0001355677
--03-31
10-Q
true
2021-09-30
false
MEXUS GOLD US
000-52413
20-4092640
1805 N. Carson Street
#150
Carson City
NV
89701
Address of principal executive offices
916
776 2166
Issuer’s Telephone Number
Yes
Yes
Non-accelerated Filer
true
false
false
265272159
false
2022
Q2
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<p align="justify" style='margin:0;margin-left:18pt'><kbd style='position:absolute;font:8pt Arial;margin-left:0pt'>1.</kbd><kbd style='margin-left:19pt'></kbd><b>ORGANIZATION AND BUSINESS OF COMPANY</b> </p><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 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>
1990-06-22
NV
<p align="justify" style='margin:0;margin-left:18pt'><kbd style='position:absolute;font:8pt Arial;margin-left:0pt'>2.</kbd><kbd style='margin-left:19pt'></kbd><b>BASIS OF PREPARATION</b> </p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0;margin-left:9pt'>Pursuant to the rules and regulations of the Securities and Exchange Commission for Form 10-Q, the unaudited condensed consolidated financial statements, footnote disclosures and other information normally included in condensed consolidated financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted. The condensed consolidated financial statements contained in this report are unaudited but, in the opinion of management, reflect all adjustments, consisting of only normal recurring adjustments, necessary for a fair presentation of the condensed consolidated financial statements. All significant inter-company accounts and transactions have been eliminated in consolidation. The results of operations for any interim period are not necessarily indicative of results for the full year. The condensed consolidated balance sheet on March 31, 2021 has been derived from the audited consolidated financial statements at that date but does not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements.</p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt;margin-right:-1.45pt'>The preparation of unaudited condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Management reviews these estimates and assumptions on an ongoing basis using currently available information. Actual results could differ from those estimates. Three-month figures are not necessarily indicative of the results to be reported at the year end. </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 align="justify" style='margin:0;margin-left:9pt'> </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'> </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 4):</p><p align="justify" style='margin:0;margin-left:9pt'> </p><table style='border-collapse:collapse;margin-left:9pt'><tr style='height:7.2pt'><td valign="top" bgcolor="#D3F0FE" style='width:165.6pt'><p align="justify" style='margin:0'>Mining tools and equipment</p></td><td valign="top" bgcolor="#D3F0FE" style='width:114pt'><p align="justify" style='margin:0'>7 years</p></td></tr><tr style='height:7.2pt'><td valign="top" style='width:165.6pt'><p align="justify" style='margin:0'>Watercraft</p></td><td valign="top" style='width:114pt'><p align="justify" style='margin:0'>7 years</p></td></tr><tr style='height:7.2pt'><td valign="top" bgcolor="#D3F0FE" style='width:165.6pt'><p align="justify" style='margin:0'>Vehicles</p></td><td valign="top" bgcolor="#D3F0FE" style='width:114pt'><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>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 align="justify" 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. For the three and six months ended September 30, 2021 and 2020, 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 September 30, 2021 and March 31, 2021, 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'>On September 30, 2021 and March 31, 2021, 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 style='border-collapse:collapse;width:468pt'><tr align="left"><td valign="top" style='width:319.5pt'><p 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'>September 30,</p><p align="center" style='margin:0;margin-left:9pt'>2021</p></td><td valign="top" style='width:13.5pt'><p align="center" 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'>March 31,</p><p align="center" style='margin:0;margin-left:9pt'>2021</p></td></tr><tr align="left"><td valign="top" bgcolor="#CCEEFF" style='width:319.5pt'><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" bgcolor="#CCEEFF" style='width:67.5pt;border-top:0.5pt solid #000000'><p align="right" style='margin:0;margin-left:9pt'>23,790,035</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:13.5pt'><p align="right" style='margin:0;margin-left:9pt'> </p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:67.5pt;border-top:0.5pt solid #000000'><p align="right" style='margin:0;margin-left:9pt'>16,317,058</p></td></tr><tr align="left"><td valign="top" style='width:319.5pt'><p style='margin:0;text-indent:-4.5pt;margin-left:9pt'>Common stock issuable upon conversion of warrants</p></td><td valign="bottom" style='width:67.5pt'><p align="right" style='margin:0;margin-left:9pt'>610,000</p></td><td valign="bottom" style='width:13.5pt'><p align="right" style='margin:0;margin-left:9pt'> </p></td><td valign="bottom" style='width:67.5pt'><p align="right" style='margin:0;margin-left:9pt'>610,000</p></td></tr><tr align="left"><td valign="top" bgcolor="#CCEEFF" style='width:319.5pt'><p style='margin:0;text-indent:-4.5pt;margin-left:9pt'>Common stock issuable to satisfy stock payable obligations </p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:67.5pt'><p align="right" style='margin:0;margin-left:9pt'>12,100,547</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:13.5pt'><p align="right" style='margin:0;margin-left:9pt'> </p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:67.5pt'><p align="right" style='margin:0;margin-left:9pt'>4,970,315</p></td></tr><tr align="left"><td valign="top" style='width:319.5pt'><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="bottom" style='width:67.5pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0;margin-left:9pt'>1,000,000</p></td><td valign="bottom" style='width:13.5pt'><p align="right" style='margin:0;margin-left:9pt'> </p></td><td valign="bottom" style='width:67.5pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0;margin-left:9pt'>1,000,000</p></td></tr><tr align="left"><td valign="top" bgcolor="#CCEEFF" style='width:319.5pt'><p style='margin:0;margin-left:9pt'>Total</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:67.5pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0;margin-left:9pt'>37,500,582</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:13.5pt'><p align="right" style='margin:0;margin-left:9pt'> </p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:67.5pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0;margin-left:9pt'>22,897,373</p></td></tr></table><p align="justify" style='margin:0;margin-left:9pt'> </p><p style='margin:0'> </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 August 2020, the FASB issued ASU 2020-06, Debt—<i>Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40).</i> This update amends the guidance on convertible instruments and the derivatives scope exception for contracts in an entity's own equity and improves and amends the related EPS guidance for both Subtopics. This standard is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2023, which means it will be effective for our fiscal year beginning April 1, 2024. Early adoption is permitted but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. We are currently evaluating the impact of ASU 2020-06 on our consolidated financial statements.</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 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 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'><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'><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 4):</p><p align="justify" style='margin:0;margin-left:9pt'> </p><table style='border-collapse:collapse;margin-left:9pt'><tr style='height:7.2pt'><td valign="top" bgcolor="#D3F0FE" style='width:165.6pt'><p align="justify" style='margin:0'>Mining tools and equipment</p></td><td valign="top" bgcolor="#D3F0FE" style='width:114pt'><p align="justify" style='margin:0'>7 years</p></td></tr><tr style='height:7.2pt'><td valign="top" style='width:165.6pt'><p align="justify" style='margin:0'>Watercraft</p></td><td valign="top" style='width:114pt'><p align="justify" style='margin:0'>7 years</p></td></tr><tr style='height:7.2pt'><td valign="top" bgcolor="#D3F0FE" style='width:165.6pt'><p align="justify" style='margin:0'>Vehicles</p></td><td valign="top" bgcolor="#D3F0FE" style='width:114pt'><p align="justify" style='margin:0'>3 years</p></td></tr></table>
