Quarterly report pursuant to Section 13 or 15(d)

5. CONVERTIBLE NOTES PAYABLE, NET

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5. CONVERTIBLE NOTES PAYABLE, NET
9 Months Ended
Dec. 31, 2019
Convertible Notes Payable [Abstract]  
CONVERTIBLE NOTES PAYABLE, NET

5. CONVERTIBLE NOTES PAYABLE, NET

 

In July 2019, we paid off our Convertible Notes Payable. We paid the remaining principal balance of $892,591 and accrued interest of $11,352. As a result, we did not incur any interest expense related to the Convertible Notes in the three months ended December 31, 2019.

 

For the nine months ended December 31, 2019, we recorded interest expense of $23,759 related to the contractual interest rates of our Convertible Notes and interest expense of $30,287 related to the amortization of the note discount for a total interest expense of $54,046 related to our Convertible Notes.

 

Convertible Notes Payable, Net consisted of the following at March 31, 2019:

 

    Principal     Unamortized
Discount
    Net
Amount
    Accrued
Interest
 
Convertible Notes Payable, Net:                                
November 2014 10% Convertible Notes (due July 1, 2019)   $ 612,811     $ (18,701 )   $ 594,110     $ 37,309  
December 2016 10% Convertible Notes (due July 1, 2019)     379,780       (11,589 )     368,191       22,264  
Total Convertible Notes Payable, Net   $ 992,591     $ (30,290 )   $ 962,301     $ 59,573  

 

During the nine months ended December 31, 2018, we recorded interest expense of $74,445 related to the contractual interest rates of our Convertible Notes and interest expense of $90,861 related to the amortization of the note discount for a total interest expense of $165,306 related to our Convertible Notes in the nine months ended December 31, 2018.