Note 9 – Stockholders’ Deficit

Preferred Stock

As of December 31, 2019 and March 31, 2019, there were no shares of the Company’s par value $0.0001, 50,000,000 shares, of authorized preferred stock outstanding.

Common Stock and Warrants

During the nine months ended December 31, 2019, the Company issued 421,000 shares of its par value $0.0001 common stock in connection with the Company’s convertible notes for a weighted average fair value of approximately $321,000 million, or $0.76 per share (See Note 8).

On October 8, 2019, the Company issued 320,000 shares of its common stock with a fair value of $0.75 per share, or $240,000, in connection with a consulting agreement for advisory services related to corporate strategies.

On May 7, 2019, the Company terminated a consulting agreement, which was initially dated September 17, 2018. The Company had engaged the consultant to serve as the exclusive placement agent in the offering of the Company’s securities. On May 8, 2019, as consideration for termination of the agreement, the Company issued 346,338 warrants to purchase shares of its common stock at a fair value of $182,520, and issued 100,000 shares of its common stock at a fair value of $82,000 or $0.82 per share.

Additional Paid-in Capital

During the nine months ended December 31, 2019, the Company recorded a beneficial conversion feature of $27,918 related to its convertible notes issued for the period April 2019 through June 2019.