<p align="justify" style='margin:0;margin-left:9pt'> </p><table style='border-collapse:collapse;margin-left:9pt'><tr style='height:7.2pt'><td valign="top" bgcolor="#D3F0FE" style='width:165.6pt'><p align="justify" style='margin:0'>Mining tools and equipment</p></td><td valign="top" bgcolor="#D3F0FE" style='width:114pt'><p align="justify" style='margin:0'>7 years</p></td></tr><tr style='height:7.2pt'><td valign="top" style='width:165.6pt'><p align="justify" style='margin:0'>Watercraft</p></td><td valign="top" style='width:114pt'><p align="justify" style='margin:0'>7 years</p></td></tr><tr style='height:7.2pt'><td valign="top" bgcolor="#D3F0FE" style='width:165.6pt'><p align="justify" style='margin:0'>Vehicles</p></td><td valign="top" bgcolor="#D3F0FE" style='width:114pt'><p align="justify" style='margin:0'>3 years</p></td></tr></table>
P7Y
P7Y
P3Y
<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'><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'><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'><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'><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'><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'><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. For the three and six months ended September 30, 2021 and 2020, 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'><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'><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 September 30, 2021 and March 31, 2021, 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'><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;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'><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'>On September 30, 2021 and March 31, 2021, 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 style='border-collapse:collapse;width:468pt'><tr align="left"><td valign="top" style='width:319.5pt'><p 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'>September 30,</p><p align="center" style='margin:0;margin-left:9pt'>2021</p></td><td valign="top" style='width:13.5pt'><p align="center" 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'>March 31,</p><p align="center" style='margin:0;margin-left:9pt'>2021</p></td></tr><tr align="left"><td valign="top" bgcolor="#CCEEFF" style='width:319.5pt'><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" bgcolor="#CCEEFF" style='width:67.5pt;border-top:0.5pt solid #000000'><p align="right" style='margin:0;margin-left:9pt'>23,790,035</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:13.5pt'><p align="right" style='margin:0;margin-left:9pt'> </p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:67.5pt;border-top:0.5pt solid #000000'><p align="right" style='margin:0;margin-left:9pt'>16,317,058</p></td></tr><tr align="left"><td valign="top" style='width:319.5pt'><p style='margin:0;text-indent:-4.5pt;margin-left:9pt'>Common stock issuable upon conversion of warrants</p></td><td valign="bottom" style='width:67.5pt'><p align="right" style='margin:0;margin-left:9pt'>610,000</p></td><td valign="bottom" style='width:13.5pt'><p align="right" style='margin:0;margin-left:9pt'> </p></td><td valign="bottom" style='width:67.5pt'><p align="right" style='margin:0;margin-left:9pt'>610,000</p></td></tr><tr align="left"><td valign="top" bgcolor="#CCEEFF" style='width:319.5pt'><p style='margin:0;text-indent:-4.5pt;margin-left:9pt'>Common stock issuable to satisfy stock payable obligations </p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:67.5pt'><p align="right" style='margin:0;margin-left:9pt'>12,100,547</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:13.5pt'><p align="right" style='margin:0;margin-left:9pt'> </p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:67.5pt'><p align="right" style='margin:0;margin-left:9pt'>4,970,315</p></td></tr><tr align="left"><td valign="top" style='width:319.5pt'><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="bottom" style='width:67.5pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0;margin-left:9pt'>1,000,000</p></td><td valign="bottom" style='width:13.5pt'><p align="right" style='margin:0;margin-left:9pt'> </p></td><td valign="bottom" style='width:67.5pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0;margin-left:9pt'>1,000,000</p></td></tr><tr align="left"><td valign="top" bgcolor="#CCEEFF" style='width:319.5pt'><p style='margin:0;margin-left:9pt'>Total</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:67.5pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0;margin-left:9pt'>37,500,582</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:13.5pt'><p align="right" style='margin:0;margin-left:9pt'> </p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:67.5pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0;margin-left:9pt'>22,897,373</p></td></tr></table><p align="justify" style='margin:0;margin-left:9pt'> </p>
<p align="justify" style='margin:0;margin-left:9pt'> </p><table style='border-collapse:collapse;width:468pt'><tr align="left"><td valign="top" style='width:319.5pt'><p 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'>September 30,</p><p align="center" style='margin:0;margin-left:9pt'>2021</p></td><td valign="top" style='width:13.5pt'><p align="center" 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'>March 31,</p><p align="center" style='margin:0;margin-left:9pt'>2021</p></td></tr><tr align="left"><td valign="top" bgcolor="#CCEEFF" style='width:319.5pt'><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" bgcolor="#CCEEFF" style='width:67.5pt;border-top:0.5pt solid #000000'><p align="right" style='margin:0;margin-left:9pt'>23,790,035</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:13.5pt'><p align="right" style='margin:0;margin-left:9pt'> </p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:67.5pt;border-top:0.5pt solid #000000'><p align="right" style='margin:0;margin-left:9pt'>16,317,058</p></td></tr><tr align="left"><td valign="top" style='width:319.5pt'><p style='margin:0;text-indent:-4.5pt;margin-left:9pt'>Common stock issuable upon conversion of warrants</p></td><td valign="bottom" style='width:67.5pt'><p align="right" style='margin:0;margin-left:9pt'>610,000</p></td><td valign="bottom" style='width:13.5pt'><p align="right" style='margin:0;margin-left:9pt'> </p></td><td valign="bottom" style='width:67.5pt'><p align="right" style='margin:0;margin-left:9pt'>610,000</p></td></tr><tr align="left"><td valign="top" bgcolor="#CCEEFF" style='width:319.5pt'><p style='margin:0;text-indent:-4.5pt;margin-left:9pt'>Common stock issuable to satisfy stock payable obligations </p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:67.5pt'><p