Quarterly report pursuant to Section 13 or 15(d)

EQUITY

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EQUITY
9 Months Ended
Dec. 31, 2019
EQUITY  
NOTE 9 - EQUITY
Preferred Stock
 
The Company has authorized 5,000,000 shares of $0.00001 par value, undesignated Preferred Stock. As of December 31, 2019, the Company has not issued any shares of Preferred Stock nor has the Company designated any class of Preferred Stock.
 
Stock Option Plan
 
On May 17, 2019, the board of directors of the Company approved and adopted the terms and provisions of a 2019 Stock Option Plan (the “Plan”) for the Company. No stockholder approval has been obtained approving the Plan. An aggregate of 2,000,000 shares of the Company’s common stock are initially reserved for issuance upon exercise of nonqualified and/or incentive stock options which may be granted under Plan. No options have yet been issued under the Plan.
 
Shares Issued to Board Members and President
 
In conjunction with the resignation of a board member in September 2019, the Company issued 100,000 shares to the former board member for past services rendered at a price of $0.70 per share for a total cost of $70,000, which represented the market price of the shares as of the date of issuance. In addition, in December 2019, the Company issued 300,000 shares of which 150,000 shares were issued to a board member of the company and 150,000 were issued to the President of CBD Products for past services at a price of $0.27 per share for a total cost of $81,000, which represented the market price of the shares as of the date of issuance. The value of these shares was reflected in general and administrative expenses is the Company’s condensed consolidated statements of operations.
 
Shares Issued for Services
 
During the nine months ended December 31, 2019, the Company issued 550,000 shares to four consultants for services rendered at a prices ranging from $0.51 to $0.60 per share for a total cost of $321,000, which represented the market price of the shares as of the date of relevant agreements. As of December 31, 2019, 450,000 of these shares have not been issued, and as such, the total fair value of these shares was reflected as “Common stock to be issued” in the accompanying condensed consolidated balance sheets as of December 31, 2019. The value of these shares was reflected in general and administrative expenses is the Company’s condensed consolidated statements of operations.
 
Shares Issued for Debt
 
During the nine months ended December 31, 2019, the Company issued 153,846 shares in conjunction with the conversion of a $100,000 convertible note.