0001355677
--03-31
10-K/A
true
2020-03-31
false
000-52413
20-4092640
1805 N. Carson Street, Suite 150
Carson City
NV
89701
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916
776-2166
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<b>1.   ORGANIZATION AND BUSINESS OF COMPANY</b><p align="justify" style='margin:0;margin-left:-7.1pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>Mexus Gold US (the “Company”) was originally incorporated under the laws of the State of Colorado on June 22, 1990, as U.S.A. Connection, Inc. On October 28, 2005, the Company changed its’ name to Action Fashions, Ltd. On September 18, 2009, the Company changed its’ domicile to Nevada and changed its’ name to Mexus Gold US to better reflect the Company’s new planned principle business operations. The Company has a fiscal year end of March 31.</p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>The Company is a mining company engaged in the evaluation, acquisition, exploration and advancement of gold, silver and copper projects in the State of Sonora, Mexico and the Western United States, as well as, the salvage of precious metals from identifiable sources.</p><p align="justify" style='margin:0;margin-left:10.9pt'> </p>
Mexus Gold US
1990-06-22
NV
<b>2.   GOING CONCERN</b><p style='margin:0;text-indent:-14.2pt;margin-left:14.2pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>The accompanying consolidated financial statements have been prepared assuming the Company will continue as a going concern, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. During the year ended March 31, 2020, the Company incurred a net loss of $3,218,296 and used cash in operating activities of $1,272,864, and at March 31, 2020, had an accumulated deficit of $32,345,668. At March 31, 2020, the Company is in the exploration stage. These factors, among others, raise substantial doubt about the Company’s ability to continue as a going concern within one year of the date that the financial statements are issued. The Company’s independent registered public accounting firm, in their report on the Company’s financial statements for the year ending March 31, 2020, expressed substantial doubt about the Company’s ability to continue as a going concern.</p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>The Company is dependent upon outside financing to continue operations. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. It is management’s plans to raise necessary funds through a private placement of its common stock to satisfy the capital requirements of the Company’s business plan. There is no assurance that the Company will be able to raise the necessary funds, or that if it is successful in raising the necessary funds, that the Company will successfully execute its business plan. The Company is unable to predict the effect, if any, that the coronavirus COVID-19 global pandemic may have on its access to the financing markets.</p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>The consolidated financial statements do not include any adjustments relating to the recoverability and classification of assets and/or liabilities that might be necessary should the Company be unable to continue as a going concern. The continuation as a going concern is dependent upon the ability of the Company to meet our obligations on a timely basis, and, ultimately to attain profitability.</p><p align="justify" style='margin:0;margin-left:13.5pt'> </p>
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<b>3.   SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES </b><p style='margin:0;margin-left:14.2pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>This summary of significant accounting policies of the Company is presented to assist in understanding the Company’s consolidated financial statements. The consolidated financial statements and notes are representations of the Company’s management, which is responsible for their integrity and objectivity. Certain 2019 financial statement amounts have been reclassified to conform to the financial statement presentation adopted in the current year.</p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>These accounting policies conform to accounting principles generally accepted in the United States of America and are presented in U.S. dollars. </p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'><b>Basis of Consolidation</b></p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>The consolidated financial statements include the accounts of the Company and controlled subsidiaries, Mexus Gold Mining, S.A. de C.V. (“Mexus Gold Mining), Mexus Enterprises S.A. de C.V. (“Mexus Gold Enterprises”) and Mexus Gold MX S.A. DE C.V. (“Mexus Gold MX”). Significant intercompany accounts and transactions have been eliminated. </p><p style='margin:0;margin-left:14.2pt'> </p><p align="justify" style='margin:0;margin-left:9pt'><b>Use of Estimates</b></p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could materially differ from those estimates. Management believes that the estimates used are reasonable. The more significant estimates and assumptions by management include, among others, the accrual of potential liabilities, the assumptions used in valuing share-based instruments issued for services, valuation of derivative liabilities and the valuation allowance for deferred tax assets.</p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'><b>Cash and cash equivalents</b></p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>The Company considers highly liquid financial instruments purchased with a maturity of three months or less to be cash equivalents.</p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'><b>Equipment</b></p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>Equipment consists of mining tools and equipment, watercraft and vehicles which are depreciated on a straight-line basis over their expected useful lives as follows (see Note 5):</p><p align="justify" style='margin:0;margin-left:9pt'> </p><table align="center" style='border-collapse:collapse'><tr style='height:7.2pt'><td valign="middle" style='width:128.85pt'><p style='margin:0;margin-left:-5.25pt'>Mining tools and equipment</p></td><td valign="top" style='width:19.4pt'><p align="justify" style='margin:0'> </p></td><td valign="top" style='width:44.4pt'><p align="justify" style='margin:0'>7 years</p></td></tr><tr style='height:7.2pt'><td valign="middle" style='width:128.85pt'><p style='margin:0;margin-left:-5.25pt'>Watercrafts</p></td><td valign="top" style='width:19.4pt'><p align="justify" style='margin:0'> </p></td><td valign="top" style='width:44.4pt'><p align="justify" style='margin:0'>7 years</p></td></tr><tr style='height:7.2pt'><td valign="middle" style='width:128.85pt'><p style='margin:0;margin-left:-5.25pt'>Vehicles</p></td><td valign="top" style='width:19.4pt'><p align="justify" style='margin:0'> </p></td><td valign="top" style='width:44.4pt'><p align="justify" style='margin:0'>3 years</p></td></tr></table><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'><b>Equipment under Construction</b></p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>Equipment under construction comprises mining equipment that is currently being fabricated and modified by the Company and is not presently in use. Equipment under construction totaled $0 and $17,018 as of March 31, 2020 and 2019, respectively.</p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'><b>Exploration and Development Costs</b></p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>Exploration costs incurred in locating areas of potential mineralization or evaluating properties or working interests with specific areas of potential mineralization are expensed as incurred. Development costs of proven mining properties not yet producing are capitalized at cost and classified as capitalized exploration costs under property, plant and equipment. Property holding costs are charged to operations during the period if no significant exploration or development activities are being conducted on the related properties. Upon commencement of production, capitalized exploration and development costs would be amortized based on the estimated proven and probable reserves benefited. Properties determined to be impaired or that are abandoned are written-down to the estimated fair value. Carrying values do not necessarily reflect present or future values.</p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'><b>Mineral Property Rights</b></p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>Costs of acquiring mining properties are capitalized upon acquisition. Mine development costs incurred either to develop new ore deposits, to expand the capacity of mines, or to develop mine areas substantially in advance of current production are also capitalized once proven and probable reserves exist and the property is a commercially mineable property. Costs incurred to maintain current production or to maintain assets on a standby basis are charged to operations. Costs of abandoned projects are charged to operations upon abandonment. The Company evaluates the carrying value of capitalized mining costs and related property and equipment costs, to determine if these costs are in excess of their recoverable amount whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. Evaluation of the carrying value of capitalized costs and any related property and equipment costs are based upon expected future cash flows and/or estimated salvage value in accordance with Accounting Standards Codification (ASC) 360-10-35-15, <i>Impairment or Disposal of Long-Lived Assets</i>.</p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'><b>Long-Lived Assets</b></p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>In accordance with ASC 360, Property Plant and Equipment the Company tests long-lived assets or asset groups for recoverability when events or changes in circumstances indicate that their carrying amount may not be recoverable. Circumstances which could trigger a review include, but are not limited to: significant decreases in the market price of the asset; significant adverse changes in the business climate or legal factors; accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of the asset; current period cash flow or operating losses combined with a history of losses or a forecast of continuing losses associated with the use of the asset; and current expectation that the asset will more likely than not be sold or disposed significantly before the end of its estimated useful life. Recoverability is assessed based on the carrying amount of the asset and its fair value which is generally determined based on the sum of the undiscounted cash flows expected to result from the use and the eventual disposal of the asset, as well as specific appraisal in certain instances. An impairment loss is recognized when the carrying amount is not recoverable and exceeds fair value.</p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'><b>Fair Value of Financial Instruments</b></p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>ASC Topic 820 defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements.</p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>Included in the ASC Topic 820 framework is a three level valuation inputs hierarchy with Level 1 being inputs and transactions that can be effectively fully observed by market participants spanning to Level 3 where estimates are unobservable by market participants outside of the Company and must be estimated using assumptions developed by the Company. The Company discloses the lowest level input significant to each category of asset or liability valued within the scope of ASC Topic 820 and the valuation method as exchange, income or use. The Company uses inputs which are as observable as possible and the methods most applicable to the specific situation of each company or valued item.</p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>The Company's financial instruments consist of cash, accounts payable, accrued liabilities, advances, notes payable, and a promissory note payable. The carrying amount of these financial instruments approximate fair value due to either length of maturity or interest rates that approximate prevailing market rates unless otherwise disclosed in these financial statements.</p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>Secured convertible promissory note derivative liability is measured at fair value on a recurring basis using Level 3 inputs.</p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>Interest rate risk is the risk that the value of a financial instrument might be adversely affected by a change in the interest rates. The notes payable, loans payable and secured convertible promissory notes have fixed interest rates therefore the Company is exposed to interest rate risk in that they could not benefit from a decrease in market interest rates. In seeking to minimize the risks from interest rate fluctuations, the Company manages exposure through its normal operating and financing activities.</p><p align="justify" style='margin:0;margin-left:9pt'> </p><p style='margin:0;margin-left:9pt'><b>Derivative Instruments</b></p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>Accounting standards require that an entity recognize all derivatives as either assets or liabilities in the statement of financial position and measure those instruments at fair value. A change in the market value of the financial instrument is recognized as a gain or loss in results of operations in the period of change.</p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'><b>Foreign Currency Translation</b></p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>The Company’s functional and reporting currency is the United States dollar. Monetary assets and liabilities denominated in foreign currencies are translated to United States dollars in accordance with ASC 740, Foreign Currency Translation Matters, using the exchange rate prevailing at the balance sheet date. Gains and losses arising on translation or settlement of foreign currency denominated transactions or balances are included in the determination of income.</p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>To the extent that the Company incurs transactions that are not denominated in its functional currency, they are undertaken in Mexican Pesos. The Company has not, as of the date of these financial statements, entered into derivative instruments to offset the impact of foreign currency fluctuations.</p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'><b>Comprehensive Loss</b></p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>ASC 220, Comprehensive Income establishes standards for the reporting and display of comprehensive loss and its components in the consolidated financial statements. As at March 31, 2020 and 2019, the Company had no items that represent a comprehensive loss, and therefore has not included a schedule of comprehensive loss in the consolidated financial statements.</p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'><b>Income Taxes</b></p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>The Company accounts for income taxes using the asset and liability method in accordance with ASC 740, “Accounting for Income Tax”. The asset and liability method provides that deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities, and for operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using the currently enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company records a valuation allowance to reduce deferred tax assets to the amount that is believed more likely than not to be realized.</p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'><b>Asset Retirement Obligations</b></p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>In accordance with accounting standards for asset retirement obligations (ASC 410), the Company records the fair value of a liability for an asset retirement obligation (ARO) when there is a legal obligation associated with the retirement of a tangible long-lived asset and the liability can be reasonably estimated. The associated asset retirement costs are supposed to be capitalized as part of the carrying amount of the related mineral properties. As of March 31, 2020 and 2019, the Company has not recorded AROs associated with legal obligations to retire any of the Company’s mineral properties as the settlement dates are not presently determinable.</p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'><b>Revenue Recognition</b></p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>In accordance with ASC 606, revenue is recognized when a customer obtains control of promised goods or services. The amount of revenue recognized reflects the consideration to which we expect to be entitled to receive in exchange for these goods or services. The provisions of ASC 606 include a five-step process by which we determine revenue recognition, depicting the transfer of goods or services to customers in amounts reflecting the payment to which we expect to be entitled in exchange for those goods or services. ASC 606 requires us to apply the following steps: (1) identify the contract with the customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract; and (5) recognize revenue when, or as, we satisfy the performance obligation.</p><p align="justify" style='margin:0;text-indent:36.3pt;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'><b>Stock-based Compensation</b></p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>The Company records stock based compensation in accordance with the guidance in ASC Topic 718 which requires the Company to recognize expenses related to the fair value of its employee stock option awards. This eliminates accounting for share-based compensation transactions using the intrinsic value and requires instead that such transactions be accounted for using a fair-value-based method. The Company recognizes the cost of all share-based awards on a graded vesting basis over the vesting period of the award.</p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>ASC 505, "Compensation-Stock Compensation", establishes standards for the accounting for transactions in which an entity exchanges its equity instruments to non-employees for goods or services. Under this transition method, stock compensation expense includes compensation expense for all stock-based compensation awards granted on or after January 1, 2006, based on the grant-date fair value estimated in accordance with the provisions of ASC 505. </p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'><b>Per Share Data</b></p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>Net loss per common share is computed by dividing net loss by the weighted average common shares outstanding during the period as defined by Financial Accounting Standards, ASC Topic 260, "Earnings per Share". Basic earnings per common share (“EPS”) calculations are determined by dividing net income by the weighted average number of shares of common stock outstanding during the year. Diluted earnings per common share calculations are determined by dividing net income by the weighted average number of common shares and dilutive common share equivalents outstanding. During periods when common stock equivalents, if any, are anti-dilutive they are not considered in the computation.</p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>At March 31, 2020 and 2019, we excluded the outstanding securities summarized below, which entitle the holders thereof to acquire shares of common stock as their effect would have been anti-dilutive:</p><p align="justify" style='margin:0;margin-left:9pt'> </p><table align="center" style='border-collapse:collapse;width:468pt'><tr style='height:7.2pt'><td valign="top" style='width:292.5pt'><p style='margin:0;margin-left:9pt'> </p></td><td valign="top" style='width:81pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0;margin-left:9pt'><b>March 31, </b></p><p align="center" style='margin:0;margin-left:9pt'><b>2020</b></p></td><td valign="top" style='width:20.25pt'><p align="center" style='margin:0;margin-left:9pt'> </p></td><td valign="top" style='width:74.25pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0;margin-left:9pt'><b>March 31, </b></p><p align="center" style='margin:0;margin-left:9pt'><b>2019</b></p></td></tr><tr style='height:7.2pt'><td valign="top" style='width:292.5pt'><p style='margin:0;text-indent:-4.5pt;margin-left:9pt'>Common stock issuable upon conversion of notes payable and convertible notes payable</p></td><td valign="bottom" style='width:81pt;border-top:0.5pt solid #000000'><p align="right" style='margin:0;margin-left:9pt'>360,182,235</p></td><td valign="bottom" style='width:20.25pt'><p align="right" style='margin:0;margin-left:9pt'> </p></td><td valign="bottom" style='width:74.25pt;border-top:0.5pt solid #000000'><p align="right" style='margin:0;margin-left:9pt'>77,245,894</p></td></tr><tr style='height:7.2pt'><td valign="top" style='width:292.5pt'><p style='margin:0;text-indent:-4.5pt;margin-left:9pt'>Common stock issuable to satisfy stock payable obligations </p></td><td valign="top" style='width:81pt'><p align="right" style='margin:0;margin-left:9pt'>68,740,692</p></td><td valign="top" style='width:20.25pt'><p align="right" style='margin:0;margin-left:9pt'> </p></td><td valign="top" style='width:74.25pt'><p align="right" style='margin:0;margin-left:9pt'>105,502,659</p></td></tr><tr style='height:7.2pt'><td valign="top" style='width:292.5pt'><p style='margin:0;text-indent:-4.5pt;margin-left:9pt'>Common stock issuable upon conversion of Series A Preferred Stock</p></td><td valign="top" style='width:81pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0;margin-left:9pt'>1,000,000</p></td><td valign="top" style='width:20.25pt'><p align="right" style='margin:0;margin-left:9pt'> </p></td><td valign="top" style='width:74.25pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0;margin-left:9pt'>1,000,000</p></td></tr><tr style='height:7.2pt'><td valign="top" style='width:292.5pt'><p style='margin:0;margin-left:9pt'>Total</p></td><td valign="top" style='width:81pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0;margin-left:9pt'>429,922,927</p></td><td valign="top" style='width:20.25pt'><p align="right" style='margin:0;margin-left:9pt'> </p></td><td valign="top" style='width:74.25pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0;margin-left:9pt'>183,748,553</p></td></tr></table><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'><b>Recently Issued Accounting Pronouncements</b></p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>In February 2016, the FASB issued ASU No. 2016-02, <i>Leases. </i>ASU 2016-02 requires a lessee to record a right of use asset and a corresponding lease liability on the balance sheet for all leases with terms longer than 12 months. ASU 2016-02 is effective for all interim and annual reporting periods beginning after December 15, 2018. Early adoption is permitted. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. The adoption of ASU 2016-02 on April 1, 2019 did not have a material impact since the Company on the date of adoption had short-term leases and elected not to apply the recognition requirement.</p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>Other recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company's present or future consolidated financial statements.</p><p style='margin:0'> </p>
<b>Basis of Consolidation</b><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>The consolidated financial statements include the accounts of the Company and controlled subsidiaries, Mexus Gold Mining, S.A. de C.V. (“Mexus Gold Mining), Mexus Enterprises S.A. de C.V. (“Mexus Gold Enterprises”) and Mexus Gold MX S.A. DE C.V. (“Mexus Gold MX”). Significant intercompany accounts and transactions have been eliminated. </p><p style='margin:0;margin-left:14.2pt'> </p>
<b>Use of Estimates</b><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could materially differ from those estimates. Management believes that the estimates used are reasonable. The more significant estimates and assumptions by management include, among others, the accrual of potential liabilities, the assumptions used in valuing share-based instruments issued for services, valuation of derivative liabilities and the valuation allowance for deferred tax assets.</p><p align="justify" style='margin:0;margin-left:9pt'> </p>
<b>Cash and cash equivalents</b><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>The Company considers highly liquid financial instruments purchased with a maturity of three months or less to be cash equivalents.</p><p align="justify" style='margin:0;margin-left:9pt'> </p>
<b>Equipment</b><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>Equipment consists of mining tools and equipment, watercraft and vehicles which are depreciated on a straight-line basis over their expected useful lives as follows (see Note 5):</p><p align="justify" style='margin:0;margin-left:9pt'> </p><table align="center" style='border-collapse:collapse'><tr style='height:7.2pt'><td valign="middle" style='width:128.85pt'><p style='margin:0;margin-left:-5.25pt'>Mining tools and equipment</p></td><td valign="top" style='width:19.4pt'><p align="justify" style='margin:0'> </p></td><td valign="top" style='width:44.4pt'><p align="justify" style='margin:0'>7 years</p></td></tr><tr style='height:7.2pt'><td valign="middle" style='width:128.85pt'><p style='margin:0;margin-left:-5.25pt'>Watercrafts</p></td><td valign="top" style='width:19.4pt'><p align="justify" style='margin:0'> </p></td><td valign="top" style='width:44.4pt'><p align="justify" style='margin:0'>7 years</p></td></tr><tr style='height:7.2pt'><td valign="middle" style='width:128.85pt'><p style='margin:0;margin-left:-5.25pt'>Vehicles</p></td><td valign="top" style='width:19.4pt'><p align="justify" style='margin:0'> </p></td><td valign="top" style='width:44.4pt'><p align="justify" style='margin:0'>3 years</p></td></tr></table><p align="justify" style='margin:0;margin-left:9pt'> </p>