align="right" style='margin:0;margin-left:9pt'>12,100,547</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:13.5pt'><p align="right" style='margin:0;margin-left:9pt'> </p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:67.5pt'><p align="right" style='margin:0;margin-left:9pt'>4,970,315</p></td></tr><tr align="left"><td valign="top" style='width:319.5pt'><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="bottom" style='width:67.5pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0;margin-left:9pt'>1,000,000</p></td><td valign="bottom" style='width:13.5pt'><p align="right" style='margin:0;margin-left:9pt'> </p></td><td valign="bottom" style='width:67.5pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0;margin-left:9pt'>1,000,000</p></td></tr><tr align="left"><td valign="top" bgcolor="#CCEEFF" style='width:319.5pt'><p style='margin:0;margin-left:9pt'>Total</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:67.5pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0;margin-left:9pt'>37,500,582</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:13.5pt'><p align="right" style='margin:0;margin-left:9pt'> </p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:67.5pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0;margin-left:9pt'>22,897,373</p></td></tr></table><p align="justify" style='margin:0;margin-left:9pt'> </p>
23790035
16317058
610000
610000
12100547
4970315
1000000
1000000
37500582
22897373
<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 August 2020, the FASB issued ASU 2020-06, Debt—<i>Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40).</i> This update amends the guidance on convertible instruments and the derivatives scope exception for contracts in an entity's own equity and improves and amends the related EPS guidance for both Subtopics. This standard is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2023, which means it will be effective for our fiscal year beginning April 1, 2024. Early adoption is permitted but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. We are currently evaluating the impact of ASU 2020-06 on our consolidated financial statements.</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 align="justify" style='margin:0;margin-left:18pt'><kbd style='position:absolute;font:8pt Arial;margin-left:0pt'><b>3.</b></kbd><kbd style='margin-left:19pt'></kbd><b>GOING CONCERN </b> </p><p align="justify" style='margin:0;margin-left:13.5pt'> </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 six months ended September 30, 2021, the Company incurred a net loss of $1,693,565 and used cash in operating activities of $335,835, and on September 30, 2021, had an accumulated deficit of $37,371,363. On September 30, 2021, 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, 2021, 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>
-1693565
-335835
-37371363
<p align="justify" style='margin:0;margin-left:18pt'><kbd style='position:absolute;font:8pt Arial;margin-left:0pt'><b>4.</b></kbd><kbd style='margin-left:19pt'></kbd><b>PROPERTY & EQUIPMENT</b> </p><p align="justify" style='margin:0;margin-left:36pt;margin-right:1.6pt'> </p><table style='border-collapse:collapse;width:463.5pt;margin-left:22.5pt'><tr align="left"><td valign="top" style='width:135pt'><p align="justify" style='margin:0;margin-left:9pt'> </p></td><td valign="bottom" style='width:81pt;border-bottom:1.5pt solid #000000'><p align="center" style='margin:0;margin-left:9pt'>Cost</p></td><td valign="bottom" style='width:81pt;border-bottom:1.5pt solid #000000'><p align="center" style='margin:0;margin-left:9pt'>Accumulated Depreciation</p></td><td valign="bottom" style='width:93.85pt;border-bottom:1.5pt solid #000000'><p align="center" style='margin:0;margin-left:9pt'>September 30, 2021</p><p align="center" style='margin:0;margin-left:9pt'>Net Book Value</p></td><td valign="bottom" style='width:72.65pt;border-bottom:1.5pt solid #000000'><p align="center" style='margin:0;margin-left:9pt'>March 31, 2021</p><p align="center" style='margin:0;margin-left:9pt'>Net Book Value</p></td></tr><tr align="left"><td valign="top" bgcolor="#CCEEFF" style='width:135pt'><p align="justify" style='margin:0;margin-left:9pt'>Mining tools and equipment</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:81pt;border-top:1.5pt solid #000000'><p align="right" style='margin:0;margin-left:7pt'>$ 1,867,746</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:81pt;border-top:1.5pt solid #000000'><p align="right" style='margin:0;margin-left:8pt'>$ 1,613,323</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:93.85pt;border-top:1.5pt solid #000000'><p align="right" style='margin:0;margin-left:9pt'>$ 254,423</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:72.65pt;border-top:1.5pt solid #000000'><p align="right" style='margin:0;margin-left:9pt'>$ 286,860</p></td></tr><tr align="left"><td valign="top" style='width:135pt'><p align="justify" style='margin:0;margin-left:9pt'>Vehicles</p></td><td valign="bottom" style='width:81pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0;margin-left:9pt'>178,810</p></td><td valign="bottom" style='width:81pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0;margin-left:8pt'>175,566</p></td><td valign="bottom" style='width:93.85pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0;margin-left:9pt'>3,244</p></td><td valign="bottom" style='width:72.65pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0;margin-left:9pt'>6,532</p></td></tr><tr align="left"><td valign="top" bgcolor="#CCEEFF" style='width:135pt'></td><td valign="bottom" bgcolor="#CCEEFF" style='width:81pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0;margin-left:2.5pt'>$ 2,046,556</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:81pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0;margin-left:8pt'>$ 1,788,889</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:93.85pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0;margin-left:9pt'>$ 257,667</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:72.65pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0;margin-left:9pt'>$ 293,392</p></td></tr></table><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>Depreciation expense for three and six months ended September 30, 2021 and 2020 was $17,863 and $35,725 and $25,149 and $50,318, respectively.</p>
<p align="justify" style='margin:0;margin-left:36pt;margin-right:1.6pt'> </p><table style='border-collapse:collapse;width:463.5pt;margin-left:22.5pt'><tr align="left"><td valign="top" style='width:135pt'><p align="justify" style='margin:0;margin-left:9pt'> </p></td><td valign="bottom" style='width:81pt;border-bottom:1.5pt solid #000000'><p align="center" style='margin:0;margin-left:9pt'>Cost</p></td><td valign="bottom" style='width:81pt;border-bottom:1.5pt solid #000000'><p align="center" style='margin:0;margin-left:9pt'>Accumulated Depreciation</p></td><td valign="bottom" style='width:93.85pt;border-bottom:1.5pt solid #000000'><p align="center" style='margin:0;margin-left:9pt'>September 30, 2021</p><p align="center" style='margin:0;margin-left:9pt'>Net Book Value</p></td><td valign="bottom" style='width:72.65pt;border-bottom:1.5pt solid #000000'><p align="center" style='margin:0;margin-left:9pt'>March 31, 2021</p><p align="center" style='margin:0;margin-left:9pt'>Net Book Value</p></td></tr><tr align="left"><td valign="top" bgcolor="#CCEEFF" style='width:135pt'><p align="justify" style='margin:0;margin-left:9pt'>Mining tools and equipment</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:81pt;border-top:1.5pt solid #000000'><p align="right" style='margin:0;margin-left:7pt'>$ 1,867,746</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:81pt;border-top:1.5pt solid #000000'><p