NOTE 8 – RELATED PARTY TRANSACTIONS |
12 Months Ended |
|---|---|
Mar. 31, 2024 | |
| Related Party Transactions [Abstract] | |
| NOTE 8 – RELATED PARTY TRANSACTIONS | NOTE 8 – RELATED PARTY TRANSACTIONS
During the years ended March 31, 2024 and 2023, the Company paid Mr. Leonard Lovallo $22,000 and $34,000 for his role as Chief Executive Officer and President of the Company. As of March 31, 2024, Mr. Lovallo agreed to accept shares of common stock for his accrued salary through March 31, 2024 and for April Compensation. Mr. Lovallo received shares of common stock for $44,000 of accrued salary and shares of common stock for $4,000 for April compensation. The shares received for April were debited to prepaids. As of March 31, 2024 and 2023, the Company has accrued $0 and $18,000 of compensation due to Mr. Lovallo, respectively.
On January 8, 2022, the Company renewed and extended its contract with its CEO for a term of one year. As a signing bonus, Mr. Lovallo was granted shares of the Company’s common stock. The shares were valued at $, for total expense of $360,000, which was amortized over the one-year term. Mr. Lovallo’s contract was extended for another year on January 1, 2023.
On December 22, 2022, Ramzi Khoury, Director, converted $22,500 due to him into shares of common stock.
As of March 31, 2024, Mr. Khoury agreed to accept shares of common stock for his accrued salary through March 31, 2024 and for April Compensation. Mr. Khoury received shares of common stock for $32,500 of accrued salary and shares of common stock for $2,500 for April compensation. The shares received for April were debited to prepaids. In addition, Mr. Khoury forgave $5,000 that was owed to him. The amount was credited to paid in capital. As of March 31, 2024 and 2023, the Company has accrued $0 and $7,500 of compensation due to Mr. Khoury, respectively. |