<table align="center" style='border-collapse:collapse'><tr style='height:7.2pt'><td valign="middle" style='width:128.85pt'><p style='margin:0;margin-left:-5.25pt'>Mining tools and equipment</p></td><td valign="top" style='width:19.4pt'><p align="justify" style='margin:0'> </p></td><td valign="top" style='width:44.4pt'><p align="justify" style='margin:0'>7 years</p></td></tr><tr style='height:7.2pt'><td valign="middle" style='width:128.85pt'><p style='margin:0;margin-left:-5.25pt'>Watercrafts</p></td><td valign="top" style='width:19.4pt'><p align="justify" style='margin:0'> </p></td><td valign="top" style='width:44.4pt'><p align="justify" style='margin:0'>7 years</p></td></tr><tr style='height:7.2pt'><td valign="middle" style='width:128.85pt'><p style='margin:0;margin-left:-5.25pt'>Vehicles</p></td><td valign="top" style='width:19.4pt'><p align="justify" style='margin:0'> </p></td><td valign="top" style='width:44.4pt'><p align="justify" style='margin:0'>3 years</p></td></tr></table><p align="justify" style='margin:0;margin-left:9pt'> </p>
P7Y
P7Y
P3Y
<b>Equipment under Construction</b><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>Equipment under construction comprises mining equipment that is currently being fabricated and modified by the Company and is not presently in use. Equipment under construction totaled $0 and $17,018 as of March 31, 2020 and 2019, respectively.</p><p align="justify" style='margin:0;margin-left:9pt'> </p>
0
17018
<b>Exploration and Development Costs</b><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>Exploration costs incurred in locating areas of potential mineralization or evaluating properties or working interests with specific areas of potential mineralization are expensed as incurred. Development costs of proven mining properties not yet producing are capitalized at cost and classified as capitalized exploration costs under property, plant and equipment. Property holding costs are charged to operations during the period if no significant exploration or development activities are being conducted on the related properties. Upon commencement of production, capitalized exploration and development costs would be amortized based on the estimated proven and probable reserves benefited. Properties determined to be impaired or that are abandoned are written-down to the estimated fair value. Carrying values do not necessarily reflect present or future values.</p><p align="justify" style='margin:0;margin-left:9pt'> </p>
<b>Mineral Property Rights</b><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>Costs of acquiring mining properties are capitalized upon acquisition. Mine development costs incurred either to develop new ore deposits, to expand the capacity of mines, or to develop mine areas substantially in advance of current production are also capitalized once proven and probable reserves exist and the property is a commercially mineable property. Costs incurred to maintain current production or to maintain assets on a standby basis are charged to operations. Costs of abandoned projects are charged to operations upon abandonment. The Company evaluates the carrying value of capitalized mining costs and related property and equipment costs, to determine if these costs are in excess of their recoverable amount whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. Evaluation of the carrying value of capitalized costs and any related property and equipment costs are based upon expected future cash flows and/or estimated salvage value in accordance with Accounting Standards Codification (ASC) 360-10-35-15, <i>Impairment or Disposal of Long-Lived Assets</i>.</p><p align="justify" style='margin:0;margin-left:9pt'> </p>
<b>Long-Lived Assets</b><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>In accordance with ASC 360, Property Plant and Equipment the Company tests long-lived assets or asset groups for recoverability when events or changes in circumstances indicate that their carrying amount may not be recoverable. Circumstances which could trigger a review include, but are not limited to: significant decreases in the market price of the asset; significant adverse changes in the business climate or legal factors; accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of the asset; current period cash flow or operating losses combined with a history of losses or a forecast of continuing losses associated with the use of the asset; and current expectation that the asset will more likely than not be sold or disposed significantly before the end of its estimated useful life. Recoverability is assessed based on the carrying amount of the asset and its fair value which is generally determined based on the sum of the undiscounted cash flows expected to result from the use and the eventual disposal of the asset, as well as specific appraisal in certain instances. An impairment loss is recognized when the carrying amount is not recoverable and exceeds fair value.</p><p align="justify" style='margin:0;margin-left:9pt'> </p>
<b>Fair Value of Financial Instruments</b><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>ASC Topic 820 defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements.</p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>Included in the ASC Topic 820 framework is a three level valuation inputs hierarchy with Level 1 being inputs and transactions that can be effectively fully observed by market participants spanning to Level 3 where estimates are unobservable by market participants outside of the Company and must be estimated using assumptions developed by the Company. The Company discloses the lowest level input significant to each category of asset or liability valued within the scope of ASC Topic 820 and the valuation method as exchange, income or use. The Company uses inputs which are as observable as possible and the methods most applicable to the specific situation of each company or valued item.</p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>The Company's financial instruments consist of cash, accounts payable, accrued liabilities, advances, notes payable, and a promissory note payable. The carrying amount of these financial instruments approximate fair value due to either length of maturity or interest rates that approximate prevailing market rates unless otherwise disclosed in these financial statements.</p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>Secured convertible promissory note derivative liability is measured at fair value on a recurring basis using Level 3 inputs.</p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>Interest rate risk is the risk that the value of a financial instrument might be adversely affected by a change in the interest rates. The notes payable, loans payable and secured convertible promissory notes have fixed interest rates therefore the Company is exposed to interest rate risk in that they could not benefit from a decrease in market interest rates. In seeking to minimize the risks from interest rate fluctuations, the Company manages exposure through its normal operating and financing activities.</p><p align="justify" style='margin:0;margin-left:9pt'> </p>
<b>Derivative Instruments</b><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>Accounting standards require that an entity recognize all derivatives as either assets or liabilities in the statement of financial position and measure those instruments at fair value. A change in the market value of the financial instrument is recognized as a gain or loss in results of operations in the period of change.</p><p align="justify" style='margin:0;margin-left:9pt'> </p>
<b>Foreign Currency Translation</b><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>The Company’s functional and reporting currency is the United States dollar. Monetary assets and liabilities denominated in foreign currencies are translated to United States dollars in accordance with ASC 740, Foreign Currency Translation Matters, using the exchange rate prevailing at the balance sheet date. Gains and losses arising on translation or settlement of foreign currency denominated transactions or balances are included in the determination of income.</p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>To the extent that the Company incurs transactions that are not denominated in its functional currency, they are undertaken in Mexican Pesos. The Company has not, as of the date of these financial statements, entered into derivative instruments to offset the impact of foreign currency fluctuations.</p><p align="justify" style='margin:0;margin-left:9pt'> </p>
<b>Comprehensive Loss</b><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>ASC 220, Comprehensive Income establishes standards for the reporting and display of comprehensive loss and its components in the consolidated financial statements. As at March 31, 2020 and 2019, the Company had no items that represent a comprehensive loss, and therefore has not included a schedule of comprehensive loss in the consolidated financial statements.</p><p align="justify" style='margin:0;margin-left:9pt'> </p>
<b>Income Taxes</b><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>The Company accounts for income taxes using the asset and liability method in accordance with ASC 740, “Accounting for Income Tax”. The asset and liability method provides that deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities, and for operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using the currently enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company records a valuation allowance to reduce deferred tax assets to the amount that is believed more likely than not to be realized.</p><p align="justify" style='margin:0;margin-left:9pt'> </p>
<b>Asset Retirement Obligations</b><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>In accordance with accounting standards for asset retirement obligations (ASC 410), the Company records the fair value of a liability for an asset retirement obligation (ARO) when there is a legal obligation associated with the retirement of a tangible long-lived asset and the liability can be reasonably estimated. The associated asset retirement costs are supposed to be capitalized as part of the carrying amount of the related mineral properties. As of March 31, 2020 and 2019, the Company has not recorded AROs associated with legal obligations to retire any of the Company’s mineral properties as the settlement dates are not presently determinable.</p><p align="justify" style='margin:0;margin-left:9pt'> </p>
<b>Revenue Recognition</b><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>In accordance with ASC 606, revenue is recognized when a customer obtains control of promised goods or services. The amount of revenue recognized reflects the consideration to which we expect to be entitled to receive in exchange for these goods or services. The provisions of ASC 606 include a five-step process by which we determine revenue recognition, depicting the transfer of goods or services to customers in amounts reflecting the payment to which we expect to be entitled in exchange for those goods or services. ASC 606 requires us to apply the following steps: (1) identify the contract with the customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract; and (5) recognize revenue when, or as, we satisfy the performance obligation.</p><p align="justify" style='margin:0;text-indent:36.3pt;margin-left:9pt'> </p>
<b>Stock-based Compensation</b><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>The Company records stock based compensation in accordance with the guidance in ASC Topic 718 which requires the Company to recognize expenses related to the fair value of its employee stock option awards. This eliminates accounting for share-based compensation transactions using the intrinsic value and requires instead that such transactions be accounted for using a fair-value-based method. The Company recognizes the cost of all share-based awards on a graded vesting basis over the vesting period of the award.</p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>ASC 505, "Compensation-Stock Compensation", establishes standards for the accounting for transactions in which an entity exchanges its equity instruments to non-employees for goods or services. Under this transition method, stock compensation expense includes compensation expense for all stock-based compensation awards granted on or after January 1, 2006, based on the grant-date fair value estimated in accordance with the provisions of ASC 505. </p><p align="justify" style='margin:0;margin-left:9pt'> </p>
<b>Per Share Data</b><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>Net loss per common share is computed by dividing net loss by the weighted average common shares outstanding during the period as defined by Financial Accounting Standards, ASC Topic 260, "Earnings per Share". Basic earnings per common share (“EPS”) calculations are determined by dividing net income by the weighted average number of shares of common stock outstanding during the year. Diluted earnings per common share calculations are determined by dividing net income by the weighted average number of common shares and dilutive common share equivalents outstanding. During periods when common stock equivalents, if any, are anti-dilutive they are not considered in the computation.</p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>At March 31, 2020 and 2019, we excluded the outstanding securities summarized below, which entitle the holders thereof to acquire shares of common stock as their effect would have been anti-dilutive:</p><p align="justify" style='margin:0;margin-left:9pt'> </p><table align="center" style='border-collapse:collapse;width:468pt'><tr style='height:7.2pt'><td valign="top" style='width:292.5pt'><p style='margin:0;margin-left:9pt'> </p></td><td valign="top" style='width:81pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0;margin-left:9pt'><b>March 31, </b></p><p align="center" style='margin:0;margin-left:9pt'><b>2020</b></p></td><td valign="top" style='width:20.25pt'><p align="center" style='margin:0;margin-left:9pt'> </p></td><td valign="top" style='width:74.25pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0;margin-left:9pt'><b>March 31, </b></p><p align="center" style='margin:0;margin-left:9pt'><b>2019</b></p></td></tr><tr style='height:7.2pt'><td valign="top" style='width:292.5pt'><p style='margin:0;text-indent:-4.5pt;margin-left:9pt'>Common stock issuable upon conversion of notes payable and convertible notes payable</p></td><td valign="bottom" style='width:81pt;border-top:0.5pt solid #000000'><p align="right" style='margin:0;margin-left:9pt'>360,182,235</p></td><td valign="bottom" style='width:20.25pt'><p align="right" style='margin:0;margin-left:9pt'> </p></td><td valign="bottom" style='width:74.25pt;border-top:0.5pt solid #000000'><p align="right" style='margin:0;margin-left:9pt'>77,245,894</p></td></tr><tr style='height:7.2pt'><td valign="top" style='width:292.5pt'><p style='margin:0;text-indent:-4.5pt;margin-left:9pt'>Common stock issuable to satisfy stock payable obligations </p></td><td valign="top" style='width:81pt'><p align="right" style='margin:0;margin-left:9pt'>68,740,692</p></td><td valign="top" style='width:20.25pt'><p align="right" style='margin:0;margin-left:9pt'> </p></td><td valign="top" style='width:74.25pt'><p align="right" style='margin:0;margin-left:9pt'>105,502,659</p></td></tr><tr style='height:7.2pt'><td valign="top" style='width:292.5pt'><p style='margin:0;text-indent:-4.5pt;margin-left:9pt'>Common stock issuable upon conversion of Series A Preferred Stock</p></td><td valign="top" style='width:81pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0;margin-left:9pt'>1,000,000</p></td><td valign="top" style='width:20.25pt'><p align="right" style='margin:0;margin-left:9pt'> </p></td><td valign="top" style='width:74.25pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0;margin-left:9pt'>1,000,000</p></td></tr><tr style='height:7.2pt'><td valign="top" style='width:292.5pt'><p style='margin:0;margin-left:9pt'>Total</p></td><td valign="top" style='width:81pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0;margin-left:9pt'>429,922,927</p></td><td valign="top" style='width:20.25pt'><p align="right" style='margin:0;margin-left:9pt'> </p></td><td valign="top" style='width:74.25pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0;margin-left:9pt'>183,748,553</p></td></tr></table><p align="justify" style='margin:0;margin-left:9pt'> </p>
<table align="center" style='border-collapse:collapse;width:468pt'><tr style='height:7.2pt'><td valign="top" style='width:292.5pt'><p style='margin:0;margin-left:9pt'> </p></td><td valign="top" style='width:81pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0;margin-left:9pt'><b>March 31, </b></p><p align="center" style='margin:0;margin-left:9pt'><b>2020</b></p></td><td valign="top" style='width:20.25pt'><p align="center" style='margin:0;margin-left:9pt'> </p></td><td valign="top" style='width:74.25pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0;margin-left:9pt'><b>March 31, </b></p><p align="center" style='margin:0;margin-left:9pt'><b>2019</b></p></td></tr><tr style='height:7.2pt'><td valign="top" style='width:292.5pt'><p style='margin:0;text-indent:-4.5pt;margin-left:9pt'>Common stock issuable upon conversion of notes payable and convertible notes payable</p></td><td valign="bottom" style='width:81pt;border-top:0.5pt solid #000000'><p align="right" style='margin:0;margin-left:9pt'>360,182,235</p></td><td valign="bottom" style='width:20.25pt'><p align="right" style='margin:0;margin-left:9pt'> </p></td><td valign="bottom" style='width:74.25pt;border-top:0.5pt solid #000000'><p align="right" style='margin:0;margin-left:9pt'>77,245,894</p></td></tr><tr style='height:7.2pt'><td valign="top" style='width:292.5pt'><p style='margin:0;text-indent:-4.5pt;margin-left:9pt'>Common stock issuable to satisfy stock payable obligations </p></td><td valign="top" style='width:81pt'><p align="right" style='margin:0;margin-left:9pt'>68,740,692</p></td><td valign="top" style='width:20.25pt'><p align="right" style='margin:0;margin-left:9pt'> </p></td><td valign="top" style='width:74.25pt'><p align="right" style='margin:0;margin-left:9pt'>105,502,659</p></td></tr><tr style='height:7.2pt'><td valign="top" style='width:292.5pt'><p style='margin:0;text-indent:-4.5pt;margin-left:9pt'>Common stock issuable upon conversion of Series A Preferred Stock</p></td><td valign="top" style='width:81pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0;margin-left:9pt'>1,000,000</p></td><td valign="top" style='width:20.25pt'><p align="right" style='margin:0;margin-left:9pt'> </p></td><td valign="top" style='width:74.25pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0;margin-left:9pt'>1,000,000</p></td></tr><tr style='height:7.2pt'><td valign="top" style='width:292.5pt'><p style='margin:0;margin-left:9pt'>Total</p></td><td valign="top" style='width:81pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0;margin-left:9pt'>429,922,927</p></td><td valign="top" style='width:20.25pt'><p align="right" style='margin:0;margin-left:9pt'> </p></td><td valign="top" style='width:74.25pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0;margin-left:9pt'>183,748,553</p></td></tr></table><p align="justify" style='margin:0;margin-left:9pt'> </p>
360182235
77245894
68740692
105502659
1000000
1000000
429922927
183748553
<b>Recently Issued Accounting Pronouncements</b><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>In February 2016, the FASB issued ASU No. 2016-02, <i>Leases. </i>ASU 2016-02 requires a lessee to record a right of use asset and a corresponding lease liability on the balance sheet for all leases with terms longer than 12 months. ASU 2016-02 is effective for all interim and annual reporting periods beginning after December 15, 2018. Early adoption is permitted. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. The adoption of ASU 2016-02 on April 1, 2019 did not have a material impact since the Company on the date of adoption had short-term leases and elected not to apply the recognition requirement.</p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>Other recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company's present or future consolidated financial statements.</p><p style='margin:0'> </p>
<b>4.   MINERAL PROPERTIES AND EXPLORATION COSTS</b><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0;margin-left:9pt'>The following is a continuity of mineral property acquisition costs capitalized on the consolidated balance sheets during the years ended March 31, 2020 and 2019:</p><p align="justify" style='margin:0;margin-left:9pt'> </p><table align="center" style='border-collapse:collapse'><tr style='height:7.2pt'><td valign="top" style='width:125.3pt;border-bottom:0.5pt solid #000000'><p align="justify" style='margin:0;margin-left:9pt'> </p></td><td valign="bottom" style='width:67.5pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0;margin-left:9pt'><b>Balance</b></p><p align="center" style='margin:0;margin-left:9pt'><b>March 31, </b></p><p align="center" style='margin:0;margin-left:9pt'><b>2019</b></p></td><td valign="bottom" style='width:67.5pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0;margin-left:9pt'> </p><p align="center" style='margin:0;margin-left:9pt'><b>Cash Payments</b></p></td><td valign="bottom" style='width:67.5pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0;margin-left:9pt'> </p><p align="center" style='margin:0;margin-left:9pt'><b>Share-based Payments</b></p></td><td valign="bottom" style='width:72pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0;margin-left:9pt'> </p><p align="center" style='margin:0;margin-left:9pt'> </p><p align="center" style='margin:0;margin-left:9pt'><b>Impairment</b></p></td><td valign="bottom" style='width:69.1pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0;margin-left:9pt'><b>Balance</b></p><p align="center" style='margin:0;margin-left:9pt'><b>March 31,</b></p><p align="center" style='margin:0;margin-left:9pt'><b>2020</b></p></td></tr><tr style='height:7.2pt'><td valign="top" style='width:125.3pt;border-top:0.5pt solid #000000'><p align="justify" style='margin:0;margin-left:-1.5pt'>Ures Property (a)</p></td><td valign="top" style='width:67.5pt;border-top:0.5pt solid #000000'><p align="right" style='margin:0;margin-left:9pt'>$ -</p></td><td valign="top" style='width:67.5pt;border-top:0.5pt solid #000000'><p align="right" style='margin:0;margin-left:9pt'>$ -</p></td><td valign="top" style='width:67.5pt;border-top:0.5pt solid #000000'><p align="right" style='margin:0;margin-left:9pt'>$ -</p></td><td valign="top" style='width:72pt;border-top:0.5pt solid #000000'><p align="right" style='margin:0;margin-left:9pt'>$ -</p></td><td valign="top" style='width:69.1pt;border-top:0.5pt solid #000000'><p align="right" style='margin:0;margin-left:9pt'>$ -</p></td></tr><tr style='height:7.2pt'><td valign="top" style='width:125.3pt'><p align="justify" style='margin:0;margin-left:-1.5pt'>Santa Elena Mine (b)</p></td><td valign="top" style='width:67.5pt'><p align="right" style='margin:0;margin-left:9pt'>505,947</p></td><td valign="top" style='width:67.5pt'><p align="right" style='margin:0;margin-left:9pt'>-</p></td><td valign="top" style='width:67.5pt'><p align="right" style='margin:0;margin-left:9pt'>-</p></td><td valign="top" style='width:72pt'><p align="right" style='margin:0;margin-left:9pt'>-</p></td><td valign="top" style='width:69.1pt'><p align="right" style='margin:0;margin-left:9pt'>505,947</p></td></tr><tr style='height:7.2pt'><td valign="top" style='width:125.3pt'><p align="justify" style='margin:0;margin-left:-1.5pt'>San Felix Project (c)</p></td><td valign="top" style='width:67.5pt'><p align="right" style='margin:0;margin-left:9pt'>-</p></td><td valign="top" style='width:67.5pt'><p align="right" style='margin:0;margin-left:9pt'>-</p></td><td valign="top" style='width:67.5pt'><p align="right" style='margin:0;margin-left:9pt'>-</p></td><td valign="top" style='width:72pt'><p align="right" style='margin:0;margin-left:9pt'>-</p></td><td valign="top" style='width:69.1pt'><p align="right" style='margin:0;margin-left:9pt'>-</p></td></tr><tr style='height:7.2pt'><td valign="top" style='width:125.3pt'><p align="justify" style='margin:0;margin-left:-1.5pt'>Project Mabel (d)</p></td><td valign="top" style='width:67.5pt'><p align="right" style='margin:0;margin-left:9pt'>324,000</p></td><td valign="top" style='width:67.5pt'><p align="right" style='margin:0;margin-left:9pt'>-</p></td><td valign="top" style='width:67.5pt'><p align="right" style='margin:0;margin-left:9pt'>-</p></td><td valign="top" style='width:72pt'><p align="right" style='margin:0;margin-left:9pt'>-</p></td><td valign="top" style='width:69.1pt'><p align="right" style='margin:0;margin-left:9pt'>324,000</p></td></tr><tr style='height:7.2pt'><td valign="top" style='width:125.3pt;border-top:0.25pt solid #000000;border-bottom:3px double #000000'><p align="justify" style='margin:0'> </p></td><td valign="top" style='width:67.5pt;border-top:0.25pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>$ 829,947</p></td><td valign="top" style='width:67.5pt;border-top:0.25pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>$ -</p></td><td valign="top" style='width:67.5pt;border-top:0.25pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>$ -</p></td><td valign="top" style='width:72pt;border-top:0.25pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>$ -</p></td><td valign="top" style='width:69.1pt;border-top:0.25pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>$ 829,947</p></td></tr></table><p align="justify" style='margin:0;margin-left:14.2pt'> </p><table align="center" style='border-collapse:collapse'><tr style='height:7.2pt'><td valign="top" style='width:121.65pt;border-bottom:0.5pt solid #000000'><p align="justify" style='margin:0'> </p></td><td valign="top" style='width:69.15pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'><b>Balance</b></p><p align="center" style='margin:0'><b>March 31, </b></p><p align="center" style='margin:0'><b>2018</b></p></td><td valign="top" style='width:69.5pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'> </p><p align="center" style='margin:0'><b>Cash </b></p><p align="center" style='margin:0'><b>Payments</b></p></td><td valign="top" style='width:69.5pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'> </p><p align="center" style='margin:0'><b>Share-based Payments</b></p></td><td valign="top" style='width:69.95pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'> </p><p align="center" style='margin:0'> </p><p align="center" style='margin:0'><b>Impairment</b></p></td><td valign="top" style='width:69.15pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'><b>Balance</b></p><p align="center" style='margin:0'><b>March 31, </b></p><p align="center" style='margin:0'><b>2019</b></p></td></tr><tr style='height:7.2pt'><td valign="top" style='width:121.65pt;border-top:0.5pt solid #000000'><p align="justify" style='margin:0'>Ures Property (a)</p></td><td valign="top" style='width:69.15pt;border-top:0.5pt solid #000000'><p align="right" style='margin:0'>$ -</p></td><td valign="top" style='width:69.5pt;border-top:0.5pt solid #000000'><p align="right" style='margin:0'>$ -</p></td><td valign="top" style='width:69.5pt;border-top:0.5pt solid #000000'><p align="right" style='margin:0'>$ -</p></td><td valign="top" style='width:69.95pt;border-top:0.5pt solid #000000'><p align="right" style='margin:0'>$ -</p></td><td valign="top" style='width:69.15pt;border-top:0.5pt solid #000000'><p align="right" style='margin:0'>$ -</p></td></tr><tr style='height:7.2pt'><td valign="top" style='width:121.65pt'><p align="justify" style='margin:0'>Santa Elena Mine (b)</p></td><td valign="top" style='width:69.15pt'><p align="right" style='margin:0'>505,947</p></td><td valign="top" style='width:69.5pt'><p align="right" style='margin:0'>-</p></td><td valign="top" style='width:69.5pt'><p align="right" style='margin:0'>-</p></td><td valign="top" style='width:69.95pt'><p align="right" style='margin:0'>-</p></td><td valign="top" style='width:69.15pt'><p align="right" style='margin:0'>505,947</p></td></tr><tr style='height:7.2pt'><td valign="top" style='width:121.65pt'><p align="justify" style='margin:0'>San Felix Project (c)</p></td><td valign="top" style='width:69.15pt'><p align="right" style='margin:0'>-</p></td><td valign="top" style='width:69.5pt'><p align="right" style='margin:0'>-</p></td><td valign="top" style='width:69.5pt'><p align="right" style='margin:0'>-</p></td><td valign="top" style='width:69.95pt'><p align="right" style='margin:0'>-</p></td><td valign="top" style='width:69.15pt'><p align="right" style='margin:0'>-</p></td></tr><tr style='height:7.2pt'><td valign="top" style='width:121.65pt;border-bottom:0.25pt solid #000000'><p align="justify" style='margin:0'>Project Mabel (d)</p></td><td valign="top" style='width:69.15pt;border-bottom:0.25pt solid #000000'><p align="right" style='margin:0'>324,000</p></td><td valign="top" style='width:69.5pt;border-bottom:0.25pt solid #000000'><p align="right" style='margin:0'> </p></td><td valign="top" style='width:69.5pt;border-bottom:0.25pt solid #000000'><p align="right" style='margin:0'> </p></td><td valign="top" style='width:69.95pt;border-bottom:0.25pt solid #000000'><p align="right" style='margin:0'> </p></td><td valign="top" style='width:69.15pt;border-bottom:0.25pt solid #000000'><p align="right" style='margin:0'>324,000</p></td></tr><tr style='height:7.2pt'><td valign="top" style='width:121.65pt;border-top:0.25pt solid #000000;border-bottom:3px double #000000'><p align="justify" style='margin:0'> </p></td><td valign="top" style='width:69.15pt;border-top:0.25pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>$ 829,947</p></td><td valign="top" style='width:69.5pt;border-top:0.25pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>$ -</p></td><td valign="top" style='width:69.5pt;border-top:0.25pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>$ -</p></td><td valign="top" style='width:69.95pt;border-top:0.25pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>$ -</p></td><td valign="top" style='width:69.15pt;border-top:0.25pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>$ 829,947</p></td></tr></table><p align="justify" style='margin:0;margin-left:14.2pt'> </p><p align="justify" style='margin:0;margin-left:14.2pt'>The following is a continuity of exploration costs expensed in the consolidated statements of operation:</p><p align="justify" style='margin:0;margin-left:14.2pt'> </p><table align="center" style='border-collapse:collapse'><tr style='height:7.2pt'><td valign="top" style='width:126.2pt;border-bottom:0.5pt solid #000000'><p align="justify" style='margin:0'> </p></td><td valign="top" style='width:70.7pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'><b>Balance</b></p><p align="center" style='margin:0'><b>March 31, </b></p><p align="center" style='margin:0'><b>2019</b></p></td><td valign="top" style='width:75.8pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'> </p><p align="center" style='margin:0'><b>Cash </b></p><p align="center" style='margin:0'><b>Payments</b></p></td><td valign="top" style='width:75.8pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'> </p><p align="center" style='margin:0'><b>Share-based Payments</b></p></td><td valign="top" style='width:70pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'><b>Balance</b></p><p align="center" style='margin:0'><b>March 31,</b></p><p align="center" style='margin:0'><b>2020</b></p></td></tr><tr style='height:7.2pt'><td valign="top" style='width:126.2pt;border-top:0.5pt solid #000000'><p align="justify" style='margin:0'>Ures Property (a)</p></td><td valign="top" style='width:70.7pt;border-top:0.5pt solid #000000'><p align="right" style='margin:0;margin-left:5.7pt'>$ 2,089,538</p></td><td valign="top" style='width:75.8pt;border-top:0.5pt solid #000000'><p align="right" style='margin:0'>$ 21,767</p></td><td valign="top" style='width:75.8pt;border-top:0.5pt solid #000000'><p align="right" style='margin:0'>$ -</p></td><td valign="top" style='width:70pt;border-top:0.5pt solid #000000'><p align="right" style='margin:0;margin-left:5.7pt'>$ 2,111,305</p></td></tr><tr style='height:7.2pt'><td valign="top" style='width:126.2pt;border-bottom:0.5pt solid #000000'><p align="justify" style='margin:0'>Santa Elena Mine (b)</p></td><td valign="top" style='width:70.7pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'>5,493,310</p></td><td valign="top" style='width:75.8pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'>696,081</p></td><td valign="top" style='width:75.8pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'>71,025</p></td><td valign="top" style='width:70pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'>6,260,416</p></td></tr><tr style='height:7.2pt'><td valign="top" style='width:126.2pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="justify" style='margin:0'> </p></td><td valign="top" style='width:70.7pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>$ 7,582,848</p></td><td valign="top" style='width:75.8pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>$ 717,848</p></td><td valign="top" style='width:75.8pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>$ 71,025</p></td><td valign="top" style='width:70pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>$ 8,371,721</p></td></tr></table><p align="justify" style='margin:0;margin-left:14.2pt'> </p><table align="center" style='border-collapse:collapse'><tr style='height:7.2pt'><td valign="top" style='width:126.2pt;border-bottom:0.5pt solid #000000'><p align="justify" style='margin:0'> </p></td><td valign="top" style='width:70.7pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'><b>Balance</b></p><p align="center" style='margin:0'><b>March 31, </b></p><p align="center" style='margin:0'><b>2018</b></p></td><td valign="top" style='width:75.8pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'> </p><p align="center" style='margin:0'><b>Cash </b></p><p align="center" style='margin:0'><b>Payments</b></p></td><td valign="top" style='width:75.8pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'> </p><p align="center" style='margin:0'><b>Share-based Payments</b></p></td><td valign="top" style='width:70pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'><b>Balance</b></p><p align="center" style='margin:0'><b>March 31, </b></p><p align="center" style='margin:0'><b>2019</b></p></td></tr><tr style='height:7.2pt'><td valign="top" style='width:126.2pt;border-top:0.5pt solid #000000'><p align="justify" style='margin:0'>Ures Property (a)</p></td><td valign="top" style='width:70.7pt;border-top:0.5pt solid #000000'><p align="right" style='margin:0;margin-left:5.7pt'>$ 2,089,538</p></td><td valign="top" style='width:75.8pt;border-top:0.5pt solid #000000'><p align="right" style='margin:0'>$ -</p></td><td valign="top" style='width:75.8pt;border-top:0.5pt solid #000000'><p align="right" style='margin:0'>$ - </p></td><td valign="top" style='width:70pt;border-top:0.5pt solid #000000'><p align="right" style='margin:0;margin-left:5.7pt'>$ 2,089,538</p></td></tr><tr style='height:7.2pt'><td valign="top" style='width:126.2pt;border-bottom:0.5pt solid #000000'><p align="justify" style='margin:0'>Santa Elena Mine (b)</p></td><td valign="top" style='width:70.7pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'>4,668,410</p></td><td valign="top" style='width:75.8pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'>724,786</p></td><td valign="top" style='width:75.8pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'>100,114</p></td><td valign="top" style='width:70pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'>5,493,310</p></td></tr><tr style='height:7.2pt'><td valign="top" style='width:126.2pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="justify" style='margin:0'> </p></td><td valign="top" style='width:70.7pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>$ 6,757,948</p></td><td valign="top" style='width:75.8pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>$ 724,786</p></td><td valign="top" style='width:75.8pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>$ 100,114</p></td><td valign="top" style='width:70pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>$ 7,582,848</p></td></tr></table><p align="justify" style='margin:0;margin-left:14.2pt'> </p><p align="justify" style='margin:0;margin-left:18pt'><kbd style='position:absolute;font:8pt Arial;margin-left:0pt'>(a)</kbd><kbd style='margin-left:19pt'></kbd>Ures Property </p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0;margin-left:18pt'><font style='background-color:#FFFFFF'>On May 25, 2010, the Company entered into a Mineral Exploration and Mining Lease with Option to Purchase </font>mineral rights approximately 80 km NE of Hermosillo, Sonora, Mexico. The properties comprise approximately 10,000 acres over 9 concessions (including Ocho Hermanos, 370, San Ramon, Plat Osa, Edgar 1, Edgar 2, El Scorpio, Los Laureles and Mexus Gold). These property rights are owned by Mexus Gold S.A. de C.V. The Company is currently evaluating two properties, the El Scorpio and Ocho Hermanos. The evaluation involves trench testing and sampling.</p><p align="justify" style='margin:0;margin-left:18pt'> </p><p align="justify" style='margin:0;margin-left:18pt'><kbd style='position:absolute;font:8pt Arial;margin-left:0pt'>(b)</kbd><kbd style='margin-left:19pt'></kbd>Santa Elena Mine </p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0;margin-left:18pt'>Santa Elena Mine (also known as Caborca or Julio) comprise seven concessions with a total of 898.028 hectares of exploration properties located 54km NW of Caborca, State of Sonora, Mexico. These property rights are owned by Mexus Gold Mining S.A. de C.V. At March 31, 2020, a total of $505,947 have been capitalized on the consolidated balance sheet for these property costs.</p><p align="justify" style='margin:0;margin-left:18pt'> </p><p align="justify" style='margin:0;margin-left:18pt'>On May 19, 2016, Mexus entered into a new joint venture agreement to continue the exploration program under the Exploration, Exploitation and Mining Concessions Agreement (“Marmar Agreement”) with Marmar Holdings SA de CV (“Marmar”) for the Santa Elena property (title 221448) and Marta Elena property (title 221447). The Marmar Agreement requires Mexus to contribute its interest in the Santa Elena and Marta Elena properties and Marmar will bear all costs associated with operations and administration. Profits from net revenues will be distributed 5% Mexus and 95% Marmar until Marmar recovers its operating and administration costs. Thereafter, net revenues with be distributed 50% Mexus and 50% Marmar.</p><p align="justify" style='margin:0;margin-left:18pt'> </p><p align="justify" style='margin:0;margin-left:18pt'>On April 16, 2018, the Company announced t<font style='background-color:#FFFFFF'>hat it terminated its joint venture agreement with MarMar. The agreement outlined the contractual obligations at the Santa Elena project in Caborca, Sonora State, Mexico. The decision to terminate the agreement was made due to MarMar’s lack of funding for the project, non-compliance with various aspects of the agreement, and their inability to meet environmental standards at the site. The Company intends to move forward on the project with the proper equipment and personnel.</font></p><p align="justify" style='margin:0;margin-left:18pt'> </p><p align="justify" style='margin:0;margin-left:18pt'><kbd style='position:absolute;font:8pt Arial;margin-left:0pt'>(c)</kbd><kbd style='margin-left:19pt'></kbd>San Felix Project </p><p align="justify" style='margin:0;margin-left:18pt'> </p><p align="justify" style='margin:0;margin-left:18pt'>Effective January 13, 2017, Mexus Gold Mining, S.A. de C.V., a wholly owned Mexican subsidiary of the Company, entered into a purchase agreement with Jesus Leopoldo Felix Mazon, Leonardo Elias Jaime Perez, and Elia Lizardi Perez, wherein the Company purchased a 50% interest in the “San Felix” mining site located in the La Alameda area of Caborca, State of Sonora, Mexico. The remaining 50% of the site is owned jointly by Mar Holdings S.A. de C.V. and Marco Antonio Martinez Mora.</p><p align="justify" style='margin:0;margin-left:18pt'> </p><p align="justify" style='margin:0;margin-left:18pt'>The San Felix mining site contains seven (7) concessions over an area of approximately 26,000 acres.</p><p align="justify" style='margin:0;margin-left:18pt'> </p><p align="justify" style='margin:0;margin-left:18pt'>The total purchase price is US$2,000,000 of which the Company is 50% responsible. The required payment schedule is a follows: $150,000 by January 30, 2017, $500,000 by August 13, 2017, $500,000 by March 13, 2018, $500,000 by October 13, 2018, and $350,000 by May 13, 2019. On January 30, 2017, the Company paid $75,000 (50% of $150,000).</p><p align="justify" style='margin:0;margin-left:18pt'> </p><p align="justify" style='margin:0;margin-left:18pt'>During the year ended March 31, 2018, the Company recorded an impairment of mineral property for the San Felix Project of $75,000 because the requirement payment of $500,000 due on August 13, 2017 was not paid in accordance with the purchase agreement.</p><p align="justify" style='margin:0;margin-left:18pt'> </p><p align="justify" style='margin:0;margin-left:18pt'><kbd style='position:absolute;font:8pt Arial;margin-left:0pt'>(d)</kbd><kbd style='margin-left:19pt'></kbd>Project Mabel </p><p align="justify" style='margin:0;margin-left:18pt'> </p><p align="justify" style='margin:0;margin-left:18pt'>On January 18, 2018, Mexus Gold MX, entered into three Letter of Intent (“LOI”) agreements (collective known as Project Mabel) to exploit and transfer mineral rights owed by Cesar Mauricio Lemas Contreras. </p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:58.5pt'><kbd style='position:absolute;font:8pt Arial;margin-left:-22.5pt'>(i)</kbd>Project “Mabel” – Declaration of Intent dated January 18, 2018 with participation of 90% Mexus Gold MX and 10% Pacific Comox S.A. de C.V. (“Pacific Comox”). The administrator of Pacific Comox is Cesar Maruicio Lemas Contreras. This LOI contemplates transfers of mining rights at concessions 216136, 216137, 218587, 218588, 190649, 172975, 2019102, 172960, 180700, 222782 and 222783, which together add up to 2,128.2003 hectares </p><p align="justify" style='margin:0;text-indent:-22.5pt;margin-left:58.5pt'> </p><p align="justify" style='margin:0;margin-left:58.5pt'><kbd style='position:absolute;font:8pt Arial;margin-left:-22.5pt'>(ii)</kbd>Project “El Plomito” – Declaration of Intent dated January 23, 2018 with participation of 50% Mexus Gold MX and 50% Pacific Comox. This LOI contemplates transfers of mining rights at concessions 220563, 213711, 215941, 216544, 200395 and 222989, which together add up to 275.02 hectares. </p><p align="justify" style='margin:0;text-indent:-22.5pt;margin-left:58.5pt'> </p><p align="justify" style='margin:0;margin-left:58.5pt'><kbd style='position:absolute;font:8pt Arial;margin-left:-22.5pt'>(iii)</kbd>Project “La Famosa” – Declaration of Intent dated January 21, 2018 with participation of 50% Mexus Gold MX and 50% Pacific Comox. This LOI contemplates transfers of mining rights at concessions 220394, 220395, 220840, 220841 and 199006, which together add up to 200.0568 hectares. </p><p align="justify" style='margin:0;margin-left:54pt'> </p><p align="justify" style='margin:0;margin-left:18pt'>On January 23, 2018, the Company paid 6,000,000 shares of common stock valued at $324,000 ($0.0540 per share) to Cesar Maruicio Lemas Contreras as consideration to enter into three Letter of Intent agreements. At March 31, 2018, the payment was recorded as a deposit on mineral property in the consolidated balance sheet. On May 1, 2018, the $324,000 deposit on mineral properties was transferred to property costs on the consolidated balance sheet.</p><p style='margin:0'> </p>
<table align="center" style='border-collapse:collapse'><tr style='height:7.2pt'><td valign="top" style='width:125.3pt;border-bottom:0.5pt solid #000000'><p align="justify" style='margin:0;margin-left:9pt'> </p></td><td valign="bottom" style='width:67.5pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0;margin-left:9pt'><b>Balance</b></p><p align="center" style='margin:0;margin-left:9pt'><b>March 31, </b></p><p align="center" style='margin:0;margin-left:9pt'><b>2019</b></p></td><td valign="bottom" style='width:67.5pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0;margin-left:9pt'> </p><p align="center" style='margin:0;margin-left:9pt'><b>Cash Payments</b></p></td><td valign="bottom" style='width:67.5pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0;margin-left:9pt'> </p><p align="center" style='margin:0;margin-left:9pt'><b>Share-based Payments</b></p></td><td valign="bottom" style='width:72pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0;margin-left:9pt'> </p><p align="center" style='margin:0;margin-left:9pt'> </p><p align="center" style='margin:0;margin-left:9pt'><b>Impairment</b></p></td><td valign="bottom" style='width:69.1pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0;margin-left:9pt'><b>Balance</b></p><p align="center" style='margin:0;margin-left:9pt'><b>March 31,</b></p><p align="center" style='margin:0;margin-left:9pt'><b>2020</b></p></td></tr><tr style='height:7.2pt'><td valign="top" style='width:125.3pt;border-top:0.5pt solid #000000'><p align="justify" style='margin:0;margin-left:-1.5pt'>Ures Property (a)</p></td><td valign="top" style='width:67.5pt;border-top:0.5pt solid #000000'><p align="right" style='margin:0;margin-left:9pt'>$ -</p></td><td valign="top" style='width:67.5pt;border-top:0.5pt solid #000000'><p align="right" style='margin:0;margin-left:9pt'>$ -</p></td><td valign="top" style='width:67.5pt;border-top:0.5pt solid #000000'><p align="right" style='margin:0;margin-left:9pt'>$ -</p></td><td valign="top" style='width:72pt;border-top:0.5pt solid #000000'><p align="right" style='margin:0;margin-left:9pt'>$ -</p></td><td valign="top" style='width:69.1pt;border-top:0.5pt solid #000000'><p align="right" style='margin:0;margin-left:9pt'>$ -</p></td></tr><tr style='height:7.2pt'><td valign="top" style='width:125.3pt'><p align="justify" style='margin:0;margin-left:-1.5pt'>Santa Elena Mine (b)</p></td><td valign="top" style='width:67.5pt'><p align="right" style='margin:0;margin-left:9pt'>505,947</p></td><td valign="top" style='width:67.5pt'><p align="right" style='margin:0;margin-left:9pt'>-</p></td><td valign="top" style='width:67.5pt'><p align="right" style='margin:0;margin-left:9pt'>-</p></td><td valign="top" style='width:72pt'><p align="right" style='margin:0;margin-left:9pt'>-</p></td><td valign="top" style='width:69.1pt'><p align="right" style='margin:0;margin-left:9pt'>505,947</p></td></tr><tr style='height:7.2pt'><td valign="top" style='width:125.3pt'><p align="justify" style='margin:0;margin-left:-1.5pt'>San Felix Project (c)</p></td><td valign="top" style='width:67.5pt'><p align="right" style='margin:0;margin-left:9pt'>-</p></td><td valign="top" style='width:67.5pt'><p align="right" style='margin:0;margin-left:9pt'>-</p></td><td valign="top" style='width:67.5pt'><p align="right" style='margin:0;margin-left:9pt'>-</p></td><td valign="top" style='width:72pt'><p align="right" style='margin:0;margin-left:9pt'>-</p></td><td valign="top" style='width:69.1pt'><p align="right" style='margin:0;margin-left:9pt'>-</p></td></tr><tr style='height:7.2pt'><td valign="top" style='width:125.3pt'><p align="justify" style='margin:0;margin-left:-1.5pt'>Project Mabel (d)</p></td><td valign="top" style='width:67.5pt'><p align="right" style='margin:0;margin-left:9pt'>324,000</p></td><td valign="top" style='width:67.5pt'><p align="right" style='margin:0;margin-left:9pt'>-</p></td><td valign="top" style='width:67.5pt'><p align="right" style='margin:0;margin-left:9pt'>-</p></td><td valign="top" style='width:72pt'><p align="right" style='margin:0;margin-left:9pt'>-</p></td><td valign="top" style='width:69.1pt'><p align="right" style='margin:0;margin-left:9pt'>324,000</p></td></tr><tr style='height:7.2pt'><td valign="top" style='width:125.3pt;border-top:0.25pt solid #000000;border-bottom:3px double #000000'><p align="justify" style='margin:0'> </p></td><td valign="top" style='width:67.5pt;border-top:0.25pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>$ 829,947</p></td><td valign="top" style='width:67.5pt;border-top:0.25pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>$ -</p></td><td valign="top" style='width:67.5pt;border-top:0.25pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>$ -</p></td><td valign="top" style='width:72pt;border-top:0.25pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>$ -</p></td><td valign="top" style='width:69.1pt;border-top:0.25pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>$ 829,947</p></td></tr></table><p align="justify" style='margin:0;margin-left:14.2pt'> </p><table align="center" style='border-collapse:collapse'><tr style='height:7.2pt'><td valign="top" style='width:121.65pt;border-bottom:0.5pt solid #000000'><p align="justify" style='margin:0'> </p></td><td valign="top" style='width:69.15pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'><b>Balance</b></p><p align="center" style='margin:0'><b>March 31, </b></p><p align="center" style='margin:0'><b>2018</b></p></td><td valign="top" style='width:69.5pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'> </p><p align="center" style='margin:0'><b>Cash </b></p><p align="center" style='margin:0'><b>Payments</b></p></td><td valign="top" style='width:69.5pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'> </p><p align="center" style='margin:0'><b>Share-based Payments</b></p></td><td valign="top" style='width:69.95pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'> </p><p align="center" style='margin:0'> </p><p align="center" style='margin:0'><b>Impairment</b></p></td><td valign="top" style='width:69.15pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'><b>Balance</b></p><p align="center" style='margin:0'><b>March 31, </b></p><p align="center" style='margin:0'><b>2019</b></p></td></tr><tr style='height:7.2pt'><td valign="top" style='width:121.65pt;border-top:0.5pt solid #000000'><p align="justify" style='margin:0'>Ures Property (a)</p></td><td valign="top" style='width:69.15pt;border-top:0.5pt solid #000000'><p align="right" style='margin:0'>$ -</p></td><td valign="top" style='width:69.5pt;border-top:0.5pt solid #000000'><p align="right" style='margin:0'>$ -</p></td><td valign="top" style='width:69.5pt;border-top:0.5pt solid #000000'><p align="right" style='margin:0'>$ -</p></td><td valign="top" style='width:69.95pt;border-top:0.5pt solid #000000'><p align="right" style='margin:0'>$ -</p></td><td valign="top" style='width:69.15pt;border-top:0.5pt solid #000000'><p align="right" style='margin:0'>$ -</p></td></tr><tr style='height:7.2pt'><td valign="top" style='width:121.65pt'><p align="justify" style='margin:0'>Santa Elena Mine (b)</p></td><td valign="top" style='width:69.15pt'><p align="right" style='margin:0'>505,947</p></td><td valign="top" style='width:69.5pt'><p align="right" style='margin:0'>-</p></td><td valign="top" style='width:69.5pt'><p