align="right" style='margin:0;margin-left:8pt'>$ 1,613,323</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:93.85pt;border-top:1.5pt solid #000000'><p align="right" style='margin:0;margin-left:9pt'>$ 254,423</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:72.65pt;border-top:1.5pt solid #000000'><p align="right" style='margin:0;margin-left:9pt'>$ 286,860</p></td></tr><tr align="left"><td valign="top" style='width:135pt'><p align="justify" style='margin:0;margin-left:9pt'>Vehicles</p></td><td valign="bottom" style='width:81pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0;margin-left:9pt'>178,810</p></td><td valign="bottom" style='width:81pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0;margin-left:8pt'>175,566</p></td><td valign="bottom" style='width:93.85pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0;margin-left:9pt'>3,244</p></td><td valign="bottom" style='width:72.65pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0;margin-left:9pt'>6,532</p></td></tr><tr align="left"><td valign="top" bgcolor="#CCEEFF" style='width:135pt'></td><td valign="bottom" bgcolor="#CCEEFF" style='width:81pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0;margin-left:2.5pt'>$ 2,046,556</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:81pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0;margin-left:8pt'>$ 1,788,889</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:93.85pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0;margin-left:9pt'>$ 257,667</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:72.65pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0;margin-left:9pt'>$ 293,392</p></td></tr></table>
1867746
1613323
254423
286860
178810
175566
3244
6532
2046556
1788889
257667
293392
17863
35725
25149
50318
<p align="justify" style='margin:0;margin-left:18pt'><kbd style='position:absolute;font:8pt Arial;margin-left:0pt'><b>5.</b></kbd><kbd style='margin-left:19pt'></kbd><b>ACCOUNTS PAYABLE – RELATED PARTIES</b> </p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0;margin-left:9pt'>During the three and six months ended September 30, 2021 and 2020, the Company incurred rent expense to Paul D. Thompson, the sole director and officer of the Company, of $11,400 and $22,800 and $11,400 and $22,800, respectively. On September 30, 2021 and March 31, 2021, $157,092 and $147,153 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 September 30, 2021, the Company entered into a compensation agreement with Paul D. Thompson Sr., 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, cash payment 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. On September 30, 2021 and March 31, 2021, $303,318 and $280,949 of compensation due is included in accounts payable – related party, respectively and $33,800 for 2,000,000 shares and $51,400 for 2,000,000 shares of common stock due is included in share subscriptions payable, respectively.</p>
11400
22800
11400
22800
157092
147153
303318
280949
33800
51400
<p align="justify" style='margin:0;margin-left:18pt'><kbd style='position:absolute;font:8pt Arial;margin-left:0pt'><b>6.</b></kbd><kbd style='margin-left:19pt'></kbd><b>NOTES PAYABLE AND NOTES PAYABLE - RELATED PARTY</b> </p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0;margin-left:9pt'>During the six months ended September 30, 2021 and 2020, note principal and interest of $156,641 and $2,000, respectively, the Company agreed to issue 8,416,395 shares and 50,000 shares of common stock, respectively. In addition, for six months ended September 30, 2021 and 2020, the Company paid $0 and $7,000 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'>On September 30, 2021 and March 31, 2021, the carrying value of the notes payable totaled $1,153,147 (net of unamortized debt discount of $0) and $1,232,576 (net of unamortized debt discount of $0), respectively. </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> – On September 30, 2021 and 2020, notes payable – related party of $141,169 and $141,169, 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 $77,211 and $136,185 for the six months ended September 30, 2021 and 2020, respectively.</p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>On September 30, 2021 and March 31, 2021, accrued interest of $267,919 and $214,744, 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'>On September 30, 2021, $1,194,016 of notes payable and notes payable – related party were in default. There are no default provisions stated in these notes. </p>
1153147
0
1232576
0
141169
141169
77211
136185
267919
214744
1194016
<p align="justify" style='margin:0;margin-left:18pt'><kbd style='position:absolute;font:8pt Arial;margin-left:0pt'><b>7.</b></kbd><kbd style='margin-left:19pt'></kbd><b>PROMISSORY NOTE</b> </p><p align="justify" style='margin:0;margin-left:18pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>On September 30, 2021 and March 31, 2021, 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 September 30, 2021, 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. On September 30, 2021 and March 31, 2021, accrued interest of $50,193 and $46,351, respectively, is included in accounts payable and accrued liabilities.</p>
65000
65000
0.0400
<p align="justify" style='margin:0;margin-left:18pt'><kbd style='position:absolute;font:8pt Arial;margin-left:0pt'><b>8.</b></kbd><kbd style='margin-left:19pt'></kbd><b>CONVERTIBLE PROMISSORY NOTES</b> </p><p align="justify" style='margin:0;margin-left:18pt'> </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 October 15, 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 October 15, 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 65% of the market price defined as the average of the lowest two trading prices during the fifteen (15) trading day period ending on the latest complete trading day prior to the conversion date. At inception, the carrying value of the Note was $11,818 (accreted value of $80,769 less debt discount of $68,951). 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 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. On March 31, 2021, the Note is recorded at an accreted value of $47,801 ($85,205 less unamortized debt discount of $37,404). From April 22, 2021 to April 30, 2021, the Company issued 4,274,515 shares of common stock of the Company with the fair value $102,609 to the Holder to fully settle the Note resulting in a loss on settlement of $16,993. Interest and amortization of debt discount was $37,815 for the six months ended September 30, 2021.</p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>On December 15, 2020, the Company issued a Convertible Promissory Note (“Note”) to Power Up Lending Group Ltd. (“Holder”) in the original principal amount of $43,500 less transaction costs of $3,500 bearing a 12% annual interest rate and maturing December 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 (15) trading day period ending on the latest complete trading day prior to the conversion date. At inception, the carrying value of the Note was $6,797 (accreted value of $66,923 less debt discount of $60,126). 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 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. On March 31, 2021, the Note is recorded at an accreted value of $26,590 ($69,255 less unamortized debt discount of $42,665). From June 16, 2021 to June 18, 2021, the Company issued 2,891,728 shares of common stock of the Company with the fair value $82,483 to the Holder to fully settle the Note resulting in a loss on settlement of $11,544. Interest and amortization of debt discount was $44,348 for the six months ended September 30, 2021.