line Items]                                              
Placement agent fees description                                 The Company was obligated to pay the placement agent of the first series of Series C Notes a 10% cash fee for the face value of the notes            
Series C Notes [Member] | Warrant [Member]                                              
Short-Term Debt [Line Items]                                              
Placement agent fees description                                 The Company was obligated to issue warrants that accompany the convertible notes and provide 100% warrant coverage. The warrants have a 4-year term from date of issuance and an exercise price that is 200% of the 5-day volume weighted average price of the Company’s common shares at the time of final closing            
Series C Notes [Member] | Warrant [Member] | Placement Agent [Member]                                              
Short-Term Debt [Line Items]                                              
Placement agent fees description                                 The Company was also obligated to issue warrants to the placement agent that have a 10-year term and cover 8% of face value of the notes, with an exercise price that equals to the 5-day volume weighted average price of the Company’s common shares at the time final closing.            
Series C Note [Member]                                              
Short-Term Debt [Line Items]                                              
Accrued interest                       253,643         $ 253,643 2,598          
Interest expense                                 251,045 2,598          
Short-term Bridge Loan Agreement [Member]                                              
Short-Term Debt [Line Items]                                              
Adjustment for amortization                                 6,142 3,857          
Accretion expense                                 66,213 93,787          
Repayments of loan                                 341,675            
Short-term Bridge Loan Agreement [Member] | Collateralized Merchant Finance Company [Member]                                              
Short-Term Debt [Line Items]                                              
Deferred finance costs     $ 15,750       $ 24,000               $ 9,999 9,999              
Debt instrument carrying amount     844,200       540,000               560,000 560,000              
Adjustment for amortization                                 24,000            
Debt instrument periodic payment     19,195       38,705               13,995                
Accretion expense                                 141,870            
Gross proceeds     $ 630,000       $ 400,000               $ 400,000                
Debt instrument term     308 days       98 days               280 days                
Repayments of loan                                 158,129            
Short-term Bridge Loan Agreement [Member] | Finance Company [Member]                                              
Short-Term Debt [Line Items]                                              
Debt instrument carrying amount     $ 443,185                                        
Short-term Bridge Loan Agreement [Member] | Additional Collateralized Bridge Loan Agreement [Member]                                              
Short-Term Debt [Line Items]                                              
Gross proceeds           700,000                                  
Short-term Bridge Loan Agreement [Member] | Collateralized Merchant Finance Company One [Member]                                              
Short-Term Debt [Line Items]                                              
Deferred finance costs $ 35,000                                            
Unamortized issuance cost discount                       26,879         26,879            
Debt instrument carrying amount 1,008,000                     581,105         581,105            
Adjustment for amortization                                 8,121            
Debt instrument periodic payment 29,235                                            
Accretion expense                                 114,985            
Gross proceeds $ 700,000                                            
Debt instrument term 245 days                                            
Repayments of loan                                 204,645            
Short-term Collateralized Bridge Loan Agreement [Member] | Finance Company [Member]                                              
Short-Term Debt [Line Items]                                              
Deferred finance costs                             $ 32,000 32,000              
Debt instrument carrying amount                             1,120,000 1,120,000              
Adjustment for amortization                                 20,800 11,200          
Debt instrument periodic payment                             29,556                
Accretion expense                                 148,027 171,973          
Gross proceeds                             800,000                
Repayments of loan                                   768,445          
Short-term Collateralized Bridge Loan Agreement [Member] | Finance Company [Member] | First Four Weeks [Member]                                              
Short-Term Debt [Line Items]                                              
Debt instrument periodic payment                             13,999                
Promissory Note Agreement [Member] | Individual Investor [Member]                                              
Short-Term Debt [Line Items]                                              
Debt instrument carrying amount                       600,000     $ 600,000 $ 600,000 600,000 600,000          
Debt instrument interest rate during period                             25.00%                
Interest expense                                 150,411 43,562          
Maturity date                             Dec. 15, 2023                
Early payment penalty provision percentage                             3.00%                
Debt instrument interest and debt expense                                 12,723 12,312          
Promissory Note Agreement [Member] | Individual Investor One [Member]                                              
Short-Term Debt [Line Items]                                              
Debt instrument carrying amount                       660,504 $ 660,504       660,504            
Debt instrument interest rate during period                         12.00%                    
Interest expense                                 7,131            
Debt instrument interest and debt expense                                 7,101            
New Promissory Note [Member]                                              
Short-Term Debt [Line Items]                                              
Unamortized issuance cost discount                                          
Debt instrument carrying amount                       270,000         270,000            
Debt face amount                   $ 270,000                          
Adjustment for amortization                                 7,304 29,460          
Maturity date                   Dec. 31, 2023                          
Debt instrument, fair value disclosure                   $ 248,479                          
Adjustment carrying value and principal amount                   $ 21,521                          
Accrued interest                       50,000         50,000            
Collateralized Bridge Loan Agreement [Member] | Finance Company [Member]                                              
Short-Term Debt [Line Items]                                              
Deferred finance costs               $ 12,000                              
Debt instrument carrying amount               420,000                              
Gross proceeds               300,000                              
Collateralized Bridge Loan Agreement [Member] | Finance Company [Member] | First Four Weeks [Member]                                              
Short-Term Debt [Line Items]                                              
Debt instrument periodic payment               5,250                              
Collateralized Bridge Loan Agreement [Member] | Finance Company [Member] | Remaining Thirty Six Weeks [Member]                                              
Short-Term Debt [Line Items]                                              
Debt instrument periodic payment               $ 11,083                              
Additional Collateralized Bridge Loan Agreement [Member]                                              
Short-Term Debt [Line Items]                                              
Adjustment for amortization                                 5,727            
Accretion expense                                 120,305            
Repayments of loan                                 249,535            
Additional Collateralized Bridge Loan Agreement [Member] | Finance Company [Member]                                              
Short-Term Debt [Line Items]                                              
Unamortized issuance cost discount     $ 10,023                 2,800         2,800            
Debt instrument carrying amount           980,000           93,848         93,848            
Adjustment for amortization                                 29,700            
Debt instrument periodic payment           24,500                                  
Accretion expense                                 344,187            
Repayments of loan                                 543,083            
Loss on amendment of debt           $ 59,161                                  
Loans and Promissory Notes [Member]                                              
Short-Term Debt [Line Items]                                              
Repayments of loan                                   $ 1,476,121          
Two Short Term Promissory Notes [Member]                                              
Short-Term Debt [Line Items]                                              
Debt instrument carrying amount                       427,500         427,500            
Debt face amount         $ 250,000             250,000         250,000            
Accrued interest                       $ 75,000         75,000            
Administrative fees         75,000                                    
Administrative fees                                 25,000            
Administrative fees                                 $ 50,000            
Two Short Term Promissory Notes [Member] | One Investor [Member]                                              
Short-Term Debt [Line Items]                                              
Debt instrument carrying amount         $ 500,000