align="right" style='margin:0'>-</p></td><td valign="top" style='width:69.95pt'><p align="right" style='margin:0'>-</p></td><td valign="top" style='width:69.15pt'><p align="right" style='margin:0'>505,947</p></td></tr><tr style='height:7.2pt'><td valign="top" style='width:121.65pt'><p align="justify" style='margin:0'>San Felix Project (c)</p></td><td valign="top" style='width:69.15pt'><p align="right" style='margin:0'>-</p></td><td valign="top" style='width:69.5pt'><p align="right" style='margin:0'>-</p></td><td valign="top" style='width:69.5pt'><p align="right" style='margin:0'>-</p></td><td valign="top" style='width:69.95pt'><p align="right" style='margin:0'>-</p></td><td valign="top" style='width:69.15pt'><p align="right" style='margin:0'>-</p></td></tr><tr style='height:7.2pt'><td valign="top" style='width:121.65pt;border-bottom:0.25pt solid #000000'><p align="justify" style='margin:0'>Project Mabel (d)</p></td><td valign="top" style='width:69.15pt;border-bottom:0.25pt solid #000000'><p align="right" style='margin:0'>324,000</p></td><td valign="top" style='width:69.5pt;border-bottom:0.25pt solid #000000'><p align="right" style='margin:0'> </p></td><td valign="top" style='width:69.5pt;border-bottom:0.25pt solid #000000'><p align="right" style='margin:0'> </p></td><td valign="top" style='width:69.95pt;border-bottom:0.25pt solid #000000'><p align="right" style='margin:0'> </p></td><td valign="top" style='width:69.15pt;border-bottom:0.25pt solid #000000'><p align="right" style='margin:0'>324,000</p></td></tr><tr style='height:7.2pt'><td valign="top" style='width:121.65pt;border-top:0.25pt solid #000000;border-bottom:3px double #000000'><p align="justify" style='margin:0'> </p></td><td valign="top" style='width:69.15pt;border-top:0.25pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>$ 829,947</p></td><td valign="top" style='width:69.5pt;border-top:0.25pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>$ -</p></td><td valign="top" style='width:69.5pt;border-top:0.25pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>$ -</p></td><td valign="top" style='width:69.95pt;border-top:0.25pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>$ -</p></td><td valign="top" style='width:69.15pt;border-top:0.25pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>$ 829,947</p></td></tr></table><p align="justify" style='margin:0;margin-left:14.2pt'> </p><p align="justify" style='margin:0;margin-left:14.2pt'>The following is a continuity of exploration costs expensed in the consolidated statements of operation:</p><p align="justify" style='margin:0;margin-left:14.2pt'> </p><table align="center" style='border-collapse:collapse'><tr style='height:7.2pt'><td valign="top" style='width:126.2pt;border-bottom:0.5pt solid #000000'><p align="justify" style='margin:0'> </p></td><td valign="top" style='width:70.7pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'><b>Balance</b></p><p align="center" style='margin:0'><b>March 31, </b></p><p align="center" style='margin:0'><b>2019</b></p></td><td valign="top" style='width:75.8pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'> </p><p align="center" style='margin:0'><b>Cash </b></p><p align="center" style='margin:0'><b>Payments</b></p></td><td valign="top" style='width:75.8pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'> </p><p align="center" style='margin:0'><b>Share-based Payments</b></p></td><td valign="top" style='width:70pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'><b>Balance</b></p><p align="center" style='margin:0'><b>March 31,</b></p><p align="center" style='margin:0'><b>2020</b></p></td></tr><tr style='height:7.2pt'><td valign="top" style='width:126.2pt;border-top:0.5pt solid #000000'><p align="justify" style='margin:0'>Ures Property (a)</p></td><td valign="top" style='width:70.7pt;border-top:0.5pt solid #000000'><p align="right" style='margin:0;margin-left:5.7pt'>$ 2,089,538</p></td><td valign="top" style='width:75.8pt;border-top:0.5pt solid #000000'><p align="right" style='margin:0'>$ 21,767</p></td><td valign="top" style='width:75.8pt;border-top:0.5pt solid #000000'><p align="right" style='margin:0'>$ -</p></td><td valign="top" style='width:70pt;border-top:0.5pt solid #000000'><p align="right" style='margin:0;margin-left:5.7pt'>$ 2,111,305</p></td></tr><tr style='height:7.2pt'><td valign="top" style='width:126.2pt;border-bottom:0.5pt solid #000000'><p align="justify" style='margin:0'>Santa Elena Mine (b)</p></td><td valign="top" style='width:70.7pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'>5,493,310</p></td><td valign="top" style='width:75.8pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'>696,081</p></td><td valign="top" style='width:75.8pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'>71,025</p></td><td valign="top" style='width:70pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'>6,260,416</p></td></tr><tr style='height:7.2pt'><td valign="top" style='width:126.2pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="justify" style='margin:0'> </p></td><td valign="top" style='width:70.7pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>$ 7,582,848</p></td><td valign="top" style='width:75.8pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>$ 717,848</p></td><td valign="top" style='width:75.8pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>$ 71,025</p></td><td valign="top" style='width:70pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>$ 8,371,721</p></td></tr></table><p align="justify" style='margin:0;margin-left:14.2pt'> </p><table align="center" style='border-collapse:collapse'><tr style='height:7.2pt'><td valign="top" style='width:126.2pt;border-bottom:0.5pt solid #000000'><p align="justify" style='margin:0'> </p></td><td valign="top" style='width:70.7pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'><b>Balance</b></p><p align="center" style='margin:0'><b>March 31, </b></p><p align="center" style='margin:0'><b>2018</b></p></td><td valign="top" style='width:75.8pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'> </p><p align="center" style='margin:0'><b>Cash </b></p><p align="center" style='margin:0'><b>Payments</b></p></td><td valign="top" style='width:75.8pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'> </p><p align="center" style='margin:0'><b>Share-based Payments</b></p></td><td valign="top" style='width:70pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'><b>Balance</b></p><p align="center" style='margin:0'><b>March 31, </b></p><p align="center" style='margin:0'><b>2019</b></p></td></tr><tr style='height:7.2pt'><td valign="top" style='width:126.2pt;border-top:0.5pt solid #000000'><p align="justify" style='margin:0'>Ures Property (a)</p></td><td valign="top" style='width:70.7pt;border-top:0.5pt solid #000000'><p align="right" style='margin:0;margin-left:5.7pt'>$ 2,089,538</p></td><td valign="top" style='width:75.8pt;border-top:0.5pt solid #000000'><p align="right" style='margin:0'>$ -</p></td><td valign="top" style='width:75.8pt;border-top:0.5pt solid #000000'><p align="right" style='margin:0'>$ - </p></td><td valign="top" style='width:70pt;border-top:0.5pt solid #000000'><p align="right" style='margin:0;margin-left:5.7pt'>$ 2,089,538</p></td></tr><tr style='height:7.2pt'><td valign="top" style='width:126.2pt;border-bottom:0.5pt solid #000000'><p align="justify" style='margin:0'>Santa Elena Mine (b)</p></td><td valign="top" style='width:70.7pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'>4,668,410</p></td><td valign="top" style='width:75.8pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'>724,786</p></td><td valign="top" style='width:75.8pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'>100,114</p></td><td valign="top" style='width:70pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'>5,493,310</p></td></tr><tr style='height:7.2pt'><td valign="top" style='width:126.2pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="justify" style='margin:0'> </p></td><td valign="top" style='width:70.7pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>$ 6,757,948</p></td><td valign="top" style='width:75.8pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>$ 724,786</p></td><td valign="top" style='width:75.8pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>$ 100,114</p></td><td valign="top" style='width:70pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>$ 7,582,848</p></td></tr></table><p align="justify" style='margin:0;margin-left:14.2pt'> </p>
0
0
0
0
0
0
0
505947
0
0
0
0
0
0
0
324000
0
0
0
829947
0
0
0
0
0
505947
0
0
0
505947
0
0
0
0
0
324000
324000
829947
0
0
0
829947
21767
0
2111305
696081
71025
6260416
717848
71025
8371721
2089538
0
0
2089538
4668410
724786
100114
5493310
6757948
724786
100114
7582848
<b>5.   PROPERTY & EQUIPMENT</b><p align="justify" style='margin:0;margin-left:9pt;margin-right:1.6pt'> </p><table align="center" style='border-collapse:collapse'><tr style='height:7.2pt'><td valign="top" style='width:148.5pt;border-bottom:0.5pt solid #000000'><p align="justify" style='margin:0;margin-left:9pt'> </p></td><td valign="bottom" style='width:77.6pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0;margin-left:9pt'><b>Cost</b></p></td><td valign="bottom" style='width:77.65pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0;margin-left:9pt'><b>Accumulated Depreciation</b></p></td><td valign="bottom" style='width:87.75pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0;margin-left:9pt'><b>March 31, 2020</b></p><p align="center" style='margin:0;margin-left:9pt'><b>Net Book Value</b></p></td><td valign="bottom" style='width:90pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0;margin-left:9pt'><b>March 31, 2019</b></p><p align="center" style='margin:0;margin-left:9pt'><b>Net Book Value</b></p></td></tr><tr style='height:7.2pt'><td valign="top" style='width:148.5pt;border-top:0.5pt solid #000000'><p align="justify" style='margin:0;margin-left:9pt'>Mining tools and equipment</p></td><td valign="top" style='width:77.6pt;border-top:0.5pt solid #000000'><p align="right" style='margin:0;margin-left:7pt'>$ 1,818,746</p></td><td valign="top" style='width:77.65pt;border-top:0.5pt solid #000000'><p align="right" style='margin:0;margin-left:8pt'>$ 1,502,354</p></td><td valign="top" style='width:87.75pt;border-top:0.5pt solid #000000'><p align="right" style='margin:0;margin-left:9pt'>$ 316,392</p></td><td valign="top" style='width:90pt;border-top:0.5pt solid #000000'><p align="right" style='margin:0;margin-left:9pt'>$ 363,710</p></td></tr><tr style='height:7.2pt'><td valign="top" style='width:148.5pt;border-bottom:0.5pt solid #000000'><p align="justify" style='margin:0;margin-left:9pt'>Vehicles</p></td><td valign="top" style='width:77.6pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0;margin-left:9pt'>178,810</p></td><td valign="top" style='width:77.65pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0;margin-left:8pt'>164,314</p></td><td valign="top" style='width:87.75pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0;margin-left:9pt'>14,496</p></td><td valign="top" style='width:90pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0;margin-left:9pt'>19,814</p></td></tr><tr style='height:7.2pt'><td valign="top" style='width:148.5pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="justify" style='margin:0;margin-left:9pt'> </p></td><td valign="top" style='width:77.6pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0;margin-left:2.5pt'>$ 1,997,556</p></td><td valign="top" style='width:77.65pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0;margin-left:8pt'>$ 1,666,668</p></td><td valign="top" style='width:87.75pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0;margin-left:9pt'>$ 330,888</p></td><td valign="top" style='width:90pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0;margin-left:9pt'>$ 383,524</p></td></tr></table><p align="justify" style='margin:0;margin-left:9pt;margin-right:1.6pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>Depreciation expense for years ended March 31, 2020 was $168,757 and $255,215, respectively.</p><p align="justify" style='margin:0;margin-left:31.5pt;margin-right:1.6pt'> </p>
<table align="center" style='border-collapse:collapse'><tr style='height:7.2pt'><td valign="top" style='width:148.5pt;border-bottom:0.5pt solid #000000'><p align="justify" style='margin:0;margin-left:9pt'> </p></td><td valign="bottom" style='width:77.6pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0;margin-left:9pt'><b>Cost</b></p></td><td valign="bottom" style='width:77.65pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0;margin-left:9pt'><b>Accumulated Depreciation</b></p></td><td valign="bottom" style='width:87.75pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0;margin-left:9pt'><b>March 31, 2020</b></p><p align="center" style='margin:0;margin-left:9pt'><b>Net Book Value</b></p></td><td valign="bottom" style='width:90pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0;margin-left:9pt'><b>March 31, 2019</b></p><p align="center" style='margin:0;margin-left:9pt'><b>Net Book Value</b></p></td></tr><tr style='height:7.2pt'><td valign="top" style='width:148.5pt;border-top:0.5pt solid #000000'><p align="justify" style='margin:0;margin-left:9pt'>Mining tools and equipment</p></td><td valign="top" style='width:77.6pt;border-top:0.5pt solid #000000'><p align="right" style='margin:0;margin-left:7pt'>$ 1,818,746</p></td><td valign="top" style='width:77.65pt;border-top:0.5pt solid #000000'><p align="right" style='margin:0;margin-left:8pt'>$ 1,502,354</p></td><td valign="top" style='width:87.75pt;border-top:0.5pt solid #000000'><p align="right" style='margin:0;margin-left:9pt'>$ 316,392</p></td><td valign="top" style='width:90pt;border-top:0.5pt solid #000000'><p align="right" style='margin:0;margin-left:9pt'>$ 363,710</p></td></tr><tr style='height:7.2pt'><td valign="top" style='width:148.5pt;border-bottom:0.5pt solid #000000'><p align="justify" style='margin:0;margin-left:9pt'>Vehicles</p></td><td valign="top" style='width:77.6pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0;margin-left:9pt'>178,810</p></td><td valign="top" style='width:77.65pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0;margin-left:8pt'>164,314</p></td><td valign="top" style='width:87.75pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0;margin-left:9pt'>14,496</p></td><td valign="top" style='width:90pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0;margin-left:9pt'>19,814</p></td></tr><tr style='height:7.2pt'><td valign="top" style='width:148.5pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="justify" style='margin:0;margin-left:9pt'> </p></td><td valign="top" style='width:77.6pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0;margin-left:2.5pt'>$ 1,997,556</p></td><td valign="top" style='width:77.65pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0;margin-left:8pt'>$ 1,666,668</p></td><td valign="top" style='width:87.75pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0;margin-left:9pt'>$ 330,888</p></td><td valign="top" style='width:90pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0;margin-left:9pt'>$ 383,524</p></td></tr></table><p align="justify" style='margin:0;margin-left:9pt;margin-right:1.6pt'> </p>
1818746
1502354
316392
363710
178810
164314
14496
19814
1997556
1666668
330888
383524
168757
255215
<b>6.   ACCOUNTS PAYABLE – RELATED PARTIES</b><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0;margin-left:9pt'>During the years ended March 31, 2020 and 2019, the Company incurred rent expense to Paul D. Thompson, the sole director and officer of the Company, of $45,600 and $45,600, respectively. At March 31, 2020 and 2019, $107,161 and $140,448 for this obligation is outstanding, respectively.</p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'><b>Compensation </b></p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>On July 2, 2015, the Company entered into a compensation agreement with Paul D. Thompson, the sole director and officer of the Company. Mr. Thompson is compensated $15,000 per month and has the option to take payment in Company stock valued at an average of 5 days closing price, cash payments or deferred payment in stock or cash. In addition, Mr. Thompson is due 2,000,000 shares of common stock at the end of each fiscal quarter. At March 31, 2020 and 2019, $290,308 and $294,256 of compensation due is included in accounts payable – related party, respectively and $32,600 for 2,000,000 shares and $32,600 for 2,000,000 shares of common stock due is included in share subscriptions payable, respectively.</p><p align="justify" style='margin:0;margin-left:13.5pt'> </p>
45600
45600
107161
140448
290308
294256
32600
32600
<b>7.   NOTES PAYABLE AND NOTES PAYABLE – RELATED PARTY</b><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0;margin-left:9pt'>During the years ended March 31, 2020 and 2019, the Company received various advances for notes payable totaling $754,043 and $622,897, respectively. These notes are unsecured and are due in one to fifteen months from the date issue.</p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:58.5pt'><kbd style='position:absolute;font:8pt Arial;margin-left:-22.5pt'>(i)</kbd>On April 5, 2019, the Company issued a promissory note (“Note”) for $41,000 in cash. The Note earns interest at 12% per annum, matures on April 6, 2020 and is convertible into shares of common stock of the Company, the option of the Holder, at $0.005 per share. This Note were initially recorded net of a debt discount of $41,000 for a beneficial conversion feature with a corresponding increase in additional paid-in capital of $41,000. This Note went into default on April 7, 2020. </p><p align="justify" style='margin:0;text-indent:-22.5pt;margin-left:58.5pt'> </p><p align="justify" style='margin:0;margin-left:58.5pt'><kbd style='position:absolute;font:8pt Arial;margin-left:-22.5pt'>(ii)</kbd>On April 15, 2019, the Company issued a promissory note (“Note”) with a principal of amount of $66,754 bearing interest of 10% per annum to settle $66,754 in accounts payable due for accounting fees. The Note is due on June 30, 2020. The holder of the Note may convert principal and interest into shares of common stock of the Company at $0.005 per share. This Note were initially recorded net of a debt discount of $61,414 for a beneficial conversion feature with a corresponding increase in additional paid-in capital of $61,414. This Note went into default on July 1, 2020. </p><p align="justify" style='margin:0;text-indent:-22.5pt;margin-left:58.5pt'> </p><p align="justify" style='margin:0;margin-left:58.5pt'><kbd style='position:absolute;font:8pt Arial;margin-left:-22.5pt'>(iii)</kbd>On May 14, 2019, the Company issued a promissory note (“Note”) for $90,000 in cash with a face value of $95,000. The face value of the Note was due on May 24, 2019 plus an additional 1,000,000 shares of common stock of the Company. On May 17, 2019 and June 17, 2019, the Company paid the Note holder $60,000 and $35,000, respectively. The 1,000,000 shares of common stock was valued at $8,500 ($0.0085 per share) and recorded as interest expense. An additional $270 was paid to reimburse the Holder for fees. </p><p align="justify" style='margin:0;text-indent:-22.5pt;margin-left:58.5pt'> </p><p align="justify" style='margin:0;margin-left:58.5pt'><kbd style='position:absolute;font:8pt Arial;margin-left:-22.5pt'>(iv)</kbd>On March 11, 2019, the Company entered into a loan agreement (“Note”) for $70,000 in cash with a term of one year and one day. Upon signing the Note, the Company agreed to issue 3,000,000 shares of common stock of the Company. In addition, the Company agreed to issue a warrant with an exercise price of $0.05 per share once the Note is fully settled. The Note also states that the Company will repay the Note from 5% of the net profit from the Santa Elena Caborca gold project net smelter royalty until the Note is paid in full. During the year ended March 31, 2020, an additional $70,000 in cash was advanced in accordance with the terms of the Note. </p><p align="justify" style='margin:0;text-indent:-22.5pt;margin-left:58.5pt'> </p><p align="justify" style='margin:0;margin-left:58.5pt'><kbd style='position:absolute;font:8pt Arial;margin-left:-22.5pt'>(v)</kbd>On April 15, 2019, June 11, 2019, January 27, 2020 and January 31, 2020, the Company issued promissory notes which total $27,000 in principal that earn interest at 10% per annum and a terms of one to nine months. </p><p align="justify" style='margin:0;text-indent:-22.5pt;margin-left:58.5pt'> </p><p align="justify" style='margin:0;margin-left:58.5pt'><kbd style='position:absolute;font:8pt Arial;margin-left:-22.5pt'>(vi)</kbd>On July 18, 2019, the Company entered into a loan agreement (“Note”) for $105,000 in cash. The terms of the Note require the repayment of $75,000 in cash and the issuance of 200,000 shares of the Company on August 1, 2019. On July 31, 2019, the Company repaid $75,000 in cash. On September 25, 2019, the Company agreed to settle the remaining $30,000 of principal by issuing 8,750,000 shares of common stock of the Company resulting in a loss on settlement of debt of $82,788. </p><p align="justify" style='margin:0;text-indent:-22.5pt;margin-left:58.5pt'> </p><p align="justify" style='margin:0;margin-left:58.5pt'><kbd style='position:absolute;font:8pt Arial;margin-left:-22.5pt'>(vii)</kbd>On July 26, 2019, a promissory note with principal of $5,000 with interest payable of $350. </p><p align="justify" style='margin:0;text-indent:-22.5pt;margin-left:58.5pt'> </p><p align="justify" style='margin:0;margin-left:58.5pt'><kbd style='position:absolute;font:8pt Arial;margin-left:-22.5pt'>(viii)</kbd>On August 9, 2019 and March 23, 2020, issued promissory notes with principal of $31,000 with total interest comprising of $2,300 in cash and 1,050,000 shares of common stock of the Company. </p><p align="justify" style='margin:0;text-indent:-22.5pt;margin-left:58.5pt'> </p><p align="justify" style='margin:0;margin-left:58.5pt'><kbd style='position:absolute;font:8pt Arial;margin-left:-22.5pt'>(ix)</kbd>During the period November 1, 2019 to December 26, 2019, the Company issued 11 promissory notes (“Notes”) with $26,500 in principal that earn interest at 10% per annum and a term of six months. These promissory notes together with any unpaid accrued interest are payable, at the option of the holder, in cash or shares in the Company valued at the average closing prices of the previous 10 trading days. These Notes has been accounted for in accordance with ASC 480 <i>Distinguishing Liabilities from Equity</i>. </p><p align="justify" style='margin:0;text-indent:-22.5pt;margin-left:58.5pt'> </p><p align="justify" style='margin:0;margin-left:58.5pt'><kbd style='position:absolute;font:8pt Arial;margin-left:-22.5pt'>(x)</kbd>On October 7, 2019, the Company entered into a loan agreement (“Note”) for $125,000 in cash. On October 15, 2019 the Company repaid $40,000 in cash. The balance of the Note is due in equal quarterly installments commencing January 15, 2020 with interest payment at 14% per annum. In conjunction with the issuance of this Note the Company issued 5,000,000 shares of its common stock to the Note holder. The Note holder has the option to settle quarterly cash installments due in shares of common stock of the Company valued at 50% of market value calculated using the average of the last 10 day closing price. These Notes has been accounted for in accordance with ASC 480 <i>Distinguishing Liabilities from Equity</i>. </p><p align="justify" style='margin:0;text-indent:-22.5pt;margin-left:58.5pt'> </p><p align="justify" style='margin:0;margin-left:58.5pt'><kbd style='position:absolute;font:8pt Arial;margin-left:-22.5pt'>(xi)</kbd>On November 15, 2019 and February 29, 2020, the Company entered into loan agreements (“Notes”) for $35,030 in cash. On January 15, 2020, $25,000 principal plus $5,000 of interest is due and on April 5, 2020 $10,030 plus $150 of interest is due. </p><p align="justify" style='margin:0;text-indent:-22.5pt;margin-left:58.5pt'> </p><p align="justify" style='margin:0;margin-left:58.5pt'><kbd style='position:absolute;font:8pt Arial;margin-left:-22.5pt'>(xii)</kbd>On December 10, 2019, the Company entered into a loan agreement (“Note”) for $61,000 in cash. The balance of the Note is due in equal installments on March 10, 2020 and June 10, 2020 with interest payment at 14% per annum. </p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>During the year ended March 31, 2020 and 2019, note principal of $255,000 and $64,500, respectively, was paid through the issuance of 48,649,850 and 12,121,153 shares of common stock, respectively. In addition, during years ended March 31, 2020 and 2019, the Company paid $210,000 and $6,500 in cash, respectively, to settle debt.</p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>At March 31, 2020 and 2019, the carrying value of the notes totaled $934,248 (net of unamortized debt discount of $43,867) and $626,190 (net of unamortized debt discount of $94,127), respectively. At March 31, 2020, $830,931 of these notes were in default. There are no default provisions stated in these notes. At March 31, 2020 and 2019, accrued interest of $113,603 and $31,332, respectively, is included in accounts payable and accrued liabilities.</p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'><b>Notes payable – related party</b> – At March 31, 2020 and 2019, notes payable – related party of $138,169 and $67,410, respectively, are due to Paul Thompson Sr., the sole officer and director of the Company. These notes bear interest from 0% to 12% per annum.</p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>Interest and amortization of debt discount was $370,150 and $327,177 for the years ended March 31, 2020 and 2019, respectively.</p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>The amount by which the if-converted value of notes payable exceeds principal of notes payable at March 31, 2020 is $667.</p><p align="justify" style='margin:0;margin-left:13.5pt'> </p>