</p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>On January 20, 2021, the Company issued a Convertible Promissory Note (“Note”) to Power Up Lending Group Ltd. (“Holder”) in the original principal amount of $43,500 less transaction costs of $3,500 bearing a 12% annual interest rate and maturing January 20, 2022 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 (15) trading day period ending on the latest complete trading day prior to the conversion date. At inception, the carrying value of the Note was $0 (accreted value of $66,923 less debt discount of $66,923). 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 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. On March 31, 2021, the Note is recorded at an accreted value of $11,364 ($68,463 less unamortized debt discount of $57,099). From July 26, 2021 to August 9, 2021, the Company issued 3,137,298 shares of common stock of the Company with the fair value $73,615 to the Holder to fully settle the Note resulting in a loss on settlement of $2,677. Interest and amortization of debt discount was $59,574 for the six months ended September 30, 2021.</p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>On March 1, 2021, the Company issued a Convertible Promissory Note (“Note”) to Power Up Lending Group Ltd. (“Holder”) in the original principal amount of $38,500 less transaction costs of $3,500 bearing a 12% annual interest rate and maturing March 1, 2022 for $35,000 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 (15) trading day period ending on the latest complete trading day prior to the conversion date. At inception, the carrying value of the Note was $1,453 (accreted value of $59,231 less debt discount of $57,778). 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 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. On March 31, 2021, the Note is recorded at an accreted value of $6,786 ($59,815 less unamortized debt discount of $53,029), respectively. From September 7, 2021 to September 14, 2021, the Company issued 4,877,232 shares of common stock of the Company with the fair value $82,985 to the Holder to fully settle the Note resulting in a loss on settlement of $20,201. Interest and amortization of debt discount was $55,999 for the six months ended September 30, 2021.</p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>On April 5, 2021, the Company issued a Convertible Promissory Note (“Note”) to Power Up Lending Group Ltd. (“Holder”) in the original principal amount of $40,000 less transaction costs of $3,500 bearing a 12% annual interest rate and maturing April 5, 2022 for $36,500 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 (15) trading day period ending on the latest complete trading day prior to the conversion date. At inception, the carrying value of the Note was $13,462 (accreted value of $61,538 less debt discount of $48,076).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 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. On September 30, 2021, the Note is recorded at an accreted value of $40,509 ($50,605 less unamortized debt discount of $10,096). Interest and amortization of debt discount was $27,047 for the six months ended September 30, 2021.</p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>On April 29, 2021, the Company issued a Convertible Promissory Note (“Note”) to Power Up Lending Group Ltd. (“Holder”) in the original principal amount of $38,500 less transaction costs of $3,500 bearing a 12% annual interest rate and maturing April 29, 2022 for $35,000 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 (15) trading day period ending on the latest complete trading day prior to the conversion date. At inception, the carrying value of the Note was $12,600 (accreted value of $59,231 less debt discount of $46,631). 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 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. On September 30, 2021, the Note is recorded at an accreted value of $35,273 ($46,745 less unamortized debt discount of $11,472). Interest and amortization of debt discount was $22,673 for the six months ended September 30, 2021.</p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>On May 20, 2021, the Company issued a Convertible Promissory Note (“Note”) to Power Up Lending Group Ltd. (“Holder”) in the original principal amount of $43,500 less transaction costs of $3,500 bearing a 12% annual interest rate and maturing May 20, 2022 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 (15) trading day period ending on the latest complete trading day prior to the conversion date. At inception, the carrying value of the Note was $11,694 (accreted value of $66,923 less debt discount of $55,229). 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 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. On September 30, 2021, the Note is recorded at an accreted value of $34,745 ($51,461 less unamortized debt discount of $16,716). Interest and amortization of debt discount was $23,051 for the six months ended September 30, 2021.</p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>On June 14, 2021, the Company issued a Convertible Promissory Note (“Note”) to Power Up Lending Group Ltd. (“Holder”) in the original principal amount of $43,500 less transaction costs of $3,500 bearing a 12% annual interest rate and maturing June 14, 2022 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 (15) trading day period ending on the latest complete trading day prior to the conversion date. At inception, the carrying value of the Note was $10,341 (accreted value of $66,923 less debt discount of $56,582). 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 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. On September 30, 2021, the Note is recorded at an accreted value of $29,459 ($49,307 less unamortized debt discount of $19,848). Interest and amortization of debt discount was $19,118 for the six months ended September 30, 2021.</p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>On July 28, 2021, the Company issued a Convertible Promissory Note (“Note”) to Power Up Lending Group Ltd. (“Holder”) in the original principal amount of $38,500 less transaction costs of $3,500 bearing a 12% annual interest rate and maturing July 28, 2022 for $35,000 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 (15) trading day period ending on the latest complete trading day prior to the conversion date. At inception, the carrying value of the Note was $15,712 (accreted value of $59,231 less debt discount of $43,519). 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 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. On September 30, 2021, the Note is recorded at an accreted value of $24,589 ($39,881 less unamortized debt discount of $15,292). Interest and amortization of debt discount was $8,877 for the six months ended September 30, 2021.</p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>On August 17, 2021, the Company issued a Convertible Promissory Note (“Note”) to Power Up Lending Group Ltd. (“Holder”) in the original principal amount of $45,000 less transaction costs of $3,500 bearing a 12% annual interest rate and maturing August 17, 2022 for $41,500 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 (15) trading day period ending on the latest complete trading day prior to the conversion date. At inception, the carrying value of the Note was $21,454 (accreted value of $69,231 less debt discount of $47,776). 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 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. On September 30, 2021, the Note is recorded at an accreted value of $28,881 ($45,422 less unamortized debt discount of $16,541). Interest and amortization of debt discount was $6,761 for the six months ended September 30, 2021.