Quarterly report pursuant to Section 13 or 15(d)

Capital Stock

v3.20.2
Capital Stock
6 Months Ended
Sep. 30, 2020
Capital Stock [Abstract]  
Capital Stock
13. Capital Stock

(a) On July 17, 2020, the Company issued 50,000 shares of common stock at the market price of $1.39 per share to a former officer of the Company as per the terms of an employment settlement agreement.

(b) On August 6, 2020, the Company issued 50,000 shares of common stock with a fair value of $62,500 pursuant to a conversion of $20,000 in principal and $42,550 in derivative liability relating to the November 10, 2015 convertible debenture. The fair value of the common stock was determined based on closing price of the Company’s common stock of $1.25 per share. This transaction resulted in a gain on extinguishment of debt of $50.

(c) On August 31, 2020, 175,000 stock options were exercised by a director of the Company at the exercise price of $0.01 per share. The Company issued 175,000 shares of common stock from the treasury.

(d) On September 28, 2020, the Company issued 95,238 shares of common stock from the treasury at the market price of $1.00 per share under the terms of a sales commission agreement.