754043
622897
2019-04-05
41000
0.1200
2019-04-15
66754
2019-05-14
90000
2019-03-11
70000
27000
2019-07-18
105000
2019-07-26
5000
2019-08-09
2020-03-23
31000
2019-11-01
2019-12-26
26500
0.1000
2019-10-07
125000
0.1400
2019-11-15
2020-02-29
35030
2019-12-10
61000
0.1400
934248
43867
626190
94127
370150
327177
<b>8.   PROMISSORY NOTES</b><p align="justify" style='margin:0;margin-left:18pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>At March 31, 2020 and 2019, outstanding Promissory Notes were $65,000 and $65,000, respectively. The Note bear interest of 4% per annum and are due on December 31, 2013. The Note is secured by all of Mexus Gold US shares of stock in Mexus Resources S.A. de C.V. and a personal guarantee of Paul D. Thompson. As of March 31, 2020, the Company has not made the scheduled payments and is in default on this promissory note. The default rate on the notes is seven percent. At March 31, 2020 and 2019, accrued interest of $38,043 and $31,117, respectively, is included in accounts payable and accrued liabilities.</p><p align="justify" style='margin:0;margin-left:18pt'> </p>
65000
65000
0.0400
<b>9.   CONVERTIBLE PROMISSORY NOTES</b><p align="justify" style='margin:0;margin-left:18pt'> </p><p align="justify" style='margin:0;margin-left:9pt'><b>JMJ Financial</b></p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>On November 14, 2017, the Company issued a Convertible Promissory Note (“Note”) to JMJ Financial (“Holder”), for a principal sum of $166,667 plus one-time 10% interest charge of $16,667 which matures on May 14, 2018 for $150,000 in cash. The Company may repay the Note and interest any time in cash before the maturity date without a prepayment penalty. If the Company defaults on repayment, this Note together with any unpaid accrued interest is convertible into shares of common stock at the Holder’s option at a variable conversion price calculated as lesser of (a) $0.0375 or (b) 50% (40% if the conversion shares are not deliverable by DWAC) of the lowest trade occurring during the 25 consecutive trading days immediately preceding the conversion date. On issuance of the Note, an embedded derivative with a fair value of $66,205 was identified and recorded as debt discount (See Note 12). In conjunction with the Note, the Company issued 3,591,940 shares of common stock (“Origination Shares”) of the Company which was recorded as debt discount. The Origination Shares and the Note were valued at $51,920 and $31,875 upon issuance, respectively, using the relative fair value method. Additional interest expense is accreted on the Note between issuance and maturity dates with the expectation that principal and interest is likely to be settled in shares of common stock of the Company at a variable conversion price calculated at 40% of trade price of common stock of the Company. On May 16, 2018, the Company paid JMJ Financial $183,333 in cash to fully settle the Convertible Promissory Note issued on November 14, 2017 resulting in a gain on settlement of $275,000. Interest and amortization of debt discount was $0 and $103,669 for the years ended March 31, 2020 and 2019.</p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'><b>Power Up Lending Group Ltd.</b></p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>On August 21, 2018, the Company issued a Convertible Promissory Note (“Note”) to Power Up Lending Group Ltd. (“Holder”) in the original principal amount of $77,500 less transaction costs of $2,500 bearing a 12% annual interest rate and maturing May 30, 2019 for $75,000 in cash. After 170 days after the issue date, this Note together with any unpaid accrued interest is convertible into shares of common stock of the Company at the Holder’s option at a variable conversion price calculated at 65% of the market price defined as the average of the lowest two trading prices during the fifteen trading day period ending on the latest complete trading day prior to the conversion date. The Company determined that upon issuance of the Note, the initial fair value of the embedded conversion feature was $110,737, of which $77,500 was recorded as debt discount and the remainder of $33,237 was recorded expensed and included in gain (loss) on derivative liability. The Company may repay the Note in cash if repaid within 30 days of date of issue at 110% of the original principal amount plus interest, between 31 days and 60 days at 115% of the original principal amount plus interest, between 61 days and 90 days at 120% of the original principal amount plus interest, between 91 days and 120 days at 125% of the original principal amount plus interest, between 121 days and 150 days at 130% of the original principal amount plus interest, and between 151 days and 170 days at 135% of the original principal amount plus interest. Thereafter, the Company does not have the right of prepayment. . On January 17, 2019, the Company paid $105,520 in cash to Power Up Lending Group Ltd. to fully settle the Convertible Promissory Note resulting in a gain of settlement of $19,121. Interest and amortization of debt discount was $124,638 for the year ended March 31, 2019</p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>On November 7, 2018, the Company issued a Convertible Promissory Note (“Note”) to Power Up Lending Group Ltd. (“Holder”) in the original principal amount of $78,000 less transaction costs of $2,500 bearing a 12% annual interest rate and maturing August 30, 2019 for $75,500 in cash. After 170 days after the issue date, this Note together with any unpaid accrued interest is convertible into shares of common stock of the Company at the Holder’s option at a variable conversion price calculated at 65% of the market price defined as the average of the lowest two trading prices during the fifteen trading day period ending on the latest complete trading day prior to the conversion date. The Company determined that upon issuance of the Note, the initial fair value of the embedded conversion feature was $50,690 which was recorded as a debt discount. The Company may repay the Note if repaid in cash within 30 days of date of issue at 110% of the original principal amount plus interest, between 31 days and 60 days at 115% of the original principal amount plus interest, between 61 days and 90 days at 120% of the original principal amount plus interest, between 91 days and 120 days at 125% of the original principal amount plus interest, between 121 days and 150 days at 130% of the original principal amount plus interest, and between 151 days and 170 days at 135% of the original principal amount plus interest. Thereafter, the Company does not have the right of prepayment. At March 31, 2019, the Note is recorded at an accreted value of $125,681 less unamortized debt discount of $48,879. On May 10, 2019, the Company paid $111,531 in cash to Power Up Lending Group Ltd. to fully settle the Note resulting in a gain on settlement of $15,471. Interest and amortization of debt discount was $50,203 for the year ended March 31, 2020.</p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>On January 25, 2019, the Company issued a Convertible Promissory Note (“Note”) to Power Up Lending Group Ltd. (“Holder”) in the original principal amount of $73,000 less transaction costs of $3,000 bearing a 12% annual interest rate and maturing November 15, 2019 for $70,000 in cash. After 170 days after the issue date, this Note together with any unpaid accrued interest is convertible into shares of common stock of the Company at the Holder’s option at a variable conversion price calculated at 65% of the market price defined as the average of the lowest two trading prices during the fifteen trading day period ending on the latest complete trading day prior to the conversion date. The Company determined that upon issuance of the Note, the initial fair value of the embedded conversion feature was $76,073, of which $70,000 was recorded as debt discount and the remainder of $6,073 was recorded expensed and included in gain (loss) on derivative liability. The Company may repay the Note in cash if repaid within 30 days of date of issue at 110% of the original principal amount plus interest, between 31 days and 60 days at 115% of the original principal amount plus interest, between 61 days and 90 days at 120% of the original principal amount plus interest, between 91 days and 120 days at 125% of the original principal amount plus interest, between 121 days and 150 days at 130% of the original principal amount plus interest, and between 151 days and 170 days at 135% of the original principal amount plus interest. Thereafter, the Company does not have the right of prepayment. At March 31, 2019, the Note is recorded at an accreted value of $114,708 less unamortized debt discount of $87,476. On July 18, 2019, the Company paid $104,188 in cash to Power Up Lending Group Ltd. to fully settle the Note resulting in a gain on settlement of $14,249. Interest and amortization of debt discount was $91,207 for the year ended March 31, 2020.</p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>On April 5, 2019, the Company issued a Convertible Promissory Note (“Note”) to Power Up Lending Group Ltd. (“Holder”) in the original principal amount of $88,000 less transaction costs of $3,000 bearing a 12% annual interest rate and maturing February 28, 2020 for $85,000 in cash. After 170 days after the issue date, this Note together with any unpaid accrued interest is convertible into shares of common stock of the Company at the Holder’s option at a variable conversion price calculated at 65% of the market price defined as the average of the lowest two trading prices during the fifteen trading day period ending on the latest complete trading day prior to the conversion date. The Company determined that upon issuance of the Note, the initial fair value of the embedded conversion feature was $74,311 which was recorded as a debt discount. The Company may repay the Note if repaid within 30 days of date of issue at 110% of the original principal amount plus interest, between 31 days and 60 days at 115% of the original principal amount plus interest, between 61 days and 90 days at 120% of the original principal amount plus interest, between 91 days and 120 days at 125% of the original principal amount plus interest, between 121 days and 150 days at 130% of the original principal amount plus interest, and between 151 days and 170 days at 135% of the original principal amount plus interest. Thereafter, the Company does not have the right of prepayment. On October 8, 2019, the Company paid $125,830 in cash to Power Up Lending Group Ltd. to fully settle the Note resulting in a gain on settlement of $17,602. Interest and amortization of debt discount was $132,743 for the year ended March 31, 2020.</p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>On May 9, 2019, the Company issued a Convertible Promissory Note (“Note”) to Power Up Lending Group Ltd. (“Holder”) in the original principal amount of $83,000 less transaction costs of $3,000 bearing a 12% annual interest rate and maturing March 15, 2020 for $80,000 in cash. After 170 days after the issue date, this Note together with any unpaid accrued interest is convertible into shares of common stock of the Company at the Holder’s option at a variable conversion price calculated at 65% of the market price defined as the average of the lowest two trading prices during the fifteen trading day period ending on the latest complete trading day prior to the conversion date. The Company determined that upon issuance of the Note, the initial fair value of the embedded conversion feature was $77,741 which was recorded as a debt discount. The Company may repay the Note if repaid within 30 days of date of issue at 110% of the original principal amount plus interest, between 31 days and 60 days at 115% of the original principal amount plus interest, between 61 days and 90 days at 120% of the original principal amount plus interest, between 91 days and 120 days at 125% of the original principal amount plus interest, between 121 days and 150 days at 130% of the original principal amount plus interest, and between 151 days and 170 days at 135% of the original principal amount plus interest. Thereafter, the Company does not have the right of prepayment. From November 14, 2019 to December 9, 2019, the Company issued 26,869,860 shares of common shares of the Company with the fair value $151,531 to Power Up Lending Group Ltd. to fully settle the Note resulting in a loss on settlement of $16,177. Interest and amortization of debt discount was $133,096 for the year ended March 31, 2020.</p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>On June 11, 2019, the Company issued a Convertible Promissory Note (“Note”) to Power Up Lending Group Ltd. (“Holder”) in the original principal amount of $42,500 less transaction costs of $2,500 bearing a 12% annual interest rate and maturing April 15, 2020 for $40,000 in cash. After 170 days after the issue date, this Note together with any unpaid accrued interest is convertible into shares of common stock of the Company at the Holder’s option at a variable conversion price calculated at 65% of the market price defined as the average of the lowest two trading prices during the fifteen trading day period ending on the latest complete trading day prior to the conversion date. The Company determined that upon issuance of the Note, the initial fair value of the embedded conversion feature was $38,450 which was recorded as a debt discount. The Company may repay the Note if repaid within 30 days of date of issue at 110% of the original principal amount plus interest, between 31 days and 60 days at 115% of the original principal amount plus interest, between 61 days and 90 days at 120% of the original principal amount plus interest, between 91 days and 120 days at 125% of the original principal amount plus interest, between 121 days and 150 days at 130% of the original principal amount plus interest, and between 151 days and 170 days at 135% of the original principal amount plus interest. Thereafter, the Company does not have the right of prepayment. On December 11, 2019, the Company paid $60,751 in cash to Power Up Lending Group Ltd. to fully settle the Note resulting in a gain on settlement of $8,413. Interest and amortization of debt discount was $67,614 for the year ended March 31, 2020.</p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>On July 29, 2019, the Company issued a Convertible Promissory Note (“Note”) to Power Up Lending Group Ltd. (“Holder”) in the original principal amount of $85,000 less transaction costs of $2,500 bearing a 12% annual interest rate and maturing June 15, 2020 for $82,500 in cash. After 170 days after the issue date, this Note together with any unpaid accrued interest is convertible into shares of common stock of the Company at the Holder’s option at a variable conversion price calculated at 65% of the market price defined as the average of the lowest two trading prices during the fifteen trading day period ending on the latest complete trading day prior to the conversion date. The Company determined that upon issuance of the Note, the initial fair value of the embedded conversion feature was $105,696 which was recorded as a debt discount. The Company may repay the Note if repaid within 30 days of date of issue at 110% of the original principal amount plus interest, between 31 days and 60 days at 115% of the original principal amount plus interest, between 61 days and 90 days at 120% of the original principal amount plus interest, between 91 days and 120 days at 125% of the original principal amount plus interest, between 121 days and 150 days at 130% of the original principal amount plus interest, and between 151 days and 170 days at 135% of the original principal amount plus interest. From January 31, 2020 to March 6, 2020, the Company issued 49,103,174 shares of common shares of the Company with the fair value $208,240 to Power Up Lending Group Ltd. to fully settle the Note resulting in a loss on settlement of $69,625. Interest and amortization of debt discount was $138,615 for the year ended March 31, 2020.</p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>On October 3, 2019, the Company issued a Convertible Promissory Note (“Note”) to Power Up Lending Group Ltd. (“Holder”) in the original principal amount of $82,500 less transaction costs of $2,500 bearing a 12% annual interest rate and maturing August 15, 2020 for $80,000 in cash. After 170 days after the issue date, this Note together with any unpaid accrued interest is convertible into shares of common stock of the Company at the Holder’s option at a variable conversion price calculated at 65% of the market price defined as the average of the lowest two trading prices during the fifteen trading day period ending on the latest complete trading day prior to the conversion date. The Company determined that upon issuance of the Note, the initial fair value of the embedded conversion feature was $50,377 which was recorded as a debt discount. The Company may repay the Note if repaid within 30 days of date of issue at 110% of the original principal amount plus interest, between 31 days and 60 days at 115% of the original principal amount plus interest, between 61 days and 90 days at 120% of the original principal amount plus interest, between 91 days and 120 days at 125% of the original principal amount plus interest, between 121 days and 150 days at 130% of the original principal amount plus interest, and between 151 days and 170 days at 135% of the original principal amount plus interest. Thereafter, the Company does not have the right of prepayment. At March 31, 2020, the Note is recorded at an accreted value of $112,736 less unamortized debt discount of $20,352. Interest and amortization of debt discount was $62,760 for the year ended March 31, 2020.</p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>On December 12, 2019, the Company issued a Convertible Promissory Note (“Note”) to Power Up Lending Group Ltd. (“Holder”) in the original principal amount of $57,500 less transaction costs of $2,500 bearing a 12% annual interest rate and maturing September 15, 2020 for $55,000 in cash. After 170 days after the issue date, this Note together with any unpaid accrued interest is convertible into shares of common stock of the Company at the Holder’s option at a variable conversion price calculated at 65% of the market price defined as the average of the lowest two trading prices during the fifteen trading day period ending on the latest complete trading day prior to the conversion date. The Company determined that upon issuance of the Note, the initial fair value of the embedded conversion feature was $49,646 which was recorded as a debt discount. The Company may repay the Note if repaid within 30 days of date of issue at 110% of the original principal amount plus interest, between 31 days and 60 days at 115% of the original principal amount plus interest, between 61 days and 90 days at 120% of the original principal amount plus interest, between 91 days and 120 days at 125% of the original principal amount plus interest and between 121 days and 180 days at 135% of the original principal amount plus interest. Thereafter, the Company does not have the right of prepayment. At March 31, 2020, the Note is recorded at an accreted value of $70,450 less unamortized debt discount of $29,013. Interest and amortization of debt discount was $36,084 for the year ended March 31, 2020.</p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>On March 2, 2020, the Company issued a Convertible Promissory Note (“Note”) to Power Up Lending Group Ltd. (“Holder”) in the original principal amount of $52,500 less transaction costs of $2,500 bearing a 12% annual interest rate and maturing December 15, 2020 for $50,000 in cash. After 180 days after the issue date, this Note together with any unpaid accrued interest is convertible into shares of common stock of the Company at the Holder’s option at a variable conversion price calculated at 65% of the market price defined as the average of the lowest two trading prices during the fifteen trading day period ending on the latest complete trading day prior to the conversion date. The Company determined that upon issuance of the Note, the initial fair value of the embedded conversion feature was $70,613 which was recorded as a debt discount. The Company may repay the Note if repaid within 30 days of date of issue at 110% of the original principal amount plus interest, between 31 days and 60 days at 115% of the original principal amount plus interest, between 61 days and 90 days at 120% of the original principal amount plus interest, between 91 days and 120 days at 125% of the original principal amount plus interest and between 121 days and 180 days at 135% of the original principal amount plus interest. Thereafter, the Company does not have the right of prepayment. At March 31, 2020, the Note is recorded at an accreted value of $53,617 less unamortized debt discount of $44,714. Interest and amortization of debt discount was $8,903 for the year ended March 31, 2020.</p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>On March 26, 2020, the Company issued a Convertible Promissory Note (“Note”) to Power Up Lending Group Ltd. (“Holder”) in the original principal amount of $42,500 less transaction costs of $2,500 bearing a 12% annual interest rate and maturing January 15, 2021 for $40,000 in cash. After 180 days after the issue date, this Note together with any unpaid accrued interest is convertible into shares of common stock of the Company at the Holder’s option at a variable conversion price calculated at 65% of the market price defined as the average of the lowest two trading prices during the fifteen trading day period ending on the latest complete trading day prior to the conversion date. The Company determined that upon issuance of the Note, the initial fair value of the embedded conversion feature was $38,003 which was recorded as a debt discount. The Company may repay the Note if repaid within 30 days of date of issue at 110% of the original principal amount plus interest, between 31 days and 60 days at 115% of the original principal amount plus interest, between 61 days and 90 days at 120% of the original principal amount plus interest, between 91 days and 120 days at 125% of the original principal amount plus interest and between 121 days and 180 days at 135% of the original principal amount plus interest. Thereafter, the Company does not have the right of prepayment. At March 31, 2020, the Note is recorded at an accreted value of $40,495 less unamortized debt discount of $37,311. Interest and amortization of debt discount was $1,182 for the year ended March 31, 2020.</p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'><b>JSJ Investments Inc.</b></p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>On September 16, 2019, the Company issued a Convertible Promissory Note (“Note”) to JSJ Investments Inc. (“Holder”) in the original principal amount of $142,000 less debt discount of $17,000 bearing a 6% annual interest rate and maturing September 16, 2020 for $125,000 in cash. After 180 days after the issue date, this Note together with any unpaid accrued interest is convertible into shares of common stock of the Company at the Holder’s option at a variable conversion price calculated at 35% discount to the average of the two lowest trading prices during the previous fifteen (15) trading days. The Company determined that upon issuance of the Note, the initial fair value of the embedded conversion feature was $103,604 which was recorded as a debt discount. The Company may repay the Note if repaid within 30 days of date of issue at 110% of the original principal amount plus interest, between 31 days and 60 days at 115% of the original principal amount plus interest, between 61 days and 90 days at 120% of the original principal amount plus interest, between 91 days and 120 days at 125% of the original principal amount plus interest, between 121 days and 150 days at 130% of the original principal amount plus interest, and between 151 days and 180 days at 135% of the original principal amount plus interest. Thereafter, the Company does not have the right of prepayment. At March 31, 2020, the Note is recorded at an accreted value of $173,230 less unamortized debt discount of $38,689. Interest and amortization of debt discount was $113,145 for the year ended March 31, 2020.</p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'><b>Crown Bridge Partners, LLC</b></p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>On November 21, 2019, the Company issued a Convertible Promissory Note (“Note”) to Crown Bridge Partners, LLC (“Holder”) in the original principal amount of $27,500 less transaction costs of $3,250 bearing a 12% annual interest rate and maturing November 21, 2020 for $24,250 in cash. This Note together with any unpaid accrued interest is convertible into shares of common stock of the Company at the Holder’s option at a variable conversion price calculated at 60% of the market price defined as the lowest trading price during the twenty trading day period ending on the latest complete trading day prior to the conversion date. The Company determined that upon issuance of the Note, the initial fair value of the embedded conversion feature was $18,608 which was recorded as a debt discount. The Company may repay the Note if repaid within 60 days of date of issue at 125% of the original principal amount plus interest, between 61 days and 120 days at 135% of the original principal amount plus interest and between 121 days and 180 days at 145% of the original principal amount plus interest. Thereafter, the Company does not have the right of prepayment. At March 31, 2020, the Note is recorded at an accreted value of $32,786 less unamortized debt discount of $10,784. Interest and amortization of debt discount was $16,359 for the year ended March 31, 2020.</p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'><b>Auctus Fund, LLC</b></p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>On December 19, 2019, the Company entered into a Securities Purchase Agreement with Auctus Fund, LLC, (“Holder”) relating to the issuance and sale of a Convertible Promissory Note (the “Note”) with an original principal amount of $112,750 less an original issue discount of $10,000 and transaction costs of $2,750 bearing a 12% annual interest rate and maturing October 19, 2020 for $100,000 in cash. The Company determined that upon issuance of the Note, the initial fair value of the embedded conversion feature and warrant liability was $110,475 which was recorded as a debt discount. After 180 days after the issue date, the Note together with any unpaid accrued interest is convertible into shares of common stock of the Company at the Holder’s option at a variable conversion price calculated at 50% of the market price defined as the lowest trading price during the twenty-five trading day period ending on the latest trading day prior to the conversion date. The Company may prepay the Note in cash, if repaid within 90 days of date of issue at 135% of the original principal amount plus interest and between 90 days and 180 days at 150% of the original principal amount plus interest. Thereafter, the Company does not have the right of prepayment. At March 31, 2020, the Note is recorded at an accreted value of $145,712 less unamortized debt discount of $61,924. Interest and amortization of debt discount was $83,789 for the year ended March 31, 2020.</p><p align="justify" style='margin:0;margin-left:18pt'> </p>