</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 August 11, 2020, the Company issued a Convertible Promissory Note (“Note”) to Crown Bridge Partners, LLC (“Holder”) in the original principal amount of $55,000 less transaction costs of $5,000 bearing a 12% annual interest rate and maturing August 10, 2021 for $50,000 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 $91,113 which was recorded as a debt discount. At inception, the carrying value of the Note was $0 (accreted value of $91,667 less debt discount of $91,667). 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. The Company determined that upon issuance of the Note, the initial fair value of the embedded conversion feature was $91,113, of which $50,000 was recorded as debt discount and the remainder of $41,113 was recorded expensed and included in gain (loss) on derivative liability. On September 30, 2021 and March 31, 2021, the Note is recorded at an accreted value of $104,174 ($104,174 less unamortized debt discount of $0) and $65,419 (98,659 less unamortized debt discount of $33,240), respectively). Interest and amortization of debt discount was $38,917 for the six months ended September 30, 2021.</p>
52500
43500
43500
38500
40000
38500
43500
43500
38500
45000
55000
<p align="justify" style='margin:0;margin-left:18pt'><kbd style='position:absolute;font:8pt Arial;margin-left:0pt'><b>9.</b></kbd><kbd style='margin-left:19pt'></kbd><b>CONVERTIBLE PROMISSORY NOTE DERIVATIVE LIABILITY</b> </p><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. and Crown Bridge Partners, 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><p align="justify" style='margin:0;margin-left:9pt'>The inputs into the Black-Scholes models are as follows:</p><p style='margin:0'> </p><table align="center" style='border-collapse:collapse;width:396pt'><tr align="left"><td valign="top" style='width:126pt'><p align="justify" style='margin:0'> </p></td><td valign="top" style='width:90pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'><b>September 30, 2021</b></p></td><td valign="top" style='width:90pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'><b>June 30, 2021</b></p></td><td valign="top" style='width:90pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'><b>March 31, 2021</b></p></td></tr><tr align="left"><td valign="top" bgcolor="#CCEEFF" style='width:126pt'><p align="justify" style='margin:0'>Closing share price</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:90pt;border-top:0.5pt solid #000000'><p align="center" style='margin:0'>$0.0169</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:90pt;border-top:0.5pt solid #000000'><p align="center" style='margin:0'>$0.0285</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:90pt;border-top:0.5pt solid #000000'><p align="center" style='margin:0'>$0.0257</p></td></tr><tr align="left"><td valign="top" style='width:126pt'><p align="justify" style='margin:0'>Conversion price</p></td><td valign="bottom" style='width:90pt'><p align="center" style='margin:0'>$0.013 - $0.0142</p></td><td valign="bottom" style='width:90pt'><p align="center" style='margin:0'>$0.0256</p></td><td valign="bottom" style='width:90pt'><p align="center" style='margin:0'>$0.0233 - $0.0234</p></td></tr><tr align="left"><td valign="top" bgcolor="#CCEEFF" style='width:126pt'><p align="justify" style='margin:0'>Risk free rate</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:90pt'><p align="center" style='margin:0'>0.05% - 0.07%</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:90pt'><p align="center" style='margin:0'>0.05%</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:90pt'><p align="center" style='margin:0'>0.04%</p></td></tr><tr align="left"><td valign="top" style='width:126pt'><p align="justify" style='margin:0'>Expected volatility</p></td><td valign="bottom" style='width:90pt'><p align="center" style='margin:0'>103% - 117%</p></td><td valign="bottom" style='width:90pt'><p align="center" style='margin:0'>94% - 153%</p></td><td valign="bottom" style='width:90pt'><p align="center" style='margin:0'>136% - 161%</p></td></tr><tr align="left"><td valign="top" bgcolor="#CCEEFF" style='width:126pt'><p align="justify" style='margin:0'>Dividend yield</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:90pt'><p align="center" style='margin:0'>0%</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:90pt'><p align="center" style='margin:0'>0%</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:90pt'><p align="center" style='margin:0'>0%</p></td></tr><tr align="left"><td valign="top" style='width:126pt'><p align="justify" style='margin:0'>Expected life (years)</p></td><td valign="bottom" style='width:90pt'><p align="center" style='margin:0'>0.50- 0.88</p></td><td valign="bottom" style='width:90pt'><p align="center" style='margin:0'>0.11- 0.96</p></td><td valign="bottom" style='width:90pt'><p align="center" style='margin:0'>0.36 – 0.81</p></td></tr></table><p align="justify" style='margin:0;margin-left:9pt'> </p><table align="center" style='border-collapse:collapse;width:486pt'><tr align="left"><td valign="bottom" style='width:126pt'><p align="center" style='margin:0'><b>Continuity of the Fair value of the Conversion Option Derivative Liabilities</b></p></td><td valign="bottom" style='width:90pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'><b>Three Months Ended September 30, 2021</b></p></td><td valign="bottom" style='width:90pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'><b>Six Months Ended September 30, 2021</b></p></td><td valign="bottom" style='width:90pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'><b>Three Months Ended September 30, 2020</b></p></td><td valign="bottom" style='width:90pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'><b>Six Months Ended September 30, 2020</b></p></td></tr><tr align="left"><td valign="top" bgcolor="#CCEEFF" style='width:126pt'><p align="justify" style='margin:0'>Opening</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:90pt;border-top:0.5pt solid #000000'><p align="right" style='margin:0'>$146,243</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:90pt;border-top:0.5pt solid #000000'><p align="right" style='margin:0'>$138,539</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:90pt;border-top:0.5pt solid #000000'><p align="right" style='margin:0'>$215,086</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:90pt;border-top:0.5pt solid #000000'><p align="right" style='margin:0'>$486,663</p></td></tr><tr align="left"><td valign="top" style='width:126pt'><p align="justify" style='margin:0'>Initial value</p></td><td valign="bottom" style='width:90pt'><p align="right" style='margin:0'>38,576</p></td><td valign="bottom" style='width:90pt'><p align="right" style='margin:0'>141,979</p></td><td valign="bottom" style='width:90pt'><p align="right" style='margin:0'>115,367</p></td><td valign="bottom" style='width:90pt'><p align="right" style='margin:0'>292,366</p></td></tr><tr align="left"><td valign="top" bgcolor="#CCEEFF" style='width:126pt'><p align="justify" style='margin:0'>Decrease in fair value</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:90pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'>(21,749)</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:90pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> (117,448)</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:90pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'>(115,711)</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:90pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> (564,287)</p></td></tr><tr align="left"><td valign="top" style='width:126pt'><p align="justify" style='margin:0'>Closing</p></td><td valign="bottom" style='width:90pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>$163,070</p></td><td valign="bottom" style='width:90pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>$163,070</p></td><td valign="bottom" style='width:90pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>$214,742</p></td><td valign="bottom" style='width:90pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>$214,742</p></td></tr></table>