2017-11-14
166667
0.1000
2018-05-14
150000
2018-08-21
77500
2500
0.1200
2019-05-30
75000
2018-11-07
78000
2500
0.1200
2019-08-30
75500
2019-01-25
73000
3000
0.1200
2019-11-15
70000
2019-04-05
88000
3000
0.1200
2020-02-28
85000
2019-05-09
83000
3000
0.1200
2020-03-15
80000
2019-06-11
42500
2500
0.1200
2020-04-15
40000
2019-07-29
85000
2500
0.1200
2020-06-15
82500
2019-10-03
82500
2500
0.1200
2020-08-15
80000
2019-12-12
57500
2500
0.1200
2020-09-15
55000
2020-03-02
52500
2500
0.1200
2020-12-15
50000
2020-03-26
42500
2500
0.1200
2021-01-15
40000
2019-09-16
142000
17000
0.0600
2020-09-16
125000
2019-11-21
27500
3250
0.1200
2020-11-21
24250
2019-12-19
112750
10000
2750
0.1200
2020-10-19
100000
<b>10.   CONVERTIBLE PROMISSORY NOTE DERIVATIVE LIABILITY</b><p align="justify" style='margin:0;margin-left:13.5pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>The Convertible Promissory Notes (“Notes”) with Power Up Lending Group Ltd., JSJ Investments Inc., Crown Bridge Partners, LLC and Auctus Fund, LLC was accounted for under ASC 815. The variable conversion price is not considered predominately based on a fixed monetary amount settleable with a variable number of shares due to the volatility and trading volume of the Company’s common stock. The Company’s convertible promissory notes derivative liabilities has been measured at fair value using the Black-Scholes model. </p><p style='margin:0'> </p><table align="center" style='border-collapse:collapse;width:553.5pt'><tr style='height:7.2pt'><td valign="top" style='width:98.1pt'><p align="justify" style='margin:0'> </p></td><td valign="top" style='width:81.9pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'><b>March 31, </b></p><p align="center" style='margin:0'><b>2019</b></p></td><td valign="top" style='width:76.5pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'><b>June 30, </b></p><p align="center" style='margin:0'><b>2019</b></p></td><td valign="top" style='width:94.5pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'><b>Sept. 30, </b></p><p align="center" style='margin:0'><b>2019</b></p></td><td valign="top" style='width:103.5pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'><b>Dec. 31, </b></p><p align="center" style='margin:0'><b>2019</b></p></td><td valign="top" style='width:99pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'><b>March 31, </b></p><p align="center" style='margin:0'><b>2020</b></p></td></tr><tr style='height:7.2pt'><td valign="top" style='width:98.1pt'><p align="justify" style='margin:0'>Closing share price</p></td><td valign="top" style='width:81.9pt;border-top:0.5pt solid #000000'><p align="center" style='margin:0'>$0.0112</p></td><td valign="top" style='width:76.5pt;border-top:0.5pt solid #000000'><p align="center" style='margin:0'>$0.01</p></td><td valign="top" style='width:94.5pt;border-top:0.5pt solid #000000'><p align="center" style='margin:0'>$0.0115</p></td><td valign="top" style='width:103.5pt;border-top:0.5pt solid #000000'><p align="center" style='margin:0'>$0.0038</p></td><td valign="top" style='width:99pt;border-top:0.5pt solid #000000'><p align="center" style='margin:0'>$0.0038</p></td></tr><tr style='height:7.2pt'><td valign="top" style='width:98.1pt'><p align="justify" style='margin:0'>Conversion price</p></td><td valign="top" style='width:81.9pt'><p align="center" style='margin:0'>$0.0100</p></td><td valign="top" style='width:76.5pt'><p align="center" style='margin:0'>$0.0075</p></td><td valign="top" style='width:94.5pt'><p align="center" style='margin:0'>$0.0113</p></td><td valign="top" style='width:103.5pt'><p align="center" style='margin:0'>$0.0031 – $0.0032</p></td><td valign="top" style='width:99pt'><p align="center" style='margin:0'>$0.0026 - $0.0028</p></td></tr><tr style='height:7.2pt'><td valign="top" style='width:98.1pt'><p align="justify" style='margin:0'>Risk free rate</p></td><td valign="top" style='width:81.9pt'><p align="center" style='margin:0'>2.44% - 2.56%</p></td><td valign="top" style='width:76.5pt'><p align="center" style='margin:0'>2.10%</p></td><td valign="top" style='width:94.5pt'><p align="center" style='margin:0'>2.10%</p></td><td valign="top" style='width:103.5pt'><p align="center" style='margin:0'>1.51% - 1.60%</p></td><td valign="top" style='width:99pt'><p align="center" style='margin:0'>0.11% - 0.15%</p></td></tr><tr style='height:7.2pt'><td valign="top" style='width:98.1pt'><p align="justify" style='margin:0'>Expected volatility</p></td><td valign="top" style='width:81.9pt'><p align="center" style='margin:0'>230%</p></td><td valign="top" style='width:76.5pt'><p align="center" style='margin:0'>216% - 256%</p></td><td valign="top" style='width:94.5pt'><p align="center" style='margin:0'>153% - 214%</p></td><td valign="top" style='width:103.5pt'><p align="center" style='margin:0'>172% - 211%</p></td><td valign="top" style='width:99pt'><p align="center" style='margin:0'>201% - 256%</p></td></tr><tr style='height:7.2pt'><td valign="top" style='width:98.1pt'><p align="justify" style='margin:0'>Dividend yield</p></td><td valign="top" style='width:81.9pt'><p align="center" style='margin:0'>0%</p></td><td valign="top" style='width:76.5pt'><p align="center" style='margin:0'>0%</p></td><td valign="top" style='width:94.5pt'><p align="center" style='margin:0'>0%</p></td><td valign="top" style='width:103.5pt'><p align="center" style='margin:0'>0%</p></td><td valign="top" style='width:99pt'><p align="center" style='margin:0'>0%</p></td></tr><tr style='height:7.2pt'><td valign="top" style='width:98.1pt'><p align="justify" style='margin:0'>Expected life (years)</p></td><td valign="top" style='width:81.9pt'><p align="center" style='margin:0'>0.42- 0.63</p></td><td valign="top" style='width:76.5pt'><p align="center" style='margin:0'>0.38 – 0.79</p></td><td valign="top" style='width:94.5pt'><p align="center" style='margin:0'>0.39 –0.96</p></td><td valign="top" style='width:103.5pt'><p align="center" style='margin:0'>0.46 – 0.89</p></td><td valign="top" style='width:99pt'><p align="center" style='margin:0'>0.21 – 0.79</p></td></tr></table><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>The inputs into the Black-Scholes models are as follows:</p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>The fair value of the conversion option derivative liabilities is $486,663 and $113,091 at March 31, 2020 and 2019, respectively. The decrease in the fair value of the conversion option derivative liability for the years ended March 31, 2020 and 2019 of $270,281 and $151,533, respectively, is recorded as a gain in the consolidated statements of operations.</p><p align="justify" style='margin:0;margin-left:9pt'> </p>
<table align="center" style='border-collapse:collapse;width:553.5pt'><tr style='height:7.2pt'><td valign="top" style='width:98.1pt'><p align="justify" style='margin:0'> </p></td><td valign="top" style='width:81.9pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'><b>March 31, </b></p><p align="center" style='margin:0'><b>2019</b></p></td><td valign="top" style='width:76.5pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'><b>June 30, </b></p><p align="center" style='margin:0'><b>2019</b></p></td><td valign="top" style='width:94.5pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'><b>Sept. 30, </b></p><p align="center" style='margin:0'><b>2019</b></p></td><td valign="top" style='width:103.5pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'><b>Dec. 31, </b></p><p align="center" style='margin:0'><b>2019</b></p></td><td valign="top" style='width:99pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'><b>March 31, </b></p><p align="center" style='margin:0'><b>2020</b></p></td></tr><tr style='height:7.2pt'><td valign="top" style='width:98.1pt'><p align="justify" style='margin:0'>Closing share price</p></td><td valign="top" style='width:81.9pt;border-top:0.5pt solid #000000'><p align="center" style='margin:0'>$0.0112</p></td><td valign="top" style='width:76.5pt;border-top:0.5pt solid #000000'><p align="center" style='margin:0'>$0.01</p></td><td valign="top" style='width:94.5pt;border-top:0.5pt solid #000000'><p align="center" style='margin:0'>$0.0115</p></td><td valign="top" style='width:103.5pt;border-top:0.5pt solid #000000'><p align="center" style='margin:0'>$0.0038</p></td><td valign="top" style='width:99pt;border-top:0.5pt solid #000000'><p align="center" style='margin:0'>$0.0038</p></td></tr><tr style='height:7.2pt'><td valign="top" style='width:98.1pt'><p align="justify" style='margin:0'>Conversion price</p></td><td valign="top" style='width:81.9pt'><p align="center" style='margin:0'>$0.0100</p></td><td valign="top" style='width:76.5pt'><p align="center" style='margin:0'>$0.0075</p></td><td valign="top" style='width:94.5pt'><p align="center" style='margin:0'>$0.0113</p></td><td valign="top" style='width:103.5pt'><p align="center" style='margin:0'>$0.0031 – $0.0032</p></td><td valign="top" style='width:99pt'><p align="center" style='margin:0'>$0.0026 - $0.0028</p></td></tr><tr style='height:7.2pt'><td valign="top" style='width:98.1pt'><p align="justify" style='margin:0'>Risk free rate</p></td><td valign="top" style='width:81.9pt'><p align="center" style='margin:0'>2.44% - 2.56%</p></td><td valign="top" style='width:76.5pt'><p align="center" style='margin:0'>2.10%</p></td><td valign="top" style='width:94.5pt'><p align="center" style='margin:0'>2.10%</p></td><td valign="top" style='width:103.5pt'><p align="center" style='margin:0'>1.51% - 1.60%</p></td><td valign="top" style='width:99pt'><p align="center" style='margin:0'>0.11% - 0.15%</p></td></tr><tr style='height:7.2pt'><td valign="top" style='width:98.1pt'><p align="justify" style='margin:0'>Expected volatility</p></td><td valign="top" style='width:81.9pt'><p align="center" style='margin:0'>230%</p></td><td valign="top" style='width:76.5pt'><p align="center" style='margin:0'>216% - 256%</p></td><td valign="top" style='width:94.5pt'><p align="center" style='margin:0'>153% - 214%</p></td><td valign="top" style='width:103.5pt'><p align="center" style='margin:0'>172% - 211%</p></td><td valign="top" style='width:99pt'><p align="center" style='margin:0'>201% - 256%</p></td></tr><tr style='height:7.2pt'><td valign="top" style='width:98.1pt'><p align="justify" style='margin:0'>Dividend yield</p></td><td valign="top" style='width:81.9pt'><p align="center" style='margin:0'>0%</p></td><td valign="top" style='width:76.5pt'><p align="center" style='margin:0'>0%</p></td><td valign="top" style='width:94.5pt'><p align="center" style='margin:0'>0%</p></td><td valign="top" style='width:103.5pt'><p align="center" style='margin:0'>0%</p></td><td valign="top" style='width:99pt'><p align="center" style='margin:0'>0%</p></td></tr><tr style='height:7.2pt'><td valign="top" style='width:98.1pt'><p align="justify" style='margin:0'>Expected life (years)</p></td><td valign="top" style='width:81.9pt'><p align="center" style='margin:0'>0.42- 0.63</p></td><td valign="top" style='width:76.5pt'><p align="center" style='margin:0'>0.38 – 0.79</p></td><td valign="top" style='width:94.5pt'><p align="center" style='margin:0'>0.39 –0.96</p></td><td valign="top" style='width:103.5pt'><p align="center" style='margin:0'>0.46 – 0.89</p></td><td valign="top" style='width:99pt'><p align="center" style='margin:0'>0.21 – 0.79</p></td></tr></table><p align="justify" style='margin:0;margin-left:9pt'> </p>
0.0112
0.01
0.0115
0.0100
0.0075
0.0113
0.0031
0.0032
0.0026
0.0028
0.0244
0.0210
0.0210
0.0151
0.0160
0.0011
0.0015
2.3000
2.1600
1.5300
1.7200
2.1100
2.0100
2.5600
0.0000
0.0000
0.0000
0.0000
0.0000
P7M17D
P9M14D
P11M16D
P5M16D
P10M20D
P2M16D
P9M14D
Black-Scholes models
486663
113091
-270281
-151533
<b>11.   WARRANT LIABILITY</b><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0;margin-left:9pt'>In conjunction with the issuance of the Convertible Promissory Note with Auctus Fund, LLC (the “Note”) on December 19, 2019, the Company issued 10,000,000 warrants with an exercise price of $0.005 and a term of five years. The warrants are subject to down round and other anti-dilution protections. The warrant is tainted and classified as a liability as a result of the issuance of the Note since there is a possibility during the life of the warrant the Company would not have enough authorized shares available if the warrant is exercised. The Company’s warrant liability has been measured at fair value at December 19, 2019 and March 31, 2020 using the Black-Scholes. </p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>The inputs into the Black-Scholes models are as follows:</p><p align="justify" style='margin:0'> </p><table align="center" style='border-collapse:collapse'><tr style='height:7.2pt'><td valign="top" style='width:93.05pt'><p align="justify" style='margin:0'> </p></td><td valign="top" style='width:83.2pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'><b>December 19, </b></p><p align="center" style='margin:0'><b>2019</b></p></td><td valign="top" style='width:83.2pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'><b>December 31, </b></p><p align="center" style='margin:0'><b>2019</b></p></td><td valign="top" style='width:83.2pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'><b>March 31, </b></p><p align="center" style='margin:0'><b>2020</b></p></td></tr><tr style='height:7.2pt'><td valign="top" style='width:93.05pt'><p align="justify" style='margin:0'>Closing share price</p></td><td valign="top" style='width:83.2pt;border-top:0.5pt solid #000000'><p align="center" style='margin:0'>$0.0037</p></td><td valign="top" style='width:83.2pt;border-top:0.5pt solid #000000'><p align="center" style='margin:0'>$0.0038</p></td><td valign="top" style='width:83.2pt;border-top:0.5pt solid #000000'><p align="center" style='margin:0'>$0.0038</p></td></tr><tr style='height:7.2pt'><td valign="top" style='width:93.05pt'><p align="justify" style='margin:0'>Conversion price</p></td><td valign="top" style='width:83.2pt'><p align="center" style='margin:0'>$0.005</p></td><td valign="top" style='width:83.2pt'><p align="center" style='margin:0'>$0.005</p></td><td valign="top" style='width:83.2pt'><p align="center" style='margin:0'>$0.005</p></td></tr><tr style='height:7.2pt'><td valign="top" style='width:93.05pt'><p align="justify" style='margin:0'>Risk free rate</p></td><td valign="top" style='width:83.2pt'><p align="center" style='margin:0'>1.65%</p></td><td valign="top" style='width:83.2pt'><p align="center" style='margin:0'>1.69%</p></td><td valign="top" style='width:83.2pt'><p align="center" style='margin:0'>0.37%</p></td></tr><tr style='height:7.2pt'><td valign="top" style='width:93.05pt'><p align="justify" style='margin:0'>Expected volatility</p></td><td valign="top" style='width:83.2pt'><p align="center" style='margin:0'>178%</p></td><td valign="top" style='width:83.2pt'><p align="center" style='margin:0'>177%</p></td><td valign="top" style='width:83.2pt'><p align="center" style='margin:0'>181%</p></td></tr><tr style='height:7.2pt'><td valign="top" style='width:93.05pt'><p align="justify" style='margin:0'>Dividend yield</p></td><td valign="top" style='width:83.2pt'><p align="center" style='margin:0'>0%</p></td><td valign="top" style='width:83.2pt'><p align="center" style='margin:0'>0%</p></td><td valign="top" style='width:83.2pt'><p align="center" style='margin:0'>0%</p></td></tr><tr style='height:7.2pt'><td valign="top" style='width:93.05pt'><p align="justify" style='margin:0'>Expected life (years)</p></td><td valign="top" style='width:83.2pt'><p align="center" style='margin:0'>5.0</p></td><td valign="top" style='width:83.2pt'><p align="center" style='margin:0'>4.97</p></td><td valign="top" style='width:83.2pt'><p align="center" style='margin:0'>4.72</p></td></tr></table><p align="justify" style='margin:0;background-color:#FFFFFF'> </p><p align="justify" style='margin:0;margin-left:9pt'>The fair value of the warrant liability is $35,090, which was recorded as initial derivative expense, and $39,387 at December 19, 2019 and March 31, 2020, respectively. The decrease (increase) in the fair value of the warrant liability of $(881) is recorded as a loss in the consolidated statements of operations for the year ended March 31, 2020.</p><p align="justify" style='margin:0;margin-left:18pt'> </p><p align="justify" style='margin:0;text-indent:-18pt;margin-left:18pt'> </p>
<table align="center" style='border-collapse:collapse'><tr style='height:7.2pt'><td valign="top" style='width:93.05pt'><p align="justify" style='margin:0'> </p></td><td valign="top" style='width:83.2pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'><b>December 19, </b></p><p align="center" style='margin:0'><b>2019</b></p></td><td valign="top" style='width:83.2pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'><b>December 31, </b></p><p align="center" style='margin:0'><b>2019</b></p></td><td valign="top" style='width:83.2pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'><b>March 31, </b></p><p align="center" style='margin:0'><b>2020</b></p></td></tr><tr style='height:7.2pt'><td valign="top" style='width:93.05pt'><p align="justify" style='margin:0'>Closing share price</p></td><td valign="top" style='width:83.2pt;border-top:0.5pt solid #000000'><p align="center" style='margin:0'>$0.0037</p></td><td valign="top" style='width:83.2pt;border-top:0.5pt solid #000000'><p align="center" style='margin:0'>$0.0038</p></td><td valign="top" style='width:83.2pt;border-top:0.5pt solid #000000'><p align="center" style='margin:0'>$0.0038</p></td></tr><tr style='height:7.2pt'><td valign="top" style='width:93.05pt'><p align="justify" style='margin:0'>Conversion price</p></td><td valign="top" style='width:83.2pt'><p align="center" style='margin:0'>$0.005</p></td><td valign="top" style='width:83.2pt'><p align="center" style='margin:0'>$0.005</p></td><td valign="top" style='width:83.2pt'><p align="center" style='margin:0'>$0.005</p></td></tr><tr style='height:7.2pt'><td valign="top" style='width:93.05pt'><p align="justify" style='margin:0'>Risk free rate</p></td><td valign="top" style='width:83.2pt'><p align="center" style='margin:0'>1.65%</p></td><td valign="top" style='width:83.2pt'><p align="center" style='margin:0'>1.69%</p></td><td valign="top" style='width:83.2pt'><p align="center" style='margin:0'>0.37%</p></td></tr><tr style='height:7.2pt'><td valign="top" style='width:93.05pt'><p align="justify" style='margin:0'>Expected volatility</p></td><td valign="top" style='width:83.2pt'><p align="center" style='margin:0'>178%</p></td><td valign="top" style='width:83.2pt'><p align="center" style='margin:0'>177%</p></td><td valign="top" style='width:83.2pt'><p align="center" style='margin:0'>181%</p></td></tr><tr style='height:7.2pt'><td valign="top" style='width:93.05pt'><p align="justify" style='margin:0'>Dividend yield</p></td><td valign="top" style='width:83.2pt'><p align="center" style='margin:0'>0%</p></td><td valign="top" style='width:83.2pt'><p align="center" style='margin:0'>0%</p></td><td valign="top" style='width:83.2pt'><p align="center" style='margin:0'>0%</p></td></tr><tr style='height:7.2pt'><td valign="top" style='width:93.05pt'><p align="justify" style='margin:0'>Expected life (years)</p></td><td valign="top" style='width:83.2pt'><p align="center" style='margin:0'>5.0</p></td><td valign="top" style='width:83.2pt'><p align="center" style='margin:0'>4.97</p></td><td valign="top" style='width:83.2pt'><p align="center" style='margin:0'>4.72</p></td></tr></table><p align="justify" style='margin:0;background-color:#FFFFFF'> </p>
0.0037
0.0038
0.0038
0.005
0.005
0.005
0.0165
0.0169
0.0037
1.7800
1.7700
1.8100
0.0000
0.0000
0.0000
P5Y
P4Y11M19D
P4Y8M19D
<b>12.   CONTINGENT LIABILITIES</b><p style='margin:0;margin-left:18pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>An asset retirement obligation is a legal obligation associated with the disposal or retirement of a tangible long-lived asset that results from the acquisition, construction or development, or the normal operations of a long-lived asset, except for certain obligations of lessees. While the Company, as of March 31, 2019, does not have a legal obligation associated with the disposal of certain chemicals used in its leaching process, the Company estimates it will incur costs up to $50,000 to neutralize those chemicals at the close of the leaching pond.</p><p align="justify" style='margin:0;margin-left:21.3pt'> </p>
<b>13.   STOCKHOLDERS’ EQUITY (DEFICIT)</b><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0;margin-left:9pt'>The stockholders’ equity of the Company comprises the following classes of capital stock as of March 31, 2020 and 2019:</p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>Preferred Stock, $0.001 par value per share; 9,000,000 shares authorized, 0 issued and outstanding at March 31, 2020 and 2019.</p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>Series A Convertible Preferred Stock (‘Series A Preferred Stock”), $0.001 par value share; 1,000,000 shares authorized: 1,000,000 shares issued and outstanding at March 31, 2020 and 2019.</p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>Holders of Series A Preferred Stock may convert one share of Series A Preferred Stock into ten shares of Common Stock. Holders of Series A Preferred Stock have the number of votes determined by multiplying (a) the number of Series A Preferred Stock held by such holder, (b) the number of issued and outstanding Series A Preferred Stock and Common Stock on a fully diluted basis, and (c) 0.000006. </p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>Common Stock, par value of $0.001 per share; 5,000,000,000 shares authorized: 1,593,982,604 and 1,011,848,975 shares issued and outstanding at March 31, 2020 and 2019, respectively. Holders of Common Stock have one vote per share of Common Stock held.</p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'><b>Increase in the Number of Authorized Shares</b></p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>On November 25, 2019, the Company’s board of directors and the majority shareholder approved an increase in the number of authorized shares of common stock of the Company from two billion (2,000,000,000) shares of common stock, par value $0.001 per share, to five billion (5,000,000,000) shares of common stock, par value $0.001 per share. A Certificate of Amendment for the increase in authorized shares was filed with the State of Nevada on December 23, 2019. </p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'><kbd style='position:absolute;font:8pt Arial;margin-left:0pt'><b>(i)</b></kbd><kbd style='margin-left:28pt'></kbd><b>Year Ended March 31, 2020</b> </p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0;margin-left:9pt'>On April 17, 2019, the Company issued 53,799,286 shares of common stock to satisfy obligations under share subscription agreements of $47,600 for settlement of services, $4,392 for interest and $139,500 for cash receipts included in share subscriptions payable.</p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>On April 30, 2019, the Company issued 15,444,439 shares of common stock to satisfy obligations under share subscription agreements of $7,000 for settlement of services and $15,500 for cash receipts included in share subscriptions payable.</p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>On May 8, 2019, the Company issued 45,882,143 shares of common stock to satisfy obligations under share subscription agreements of $48,496 for settlement of services, $117,400 to settle accounts payable, $2,254 for interest and $32,100 for cash receipts included in share subscriptions payable.</p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>On June 4, 2019, the Company issued 16,678,333 shares of common stock to satisfy obligations under share subscription agreements of $13,291 for settlement of services and $23,000 for cash receipts included in share subscriptions payable.</p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>On June 18, 2019, the Company issued 23,445,000 shares of common stock to satisfy obligations under share subscription agreements of $101,078 for settlement of services, $18,050 for cash receipts, $6,500 to settle notes payable and $3,960 for interest included in share subscriptions payable.</p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>On July 2, 2019, the Company issued 5,000,000 shares of common stock to satisfy obligations under share subscription agreements of $10,000 for cash receipts.</p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>On July 9, 2019, the Company issued 17,314,000 shares of common stock to satisfy obligations under share subscription agreements of $57,200 for settlement of services and $20,785 for cash receipts included in share subscriptions payable.</p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>On July 10, 2019, the Company issued 61,108,334 shares of common stock to satisfy obligations under share subscription agreements of $90,000 for settlement of services and $90,110 for cash receipts included in share subscriptions payable.</p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>On July 22, 2019, the Company issued 22,083,332 shares of common stock to satisfy obligations under share subscription agreements for $25,500 for cash receipts included in share subscriptions payable.</p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>On July 29, 2019, the Company cancelled 1,000,000 shares of common stock originally issued to satisfy obligations under share subscription agreements of $5,000 for cash receipts.</p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>On August 9, 2019, the Company issued 32,933,332 shares of common stock to satisfy obligations under share subscription agreements of $63,300 for settlement of services, $29,900 for cash receipts and $38,500 for interest included in share subscriptions payable.</p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>On August 13, 2019, the Company issued 10,000,000 shares of common stock to satisfy obligations under share subscription agreements of $103,000 for settlement of services included in share subscriptions payable.</p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>On August 20, 2019, the Company issued 39,583,332 shares of common stock to satisfy obligations under share subscription agreements of $56,700 for settlement of cash receipts included in share subscriptions payable.</p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>On September 17, 2019, the Company issued 43,166,666 shares of common stock to satisfy obligations under share subscription agreements $62,400 for cash receipts and $10,000 for settlement of notes payable included in share subscriptions payable.</p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>On October 1, 2019, the Company issued 19,912,499 shares of common stock to satisfy obligations under share subscription agreements of $37,200 for settlement of services, $25,200 for cash receipts, $3,384 for interest and $112,788 for the settlement of notes payable included in share subscriptions payable.</p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>On October 29, 2019, the Company issued 29,999,850 shares of common stock to satisfy obligations under share subscription agreements of $200,000 for settlement of notes payable included in share subscriptions payable.</p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>On November 1, 2019, the Company issued 3,804,348 shares of common stock to satisfy obligations under share subscription agreements of $53,350 for settlement of services included in share subscriptions payable.</p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>On November 20, 2019, the Company issued 2,272,727 shares of common stock to satisfy obligations under share subscription agreements of $22,500 for settlement of convertible notes included in share subscriptions payable.</p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>On November 21, 2019, the Company issued 3,488,372 shares of common stock to satisfy obligations under share subscription agreements of $20,930 for settlement of convertible notes included in share subscriptions payable.</p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>On November 25, 2019, the Company issued 4,166,667 shares of common stock to satisfy obligations under share subscription agreements of $22,917 for settlement of convertible notes included in share subscriptions payable.</p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>On December 2, 2019, the Company issued 5,625,000 shares of common stock to satisfy obligations under share subscription agreements of $28,125 for settlement of convertible notes included in share subscriptions payable.</p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>On December 4, 2019, the Company issued 5,555,556 shares of common stock to satisfy obligations under share subscription agreements of $30,556 for settlement of convertible notes included in share subscriptions payable.</p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>On December 9, 2019, the Company issued 5,761,538 shares of common stock to satisfy obligations under share subscription agreements of $26,503 for settlement of convertible notes included in share subscriptions payable.</p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>On January 8, 2020, the Company issued 14,825,000 shares of common stock to satisfy obligations under share subscription agreements of $28,500 for cash receipts, $62,000 for interest and $24,510 for the settlement of notes payable included in share subscriptions payable.</p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>On January 31, 2020, the Company issued 3,300,000 shares of common stock to satisfy obligations under share subscription agreements of $9,250 for cash receipts and $7,700 for equipment included in share subscriptions payable.</p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>On January 31, 2020, the Company issued 5,714,286 shares of common stock to satisfy obligations under share subscription agreements of $18,286 for settlement of convertible notes included in share subscriptions payable.</p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>On February 7, 2020, the Company issued 8,333,333 shares of common stock to satisfy obligations under share subscription agreements of $28,333 for settlement of convertible notes included in share subscriptions payable.</p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>On February 14, 2019, the Company issued 10,000,000 shares of common stock to satisfy obligations under share subscription agreements of $40,000 for settlement of convertible notes included in share subscriptions payable.</p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>On February 19, 2020, the Company issued 14,697,368 shares of common stock to satisfy obligations under share subscription agreements of $16,500 for cash receipts and $21,250 for services included in share subscriptions payable.</p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>On February 20, 2020, the Company issued 18,333,333 shares of common stock to satisfy obligations under share subscription agreements of $21,000 for cash included in share subscriptions payable.</p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>On February 21, 2020, the Company issued 4,200,000 shares of common stock to satisfy obligations under share subscription agreements of $4,000 for cash receipts and $35,100 for services included in share subscriptions payable.</p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>On February 25, 2020, the Company issued 11,650,000 shares of common stock to satisfy obligations under share subscription agreements of $11,500 for cash receipts and $17,425 for services included in share subscriptions payable.</p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>On March 3, 2020, the Company issued 11,111,111 shares of common stock to satisfy obligations under share subscription agreements of $63,333 for settlement of convertible notes included in share subscriptions payable.</p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>On March 9, 2020, the Company issued 13,944,444 shares of common stock to satisfy obligations under share subscription agreements of $58,288 for settlement of convertible notes included in share subscriptions payable.</p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'><kbd style='position:absolute;font:8pt Arial;margin-left:0pt'><b>(ii)</b></kbd><kbd style='margin-left:28pt'></kbd><b>Year Ended March 31, 2019</b> </p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>On April 2, 2018, the Company issued 5,300,000 shares of common stock to satisfy obligations under share subscription agreements of $22,610 for settlement of services and $25,000 for cash receipts included in share subscriptions payable.</p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>On April 16, 2018, the Company issued 18,600,000 shares of common stock to satisfy obligations under share subscription agreements of $186,000 for cash receipts included in share subscriptions payable.</p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>On May 2, 2018, the Company issued 2,800,000 shares of common stock to satisfy obligations under share subscription agreements of $32,400 for settlement of accounts payable and $10,000 for cash receipts included in share subscriptions payable.</p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>On May 24, 2018, the Company issued 5,945,410 shares of common stock to satisfy obligations under share subscription agreements of $70,050 for settlement of services and $25,280 for cash receipts included in share subscriptions payable.</p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>On May 30, 2018, the Company issued 4,269,663 shares of common stock to satisfy obligations under share subscription agreements of $67,888 for settlement of the Top-off Liability included in accounts payable and accrued liabilities (see Note 11) included in share subscriptions payable.</p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>On June 12, 2018, the Company issued 350,000 shares of common stock to satisfy obligations under share subscription agreements of $5,425 for services included in share subscriptions payable.</p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>On August 23, 2018, the Company issued 61,066,666 shares of common stock to satisfy obligations under share subscription agreements of $55,896 for settlement of services, $43,840 for settlement of notes payable and $203,000 for cash receipts included in share subscriptions payable.</p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>On September 10, 2018, the Company issued 8,324,809 shares of common stock to satisfy obligations under share subscription agreements of $55,910 for settlement of services and $18,000 for cash receipts included in share subscriptions payable.</p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>On October 1, 2018, the Company issued 8,771,153 shares of common stock to satisfy obligations under share subscription agreements of $4,175 for settlement of services, $31,500 for settlement of notes payable and $15,000 for cash receipts included in share subscriptions payable.</p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>On November 16, 2018, the Company issued 14,429,654 shares of common stock to satisfy obligations under share subscription agreements of $27,800 for settlement of services, $133,734 for settlement of notes payable and $25,000 for cash receipts included in share subscriptions payable.</p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>On December 7, 2018, the Company issued 31,578,947 shares of common stock to satisfy obligations under share subscription agreements of $47,600 for settlement of services, $4,875 for settlement of notes payable and $28,000 for cash receipts included in share subscriptions payable.</p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>On January 15, 2019, the Company issued 7,333,333 shares of common stock to satisfy obligations under share subscription agreements of $18,667 for settlement of services and $9,000 for cash receipts included in share subscriptions payable.</p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>On January 24, 2019, the Company issued 10,732,727 shares of common stock to satisfy obligations under share subscription agreements of $47,600 for settlement of services, $21,000 for settlement of notes payable, $13,934 in interest and $6,100 for cash receipts included in share subscriptions payable.</p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>On February 5, 2019, the Company issued 19,538,666 shares of common stock to satisfy obligations under share subscription agreements of $32,008 for interest and $32,000 for cash receipts included in share subscriptions payable.</p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>On February 14, 2019, the Company issued 1,740,000 shares of common stock to satisfy obligations under share subscription agreements of $25,000 for services and $4,066 for interest included in share subscriptions payable.</p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>On March 19, 2019, the Company issued 18,545,000 shares of common stock to satisfy obligations under share subscription agreements of $5,396 for services and $22,000 for cash receipts included in share subscriptions payable.</p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>On March 25, 2019, the Company issued 16,600,000 shares of common stock to satisfy obligations under share subscription agreements of $11,900 for services and $16,200 for cash receipts included in share subscriptions payable.</p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'><b>Common Stock Payable</b></p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'><kbd style='position:absolute;font:8pt Arial;margin-left:0pt'><b>(iii)</b></kbd><kbd style='margin-left:28pt'></kbd><b>Year Ended March 31, 2020</b> </p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>As at March 31, 2020, the Company had total subscriptions payable for 68,740,692 shares of common stock for $71,882 in cash, shares of common stock for interest valued at $5,111, shares of common stock for equipment of $47,278, shares of common stock for services valued at $182,863 and shares of common stock for notes payable of $20,673. </p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'><kbd style='position:absolute;font:8pt Arial;margin-left:0pt'><b>(iv)</b></kbd><kbd style='margin-left:28pt'></kbd><b>Year Ended March 31, 2019</b> </p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>As at March 31, 2019, the Company had total subscriptions payable for 105,502,659 shares of common stock for $170,982 in cash, shares of common stock for interest valued at $40,606, shares of common stock for services valued at $340,252 and common stock for settlement of accounts payable valued at $81,000.</p><p align="justify" style='margin:0;margin-left:9pt'> </p>
0.001
0.001
9000000
9000000
0
0
0
0
0.001
0.001
1000000
1000000
1000000
1000000
1000000
1000000
0.001
5000000000
1593982604
1593982604
1011848975
1011848975
0.001
5000000000
2019-04-17
53799286
2019-04-30
15444439
2019-05-08
45882143
2019-06-04
16678333
2019-06-18
23445000
2019-07-02
5000000
2019-07-09
17314000
2019-07-10
61108334
2019-07-22
22083332
2019-07-29
1000000
2019-08-09
32933332
2019-08-13
10000000
2019-08-20
39583332
2019-09-17
43166666
2019-10-01
19912499
2019-10-29
29999850
2019-11-01
3804348
2019-11-20
2272727
2019-11-21
3488372
2019-11-25
4166667
2019-12-02
5625000
2019-12-04
5555556
2019-12-09
5761538
2020-01-08
14825000
2020-01-31
3300000
2020-01-31
5714286
2020-02-07
8333333
2019-02-14
10000000
2020-02-19
14697368
2020-02-20
18333333
2020-02-21
4200000
2020-02-25
11650000
2020-03-03
11111111
2020-03-09
13944444
2018-04-02
5300000
2018-04-16
18600000
2018-05-02
2800000
2018-05-24
5945410
2018-05-30
4269663
2018-06-12
350000
2018-08-23
61066666
2018-09-10
8324809
2018-10-01
8771153
2018-11-16
14429654
2018-12-07
31578947
2019-01-15
7333333
2019-01-24
10732727
2019-02-05
19538666
2019-02-14
1740000
2019-03-19
18545000
2019-03-25
16600000
68740692
105502659
<b>14.   RELATED PARTY TRANSACTIONS</b><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0;margin-left:9pt'>During the years ended March 31, 2020 and 2019, the Company entered into the following transactions with related parties:</p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'><b>Paul D. Thompson, sole director and officer of the Company</b></p><p align="justify" style='margin:0;margin-left:9pt'><b>Taurus Gold, Inc., controlled by Paul D. Thompson</b></p><p align="justify" style='margin:0;margin-left:9pt'>Accounts payable – related parties – Note 6</p><p align="justify" style='margin:0;margin-left:9pt'>Notes payable and notes payable – related parties – Note 7</p><p align="justify" style='margin:0;text-indent:-18pt;margin-left:18pt'> </p>
<b>15.   INCOME TAXES</b><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0;margin-left:9pt'>The Company had no income tax expense due to operating loss incurred for the years ended March 31, 2020 and 2019.</p><p align="justify" style='margin:0;text-indent:27pt;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'><b>United States</b></p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9.35pt'>On December 22, 2017, the Tax Cuts and Jobs Act (the TCJA), which significantly modified U.S. corporate income tax law, was signed into law by President Trump. The TCJA contains significant changes to corporate income taxation, including but not limited to the reduction of the corporate income tax rate from a top marginal rate of 35% to a flat rate of 21%, limitation of the tax deduction for interest expense to 30% of earnings (except for certain small businesses), limitation of the deduction for net operating losses to 80% of current year taxable income and generally eliminating net operating loss carrybacks, allowing net operating losses to carryforward without expiration, one-time taxation of offshore earnings at reduced rates regardless of whether they are repatriated, elimination of U.S. tax on foreign earnings (subject to certain important exceptions), immediate deductions for certain new investments instead of deductions for depreciation expense over time, and modifying or repealing many business deductions and credits (including changes to the orphan drug tax credit and changes to the deductibility of research and experimental expenditures that will be effective in the future). Notwithstanding the reduction in the corporate income tax rate, the overall impact of the new federal tax law is uncertain, including to what extent various states will conform to the newly enacted federal tax law.</p><p style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>The Company has not recorded the necessary provisional adjustments in the financial statements in accordance with its current understanding of the TCJA and guidance currently available as of this filing. But is reviewing the TCJA's potential ramifications.</p><p style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt;margin-right:6.2pt'>On March 27, 2020, President Trump signed into law the “Coronavirus Aid, Relief, and Economic Security Act” (CARES Act or Act below). (References to the Code below are references to the Internal Revenue Code of 1986, as amended. Section references below are references to sections of the Act.), provisions relevant to the Company:</p><p align="justify" style='margin:0;text-indent:30.2pt;margin-left:9pt;margin-right:6.2pt'> </p><p align="justify" style='margin:0;margin-left:9pt;margin-right:12.4pt'>Section 2303. Modifications for net operating losses (NOL): Under Code Section 172(a) the amount of the NOL deduction is equal to the lesser of (a) the aggregate of the NOL carryovers to such year and NOL carrybacks to such year, or (b) 80% of taxable income computed without regard to the deduction allowable in this section. Thus, NOLs are currently subject to a taxable-income limitation and cannot fully offset income. The Act temporarily removes the taxable income limitation to allow an NOL to fully offset income.</p><p align="justify" style='margin:0;text-indent:30.2pt;margin-left:9pt;margin-right:6.2pt'> </p><p align="justify" style='margin:0;margin-left:9pt;margin-right:12.4pt'>Section 2306. Modifications of limitation on business interest: The 2017 Tax Cuts and Jobs Act of 2017 (TCJA) generally limited the amount of business interest allowed as a deduction to 30% of adjusted taxable income. The Act temporarily and retroactively increases the limitation on the deductibility of interest expense under Code Section 163(j)(1) from 30% to 50% for tax years beginning in 2019 and 2020. (Code Section 163(j)(10)(A)(i) as amended by Act Section 2306(a)).</p><p align="justify" style='margin:0;text-indent:30.2pt;margin-left:9pt;margin-right:6.2pt'> </p><p align="justify" style='margin:0;margin-left:9pt;margin-right:6.2pt'>The Company has not recorded the necessary provisional adjustments in the financial statements in accordance with its current understanding of the CARES Act and guidance currently available as of this filing. But is reviewing the CARES Act potential ramifications.</p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'><b>Mexico</b></p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>Corporations resident in Mexico are taxable on their worldwide income from all sources, including profits from business and property. The Company is subject to Mexico tax at a rate of 30% on taxable income, if any, from Mexico operations. Subject to certain limitations, losses incurred in prior years by a business may be carried forward and deducted from income earned over a subsequent ten-year period. Net operating loss carrybacks are not allowed.</p><p align="justify" style='margin:0;text-indent:-18pt;margin-left:18pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>The tax effects of temporary differences and tax loss and credit carry forwards that give rise to significant portions of deferred tax assets and liabilities at March 31, 2020 and 2019 are comprised of the following:</p><p align="justify" style='margin:0;margin-left:9pt'> </p><table align="center" style='border-collapse:collapse'><tr style='height:7.2pt'><td valign="top" style='width:193.5pt;border-bottom:0.5pt solid #000000'><p align="justify" style='margin:0;margin-left:9pt'> </p></td><td valign="top" style='width:97.75pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0;margin-left:9pt'><b>Year Ended </b></p><p align="center" style='margin:0;margin-left:9pt'><b>March 31, 2020</b></p></td><td valign="top" style='width:100.45pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0;margin-left:9pt'><b>Year Ended </b></p><p align="center" style='margin:0;margin-left:9pt'><b>March 31, 2019</b></p></td></tr><tr style='height:7.2pt'><td valign="top" style='width:193.5pt;border-top:0.5pt solid #000000'><p align="justify" style='margin:0;margin-left:9pt'>Deferred tax assets:</p></td><td valign="top" style='width:97.75pt;border-top:0.5pt solid #000000'><p align="right" style='margin:0;margin-left:9pt'> </p></td><td valign="top" style='width:100.45pt;border-top:0.5pt solid #000000'><p align="right" style='margin:0;margin-left:9pt'> </p></td></tr><tr style='height:7.2pt'><td valign="top" style='width:193.5pt;border-bottom:0.5pt solid #000000'><p align="justify" style='margin:0;margin-left:9pt'>Net-operating loss carryforward</p></td><td valign="top" style='width:97.75pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'>$ 4,615,689</p></td><td valign="top" style='width:100.45pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'>$ 3,943,779</p></td></tr><tr style='height:7.2pt'><td valign="top" style='width:193.5pt;border-top:0.5pt solid #000000'><p align="justify" style='margin:0;margin-left:9pt'>Total deferred tax assets</p></td><td valign="top" style='width:97.75pt;border-top:0.5pt solid #000000'><p align="right" style='margin:0'>4,615,689</p></td><td valign="top" style='width:100.45pt;border-top:0.5pt solid #000000'><p align="right" style='margin:0'>3,943,779</p></td></tr><tr style='height:7.2pt'><td valign="top" style='width:193.5pt;border-bottom:0.5pt solid #000000'><p align="justify" style='margin:0;margin-left:9pt'>Valuation allowance</p></td><td valign="top" style='width:97.75pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'>(4,615,689)</p></td><td valign="top" style='width:100.45pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'>(3,943,779)</p></td></tr><tr style='height:7.2pt'><td valign="top" style='width:193.5pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="justify" style='margin:0;margin-left:9pt'>Deferred tax assets, net of allowance </p></td><td valign="top" style='width:97.75pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>$ -</p></td><td valign="top" style='width:100.45pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>$ -</p></td></tr></table><p align="justify" style='margin:0;margin-left:9pt'> </p><table align="center" style='border-collapse:collapse'><tr style='height:7.2pt'><td valign="top" style='width:193.5pt;border-bottom:0.5pt solid #000000'><p align="justify" style='margin:0;margin-left:9pt'> </p></td><td valign="top" style='width:97.75pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0;margin-left:9pt'><b>Year Ended </b></p><p align="center" style='margin:0;margin-left:9pt'><b>March 31, 2020</b></p></td><td valign="top" style='width:100.45pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0;margin-left:9pt'><b>Year Ended </b></p><p align="center" style='margin:0;margin-left:9pt'><b>March 31, 2019</b></p></td></tr><tr style='height:7.2pt'><td valign="top" style='width:193.5pt;border-top:0.5pt solid #000000'><p align="justify" style='margin:0;margin-left:9pt'>Federal</p></td><td valign="top" style='width:97.75pt;border-top:0.5pt solid #000000'><p align="right" style='margin:0;margin-left:9pt'> </p></td><td valign="top" style='width:100.45pt;border-top:0.5pt solid #000000'><p align="right" style='margin:0;margin-left:9pt'> </p></td></tr><tr style='height:7.2pt'><td valign="top" style='width:193.5pt'><p align="justify" style='margin:0;margin-left:9pt'>Current</p></td><td valign="top" style='width:97.75pt'><p align="right" style='margin:0'>$ -</p></td><td valign="top" style='width:100.45pt'><p align="right" style='margin:0'>$ -</p></td></tr><tr style='height:7.2pt'><td valign="top" style='width:193.5pt'><p align="justify" style='margin:0;margin-left:9pt'>Deferred</p></td><td valign="top" style='width:97.75pt'><p align="right" style='margin:0'>4,615,689</p></td><td valign="top" style='width:100.45pt'><p align="right" style='margin:0'>3,943,779</p></td></tr><tr style='height:7.2pt'><td valign="top" style='width:193.5pt'><p align="justify" style='margin:0;margin-left:9pt'>State</p></td><td valign="top" style='width:97.75pt'><p align="right" style='margin:0'> -</p></td><td valign="top" style='width:100.45pt'><p align="right" style='margin:0'> -</p></td></tr><tr style='height:7.2pt'><td valign="top" style='width:193.5pt'><p align="justify" style='margin:0;margin-left:9pt'>Current</p></td><td valign="top" style='width:97.75pt'><p align="right" style='margin:0'> -</p></td><td valign="top" style='width:100.45pt'><p align="right" style='margin:0'> -</p></td></tr><tr style='height:7.2pt'><td valign="top" style='width:193.5pt'><p align="justify" style='margin:0;margin-left:9pt'>Deferred</p></td><td valign="top" style='width:97.75pt'><p align="right" style='margin:0'>-</p></td><td valign="top" style='width:100.45pt'><p align="right" style='margin:0'>-</p></td></tr><tr style='height:7.2pt'><td valign="top" style='width:193.5pt;border-bottom:0.5pt solid #000000'><p align="justify" style='margin:0;margin-left:9pt'>Change in valuation allowance</p></td><td valign="top" style='width:97.75pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'>(4,615,689)</p></td><td valign="top" style='width:100.45pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'>(3,943,779)</p></td></tr><tr style='height:7.2pt'><td valign="top" style='width:193.5pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="justify" style='margin:0;margin-left:9pt'>Income tax provision</p></td><td valign="top" style='width:97.75pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>$ -</p></td><td valign="top" style='width:100.45pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>$ -</p></td></tr></table><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>We have a net operating loss ("NOL") carry forward for U.S. income tax purposes aggregating approximately $17.6M as of March 31, 2020 expiring through the tax year 2038, subject to the Internal Revenue Code Section 382/383, which places a limitation on the amount of taxable income that can be offset by net operating losses after a change in ownership. In addition, to U.S. NOL's, we have a Mexico NOL for our Mexico operations as of March 31, 2020 of approximately $3.0M that expires through 2030.