<p style='margin:0'> </p><table align="center" style='border-collapse:collapse;width:396pt'><tr align="left"><td valign="top" style='width:126pt'><p align="justify" style='margin:0'> </p></td><td valign="top" style='width:90pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'><b>September 30, 2021</b></p></td><td valign="top" style='width:90pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'><b>June 30, 2021</b></p></td><td valign="top" style='width:90pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'><b>March 31, 2021</b></p></td></tr><tr align="left"><td valign="top" bgcolor="#CCEEFF" style='width:126pt'><p align="justify" style='margin:0'>Closing share price</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:90pt;border-top:0.5pt solid #000000'><p align="center" style='margin:0'>$0.0169</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:90pt;border-top:0.5pt solid #000000'><p align="center" style='margin:0'>$0.0285</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:90pt;border-top:0.5pt solid #000000'><p align="center" style='margin:0'>$0.0257</p></td></tr><tr align="left"><td valign="top" style='width:126pt'><p align="justify" style='margin:0'>Conversion price</p></td><td valign="bottom" style='width:90pt'><p align="center" style='margin:0'>$0.013 - $0.0142</p></td><td valign="bottom" style='width:90pt'><p align="center" style='margin:0'>$0.0256</p></td><td valign="bottom" style='width:90pt'><p align="center" style='margin:0'>$0.0233 - $0.0234</p></td></tr><tr align="left"><td valign="top" bgcolor="#CCEEFF" style='width:126pt'><p align="justify" style='margin:0'>Risk free rate</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:90pt'><p align="center" style='margin:0'>0.05% - 0.07%</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:90pt'><p align="center" style='margin:0'>0.05%</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:90pt'><p align="center" style='margin:0'>0.04%</p></td></tr><tr align="left"><td valign="top" style='width:126pt'><p align="justify" style='margin:0'>Expected volatility</p></td><td valign="bottom" style='width:90pt'><p align="center" style='margin:0'>103% - 117%</p></td><td valign="bottom" style='width:90pt'><p align="center" style='margin:0'>94% - 153%</p></td><td valign="bottom" style='width:90pt'><p align="center" style='margin:0'>136% - 161%</p></td></tr><tr align="left"><td valign="top" bgcolor="#CCEEFF" style='width:126pt'><p align="justify" style='margin:0'>Dividend yield</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:90pt'><p align="center" style='margin:0'>0%</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:90pt'><p align="center" style='margin:0'>0%</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:90pt'><p align="center" style='margin:0'>0%</p></td></tr><tr align="left"><td valign="top" style='width:126pt'><p align="justify" style='margin:0'>Expected life (years)</p></td><td valign="bottom" style='width:90pt'><p align="center" style='margin:0'>0.50- 0.88</p></td><td valign="bottom" style='width:90pt'><p align="center" style='margin:0'>0.11- 0.96</p></td><td valign="bottom" style='width:90pt'><p align="center" style='margin:0'>0.36 – 0.81</p></td></tr></table><p align="justify" style='margin:0;margin-left:9pt'> </p><table align="center" style='border-collapse:collapse;width:486pt'><tr align="left"><td valign="bottom" style='width:126pt'><p align="center" style='margin:0'><b>Continuity of the Fair value of the Conversion Option Derivative Liabilities</b></p></td><td valign="bottom" style='width:90pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'><b>Three Months Ended September 30, 2021</b></p></td><td valign="bottom" style='width:90pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'><b>Six Months Ended September 30, 2021</b></p></td><td valign="bottom" style='width:90pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'><b>Three Months Ended September 30, 2020</b></p></td><td valign="bottom" style='width:90pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'><b>Six Months Ended September 30, 2020</b></p></td></tr><tr align="left"><td valign="top" bgcolor="#CCEEFF" style='width:126pt'><p align="justify" style='margin:0'>Opening</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:90pt;border-top:0.5pt solid #000000'><p align="right" style='margin:0'>$146,243</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:90pt;border-top:0.5pt solid #000000'><p align="right" style='margin:0'>$138,539</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:90pt;border-top:0.5pt solid #000000'><p align="right" style='margin:0'>$215,086</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:90pt;border-top:0.5pt solid #000000'><p align="right" style='margin:0'>$486,663</p></td></tr><tr align="left"><td valign="top" style='width:126pt'><p align="justify" style='margin:0'>Initial value</p></td><td valign="bottom" style='width:90pt'><p align="right" style='margin:0'>38,576</p></td><td valign="bottom" style='width:90pt'><p align="right" style='margin:0'>141,979</p></td><td valign="bottom" style='width:90pt'><p align="right" style='margin:0'>115,367</p></td><td valign="bottom" style='width:90pt'><p align="right" style='margin:0'>292,366</p></td></tr><tr align="left"><td valign="top" bgcolor="#CCEEFF" style='width:126pt'><p align="justify" style='margin:0'>Decrease in fair value</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:90pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'>(21,749)</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:90pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> (117,448)</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:90pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'>(115,711)</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:90pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> (564,287)</p></td></tr><tr align="left"><td valign="top" style='width:126pt'><p align="justify" style='margin:0'>Closing</p></td><td valign="bottom" style='width:90pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>$163,070</p></td><td valign="bottom" style='width:90pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>$163,070</p></td><td valign="bottom" style='width:90pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>$214,742</p></td><td valign="bottom" style='width:90pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>$214,742</p></td></tr></table>
0.0169
0.0285
0.0257
0.013
0.0142
0.0256
0.0233
0.0234
0.0005
0.0007
0.0005
0.0004
1.0300
1.1700
0.9400
1.5300
1.3600
1.6100
0.0000
0.0000
0.0000
P6M
P10M17D
P1M10D
P11M16D
P4M10D
P9M22D
146243
138539
215086
486663
38576
141979
115367
292366
-21749
-117448
-115711
-564287
163070
214742