</p><p align="justify" style='margin:0;text-indent:27pt;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>In assessing the realization of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the period in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and taxing strategies in making this assessment. In case the deferred tax assets will not be realized in future periods, the Company has provided a valuation allowance for the full amount of the deferred tax assets at March 31, 2020. The valuation allowance increased by approximately $0.6 million as of March 31, 2020.</p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>The expected tax expense (benefit) based on the U.S. federal statutory rate is reconciled with actual tax expense (benefit) as follows:</p><p align="justify" style='margin:0;margin-left:9pt'> </p><table align="center" style='border-collapse:collapse'><tr style='height:7.2pt'><td valign="top" style='width:225pt;border-bottom:0.5pt solid #000000'><p align="justify" style='margin:0;margin-left:9pt'> </p></td><td valign="top" style='width:97.75pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0;margin-left:9pt'><b>Year Ended </b></p><p align="center" style='margin:0;margin-left:9pt'><b>March 31, 2020</b></p></td><td valign="top" style='width:100.45pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0;margin-left:9pt'><b>Year Ended </b></p><p align="center" style='margin:0;margin-left:9pt'><b>March 31, 2019</b></p></td></tr><tr style='height:7.2pt'><td valign="top" style='width:225pt;border-top:0.5pt solid #000000'><p align="justify" style='margin:0;margin-left:9pt'>Statutory Federal Income Tax Rate</p></td><td valign="top" style='width:97.75pt;border-top:0.5pt solid #000000'><p align="right" style='margin:0'>21%</p></td><td valign="top" style='width:100.45pt;border-top:0.5pt solid #000000'><p align="right" style='margin:0'>21%</p></td></tr><tr style='height:7.2pt'><td valign="top" style='width:225pt'><p align="justify" style='margin:0;margin-left:9pt'>Non-deductible expenses</p></td><td valign="top" style='width:97.75pt'><p align="right" style='margin:0'>(9%)</p></td><td valign="top" style='width:100.45pt'><p align="right" style='margin:0'>(7%)</p></td></tr><tr style='height:7.2pt'><td valign="top" style='width:225pt;border-bottom:0.5pt solid #000000'><p align="justify" style='margin:0;margin-left:9pt'>Change in valuation allowance</p></td><td valign="top" style='width:97.75pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'>(12%)</p></td><td valign="top" style='width:100.45pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'>(14%)</p></td></tr><tr style='height:7.2pt'><td valign="top" style='width:225pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="justify" style='margin:0;margin-left:9pt'>Income tax provision</p></td><td valign="top" style='width:97.75pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>$ -</p></td><td valign="top" style='width:100.45pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>$ -</p></td></tr></table><p style='margin:0;margin-left:9pt'> </p><p style='margin:0;margin-left:9pt'>The Company has not identified any uncertain tax positions requiring a reserve as of March 31, 2020.</p><p style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt;margin-right:1.6pt'>The Company has not filed its U.S. federal income tax returns, including, without limitation, information returns on Internal Revenue Service (“IRS”) Form 5471, Information Return of U.S. Persons With Respect to Certain Foreign Corporations for the years ended March 31, 2010 through 2020. Failure to furnish any information with respect to any foreign business entity required, within the time prescribed by the IRS, subjects the Company to certain civil penalties.</p><p align="justify" style='margin:0;margin-left:9pt;margin-right:1.6pt'> </p>
<table align="center" style='border-collapse:collapse'><tr style='height:7.2pt'><td valign="top" style='width:193.5pt;border-bottom:0.5pt solid #000000'><p align="justify" style='margin:0;margin-left:9pt'> </p></td><td valign="top" style='width:97.75pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0;margin-left:9pt'><b>Year Ended </b></p><p align="center" style='margin:0;margin-left:9pt'><b>March 31, 2020</b></p></td><td valign="top" style='width:100.45pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0;margin-left:9pt'><b>Year Ended </b></p><p align="center" style='margin:0;margin-left:9pt'><b>March 31, 2019</b></p></td></tr><tr style='height:7.2pt'><td valign="top" style='width:193.5pt;border-top:0.5pt solid #000000'><p align="justify" style='margin:0;margin-left:9pt'>Deferred tax assets:</p></td><td valign="top" style='width:97.75pt;border-top:0.5pt solid #000000'><p align="right" style='margin:0;margin-left:9pt'> </p></td><td valign="top" style='width:100.45pt;border-top:0.5pt solid #000000'><p align="right" style='margin:0;margin-left:9pt'> </p></td></tr><tr style='height:7.2pt'><td valign="top" style='width:193.5pt;border-bottom:0.5pt solid #000000'><p align="justify" style='margin:0;margin-left:9pt'>Net-operating loss carryforward</p></td><td valign="top" style='width:97.75pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'>$ 4,615,689</p></td><td valign="top" style='width:100.45pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'>$ 3,943,779</p></td></tr><tr style='height:7.2pt'><td valign="top" style='width:193.5pt;border-top:0.5pt solid #000000'><p align="justify" style='margin:0;margin-left:9pt'>Total deferred tax assets</p></td><td valign="top" style='width:97.75pt;border-top:0.5pt solid #000000'><p align="right" style='margin:0'>4,615,689</p></td><td valign="top" style='width:100.45pt;border-top:0.5pt solid #000000'><p align="right" style='margin:0'>3,943,779</p></td></tr><tr style='height:7.2pt'><td valign="top" style='width:193.5pt;border-bottom:0.5pt solid #000000'><p align="justify" style='margin:0;margin-left:9pt'>Valuation allowance</p></td><td valign="top" style='width:97.75pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'>(4,615,689)</p></td><td valign="top" style='width:100.45pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'>(3,943,779)</p></td></tr><tr style='height:7.2pt'><td valign="top" style='width:193.5pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="justify" style='margin:0;margin-left:9pt'>Deferred tax assets, net of allowance </p></td><td valign="top" style='width:97.75pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>$ -</p></td><td valign="top" style='width:100.45pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>$ -</p></td></tr></table><p align="justify" style='margin:0;margin-left:9pt'> </p>
4615689
3943779
4615689
3943779
0
0
<table align="center" style='border-collapse:collapse'><tr style='height:7.2pt'><td valign="top" style='width:193.5pt;border-bottom:0.5pt solid #000000'><p align="justify" style='margin:0;margin-left:9pt'> </p></td><td valign="top" style='width:97.75pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0;margin-left:9pt'><b>Year Ended </b></p><p align="center" style='margin:0;margin-left:9pt'><b>March 31, 2020</b></p></td><td valign="top" style='width:100.45pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0;margin-left:9pt'><b>Year Ended </b></p><p align="center" style='margin:0;margin-left:9pt'><b>March 31, 2019</b></p></td></tr><tr style='height:7.2pt'><td valign="top" style='width:193.5pt;border-top:0.5pt solid #000000'><p align="justify" style='margin:0;margin-left:9pt'>Federal</p></td><td valign="top" style='width:97.75pt;border-top:0.5pt solid #000000'><p align="right" style='margin:0;margin-left:9pt'> </p></td><td valign="top" style='width:100.45pt;border-top:0.5pt solid #000000'><p align="right" style='margin:0;margin-left:9pt'> </p></td></tr><tr style='height:7.2pt'><td valign="top" style='width:193.5pt'><p align="justify" style='margin:0;margin-left:9pt'>Current</p></td><td valign="top" style='width:97.75pt'><p align="right" style='margin:0'>$ -</p></td><td valign="top" style='width:100.45pt'><p align="right" style='margin:0'>$ -</p></td></tr><tr style='height:7.2pt'><td valign="top" style='width:193.5pt'><p align="justify" style='margin:0;margin-left:9pt'>Deferred</p></td><td valign="top" style='width:97.75pt'><p align="right" style='margin:0'>4,615,689</p></td><td valign="top" style='width:100.45pt'><p align="right" style='margin:0'>3,943,779</p></td></tr><tr style='height:7.2pt'><td valign="top" style='width:193.5pt'><p align="justify" style='margin:0;margin-left:9pt'>State</p></td><td valign="top" style='width:97.75pt'><p align="right" style='margin:0'> -</p></td><td valign="top" style='width:100.45pt'><p align="right" style='margin:0'> -</p></td></tr><tr style='height:7.2pt'><td valign="top" style='width:193.5pt'><p align="justify" style='margin:0;margin-left:9pt'>Current</p></td><td valign="top" style='width:97.75pt'><p align="right" style='margin:0'> -</p></td><td valign="top" style='width:100.45pt'><p align="right" style='margin:0'> -</p></td></tr><tr style='height:7.2pt'><td valign="top" style='width:193.5pt'><p align="justify" style='margin:0;margin-left:9pt'>Deferred</p></td><td valign="top" style='width:97.75pt'><p align="right" style='margin:0'>-</p></td><td valign="top" style='width:100.45pt'><p align="right" style='margin:0'>-</p></td></tr><tr style='height:7.2pt'><td valign="top" style='width:193.5pt;border-bottom:0.5pt solid #000000'><p align="justify" style='margin:0;margin-left:9pt'>Change in valuation allowance</p></td><td valign="top" style='width:97.75pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'>(4,615,689)</p></td><td valign="top" style='width:100.45pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'>(3,943,779)</p></td></tr><tr style='height:7.2pt'><td valign="top" style='width:193.5pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="justify" style='margin:0;margin-left:9pt'>Income tax provision</p></td><td valign="top" style='width:97.75pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>$ -</p></td><td valign="top" style='width:100.45pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>$ -</p></td></tr></table><p align="justify" style='margin:0;margin-left:9pt'> </p>
0
0
4615689
3943779
0
0
0
0
4615689
3943779
0
0
<table align="center" style='border-collapse:collapse'><tr style='height:7.2pt'><td valign="top" style='width:225pt;border-bottom:0.5pt solid #000000'><p align="justify" style='margin:0;margin-left:9pt'> </p></td><td valign="top" style='width:97.75pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0;margin-left:9pt'><b>Year Ended </b></p><p align="center" style='margin:0;margin-left:9pt'><b>March 31, 2020</b></p></td><td valign="top" style='width:100.45pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0;margin-left:9pt'><b>Year Ended </b></p><p align="center" style='margin:0;margin-left:9pt'><b>March 31, 2019</b></p></td></tr><tr style='height:7.2pt'><td valign="top" style='width:225pt;border-top:0.5pt solid #000000'><p align="justify" style='margin:0;margin-left:9pt'>Statutory Federal Income Tax Rate</p></td><td valign="top" style='width:97.75pt;border-top:0.5pt solid #000000'><p align="right" style='margin:0'>21%</p></td><td valign="top" style='width:100.45pt;border-top:0.5pt solid #000000'><p align="right" style='margin:0'>21%</p></td></tr><tr style='height:7.2pt'><td valign="top" style='width:225pt'><p align="justify" style='margin:0;margin-left:9pt'>Non-deductible expenses</p></td><td valign="top" style='width:97.75pt'><p align="right" style='margin:0'>(9%)</p></td><td valign="top" style='width:100.45pt'><p align="right" style='margin:0'>(7%)</p></td></tr><tr style='height:7.2pt'><td valign="top" style='width:225pt;border-bottom:0.5pt solid #000000'><p align="justify" style='margin:0;margin-left:9pt'>Change in valuation allowance</p></td><td valign="top" style='width:97.75pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'>(12%)</p></td><td valign="top" style='width:100.45pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'>(14%)</p></td></tr><tr style='height:7.2pt'><td valign="top" style='width:225pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="justify" style='margin:0;margin-left:9pt'>Income tax provision</p></td><td valign="top" style='width:97.75pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>$ -</p></td><td valign="top" style='width:100.45pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>$ -</p></td></tr></table><p style='margin:0;margin-left:9pt'> </p>
0.2100
0.2100
-0.0900
-0.0700
-0.1200
-0.1400
0
0
<b>16.   SUBSEQUENT EVENTS</b><p align="justify" style='margin:0'><b> </b> </p><p align="justify" style='margin:0;margin-left:9pt'><b>Common Stock Issued</b></p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>On April 2, 2020, the Company issued 22,483,333 shares of common stock to satisfy obligations under share subscription agreements of $28,500 for cash and $3,800 for settlement of notes payable and interest included in share subscriptions payable.</p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>From April 14, 2020 to May 1, 2020, the Company issued 161,706,173 shares of common stock to satisfy obligations under share subscription agreements of $464,793 for settlement of convertible notes included in share subscriptions payable.</p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>On May 4, 2020, the Company issued 31,274,641 shares of common stock to satisfy obligations under share subscription agreements of $53,680 for settlement of services and $54,000 for the settlement of note payable included in share subscriptions payable.</p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>On May 11, 2020, the Company issued 1,350,000 shares of common stock to satisfy obligations under share subscription agreements of $5,130 for settlement of services included in share subscriptions payable.</p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>On May 12, 2020, the Company issued 7,050,000 shares of common stock to satisfy obligations under share subscription agreements of $14,805 for settlement of services included in share subscriptions payable.</p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>On May 21, 2020, the Company issued 7,157,895 shares of common stock to satisfy obligations under share subscription agreements of $28,000 for settlement of services included in share subscriptions payable.</p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>From June 4, 2020 to June 25, 2020, the Company issued 74,218,750 shares of common stock to satisfy obligations under share subscription agreements of $264,359 for settlement of convertible notes included in share subscriptions payable.</p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>On June 5, 2020, the Company issued 5,000,000 shares of common stock to satisfy obligations under share subscription agreements of $5,000 for settlement of cash included in share subscriptions payable.</p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'><b>Common Stock Payable</b></p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>For the period of April 1, 2020 to July 17, 2020, the Company issued subscriptions payable for 8,333,333 shares of common stock for $10,000 ($0.001 per share) in cash. </p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>For the period of April 1, 2020 to July 17, 2020, the Company issued subscriptions payable for 7,050,000 shares of common stock for $14,805 ($0.0021 per share) in services. </p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>For the period of April 1, 2020 to July 17, 2020, the Company issued subscriptions payable for 1,000,000 shares of common stock for $3,800 ($0.0038 per share) to settle notes payable.</p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>For the period of April 1, 2020 to July 17, 2020, the Company issued subscriptions payable for 22,727,273 shares of common stock for $50,000 ($0.0022 per share) to settle notes payable – related party.</p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>For the period of April 1, 2020 to July 17, 2020, the Company issued subscriptions payable for 235,924,923 shares of common stock for $729,152 ($0.0031 per share) to settle convertible note principal and interest of $206,500.</p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'><b>JSJ Investments Inc.</b></p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>On June 9, 2020, the Company issued a Convertible Promissory Note (“Note”) to JSJ Investments Inc. (“Holder”) in the original principal amount of $130,000 less debt discount of $3,000 bearing a 6% annual interest rate and maturing June 9, 2021 for $127,000 in cash. After 180 days after the issue date, this Note together with any unpaid accrued interest is convertible into shares of common stock of the Company at the Holder’s option at a variable conversion price calculated at 35% discount to the average of the two lowest trading prices during the previous fifteen (15) trading days. The Company may repay the Note if repaid within 30 days of date of issue at 110% of the original principal amount plus interest, between 31 days and 60 days at 115% of the original principal amount plus interest, between 61 days and 90 days at 120% of the original principal amount plus interest, between 91 days and 120 days at 125% of the original principal amount plus interest, between 121 days and 150 days at 130% of the original principal amount plus interest, and between 151 days and 180 days at 135% of the original principal amount plus interest. Thereafter, the Company does not have the right of prepayment. </p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'><b>Power Up Lending Group Ltd.</b></p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>On June 9, 2020, the Company issued a Convertible Promissory Note (“Note”) to Power Up Lending Group Ltd. (“Holder”) in the original principal amount of $52,500 less transaction costs of $2,500 bearing a 12% annual interest rate and maturing April 1, 2021 for $50,000 in cash. After 180 days after the issue date, this Note together with any unpaid accrued interest is convertible into shares of common stock of the Company at the Holder’s option at a variable conversion price calculated at 61% of the market price defined as the average of the lowest two trading prices during the twenty (20) trading day period ending on the latest complete trading day prior to the conversion date. The Company may repay the Note if repaid in cash within 30 days of date of issue at 115% of the original principal amount plus interest, between 31 days and 60 days at 120% of the original principal amount plus interest, between 61 days and 90 days at 125% of the original principal amount plus interest, between 91 days and 120 days at 130% of the original principal amount plus interest and between 121 days and 180 days at 135% of the original principal amount plus interest. Thereafter, the Company does not have the right of prepayment.</p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'><b>Auctus Funding, LLC</b></p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>On June 15, 2020, the Company fully settled the Convertible Promissory Note issued to Auctus Fnd, LLC on December 19, 2020 with an original principal amount of $112,750 for $178,855 in cash.</p><p align="justify" style='margin:0;margin-left:9pt'> </p>
2020-04-02
2020-04-02
Company issued 22,483,333 shares of common stock to satisfy obligations under share subscription agreements
22483333
shares of common stock
2020-04-14
2020-05-01
2020-04-14
2020-05-01
Company issued 161,706,173 shares of common stock to satisfy obligations under share subscription agreements
161706173
shares of common stock
464793
2020-05-04
2020-05-04
Company issued 31,274,641 shares of common stock to satisfy obligations under share subscription agreements
31274641
shares of common stock
2020-05-11
2020-05-11
Company issued 1,350,000 shares of common stock to satisfy obligations under share subscription agreements
1350000
shares of common stock
5130
2020-05-12
2020-05-12
Company issued 7,050,000 shares of common stock to satisfy obligations under share subscription agreements
7050000
shares of common stock
14805
2020-05-21
2020-05-21
Company issued 7,157,895 shares of common stock to satisfy obligations under share subscription agreements
7157895
shares of common stock
28000
2020-06-04
2020-06-25
2020-06-04
2020-06-25
Company issued 74,218,750 shares of common stock to satisfy obligations under share subscription agreements
74218750
shares of common stock
264359
2020-06-05
2020-06-05
Company issued 5,000,000 shares of common stock to satisfy obligations under share subscription agreements
5000000
shares of common stock
5000
2020-04-01
2020-07-17
2020-04-01
2020-07-17
Company issued subscriptions payable for 8,333,333 shares of common stock
ubscriptions payable
8333333
10000
0.001
2020-04-01
2020-07-17
2020-04-01
2020-07-17
Company issued subscriptions payable for 7,050,000 shares of common stock
subscriptions payable
7050000
14805
0.0021
2020-04-01
2020-07-17
2020-04-01
2020-07-17
Company issued subscriptions payable for 1,000,000 shares of common stock
subscriptions payable
1000000
3800
0.0038
2020-04-01
2020-07-17
2020-04-01
2020-07-17
Company issued subscriptions payable for 22,727,273 shares of common stock
subscriptions payable
22727273
50000
0.0022
2020-04-01
2020-07-17
2020-04-01
2020-07-17
Company issued subscriptions payable for 235,924,923 shares of common stock
subscriptions payable
235924923
729152
0.0031
2020-06-09
2020-06-09
Company issued a Convertible Promissory Note (“Note”) to JSJ Investments Inc.
Company
Convertible Promissory Note
130000
3000
0.0600
2021-06-09
127000
After 180 days after the issue date, this Note together with any unpaid accrued interest is convertible into shares of common stock of the Company at the Holder’s option at a variable conversion price calculated at 35% discount to the average of the two lowest trading prices during the previous fifteen (15) trading days
2020-06-09
2020-06-09
Company issued a Convertible Promissory Note (“Note”) to Power Up Lending Group Ltd.
Company
Convertible Promissory Note
52500
2500
0.1200
2021-04-01
50000
After 180 days after the issue date, this Note together with any unpaid accrued interest is convertible into shares of common stock of the Company at the Holder’s option at a variable conversion price calculated at 61% of the market price defined as the average of the lowest two trading prices during the twenty (20) trading day period ending on the latest complete trading day prior to the conversion date
2020-06-15
Company fully settled the Convertible Promissory Note issued to Auctus Fnd, LLC on December 19, 2020
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Note 12.