<p align="justify" style='margin:0;margin-left:18pt'><kbd style='position:absolute;font:8pt Arial;margin-left:0pt'><b>10.</b></kbd><kbd style='margin-left:19pt'></kbd><b>WARRANT LIABILITY</b> </p><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 Notes with Crown Bridge Partners, LLC on November 21, 2019 and August 11, 2020, the Company issued, with each Note, 1,100,000 warrants with an exercise price of $1.00 and a term of five years.</p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>Also, 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 $0.10 and a term of five years. </p><p align="justify" style='margin:0;margin-left:9pt'> </p><p align="justify" style='margin:0;margin-left:9pt'>These warrants are subject to down round and other anti-dilution protections. These warrants are classified as a liability since there is a possibility during the life of these warrants the Company would not have enough authorized shares available if these warrants are exercised. </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;width:386.85pt'><tr align="left"><td valign="top" style='width:121.5pt'><p align="justify" style='margin:0'> </p></td><td valign="bottom" style='width:88.45pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'><b>September 30, 2021</b></p></td><td valign="bottom" style='width:88.45pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'><b>June 30, 2021</b></p></td><td valign="bottom" style='width:88.45pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'><b>March 31, 2021</b></p></td></tr><tr align="left"><td valign="top" bgcolor="#CCEEFF" style='width:121.5pt'><p align="justify" style='margin:0'>Closing share price</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:88.45pt;border-top:0.5pt solid #000000'><p align="center" style='margin:0'>$0.0169</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:88.45pt;border-top:0.5pt solid #000000'><p align="center" style='margin:0'>$0.0285</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:88.45pt;border-top:0.5pt solid #000000'><p align="center" style='margin:0'>$0.0257</p></td></tr><tr align="left"><td valign="top" style='width:121.5pt'><p align="justify" style='margin:0'>Conversion price</p></td><td valign="bottom" style='width:88.45pt'><p align="center" style='margin:0'>$1.00 - $0.10</p></td><td valign="bottom" style='width:88.45pt'><p align="center" style='margin:0'>$1.00 - $0.10</p></td><td valign="bottom" style='width:88.45pt'><p align="center" style='margin:0'>$1.00 - $0.10</p></td></tr><tr align="left"><td valign="top" bgcolor="#CCEEFF" style='width:121.5pt'><p align="justify" style='margin:0'>Risk free rate</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:88.45pt'><p align="center" style='margin:0'>0.50 - 0.70%</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:88.45pt'><p align="center" style='margin:0'>0.50 - 0.70%</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:88.45pt'><p align="center" style='margin:0'>0.35%</p></td></tr><tr align="left"><td valign="top" style='width:121.5pt'><p align="justify" style='margin:0'>Expected volatility</p></td><td valign="bottom" style='width:88.45pt'><p align="center" style='margin:0'>175 - 179%</p></td><td valign="bottom" style='width:88.45pt'><p align="center" style='margin:0'>172 - 182%</p></td><td valign="bottom" style='width:88.45pt'><p align="center" style='margin:0'>170 - 180%</p></td></tr><tr align="left"><td valign="top" bgcolor="#CCEEFF" style='width:121.5pt'><p align="justify" style='margin:0'>Dividend yield</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:88.45pt'><p align="center" style='margin:0'>0%</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:88.45pt'><p align="center" style='margin:0'>0%</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:88.45pt'><p align="center" style='margin:0'>0%</p></td></tr><tr align="left"><td valign="top" style='width:121.5pt'><p align="justify" style='margin:0'>Expected life (years)</p></td><td valign="bottom" style='width:88.45pt'><p align="center" style='margin:0'>3.15 – 3.86</p></td><td valign="bottom" style='width:88.45pt'><p align="center" style='margin:0'>3.40 - 4.12</p></td><td valign="bottom" style='width:88.45pt'><p align="center" style='margin:0'>3.65 – 4.36</p></td></tr></table><p align="justify" style='margin:0;background-color:#FFFFFF'> </p><table align="center" style='border-collapse:collapse;width:541.7pt'><tr style='height:33.85pt'><td valign="bottom" style='width:143.1pt'><p align="center" style='margin:0'><b>Continuity of the Fair value of the Warrant Liabilities</b></p></td><td valign="bottom" style='width:102.2pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'><b>Three Months Ended September 30, 2021</b></p></td><td valign="bottom" style='width:102.2pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'><b>Six Months Ended September 30, 2021</b></p></td><td valign="bottom" style='width:102.2pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'><b>Three Months Ended September 30, 2020</b></p></td><td valign="bottom" style='width:92pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'><b>Six Months Ended September 30, 2020</b></p></td></tr><tr style='height:11pt'><td valign="bottom" bgcolor="#CCEEFF" style='width:143.1pt'><p style='margin:0'>Opening, March 31</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:102.2pt;border-top:0.5pt solid #000000'><p align="right" style='margin:0'>$13,935</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:102.2pt;border-top:0.5pt solid #000000'><p align="right" style='margin:0'>$12,669</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:102.2pt;border-top:0.5pt solid #000000'><p align="right" style='margin:0'>$34,268</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:92pt;border-top:0.5pt solid #000000'><p align="right" style='margin:0'>$39,387</p></td></tr><tr style='height:9.9pt'><td valign="bottom" style='width:143.1pt'><p style='margin:0'>Increase (decrease) in fair value</p></td><td valign="bottom" style='width:102.2pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'>(6,440)</p></td><td valign="bottom" style='width:102.2pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> (5,174)</p></td><td valign="bottom" style='width:102.2pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'>(6,238)</p></td><td valign="bottom" style='width:92pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> (11,357)</p></td></tr><tr style='height:11pt'><td valign="bottom" bgcolor="#CCEEFF" style='width:143.1pt'><p style='margin:0'>Closing, September 30</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:102.2pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>$7,495</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:102.2pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>$7,495</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:102.2pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>$28,030</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:92pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>$28,030</p></td></tr></table><p align="justify" style='margin:0;margin-left:9pt'> </p>
<p align="justify" style='margin:0'> </p><table align="center" style='border-collapse:collapse;width:386.85pt'><tr align="left"><td valign="top" style='width:121.5pt'><p align="justify" style='margin:0'> </p></td><td valign="bottom" style='width:88.45pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'><b>September 30, 2021</b></p></td><td valign="bottom" style='width:88.45pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'><b>June 30, 2021</b></p></td><td valign="bottom" style='width:88.45pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'><b>March 31, 2021</b></p></td></tr><tr align="left"><td valign="top" bgcolor="#CCEEFF" style='width:121.5pt'><p align="justify" style='margin:0'>Closing share price</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:88.45pt;border-top:0.5pt solid #000000'><p align="center" style='margin:0'>$0.0169</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:88.45pt;border-top:0.5pt solid #000000'><p align="center" style='margin:0'>$0.0285</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:88.45pt;border-top:0.5pt solid #000000'><p align="center" style='margin:0'>$0.0257</p></td></tr><tr align="left"><td valign="top" style='width:121.5pt'><p align="justify" style='margin:0'>Conversion price</p></td><td valign="bottom" style='width:88.45pt'><p align="center" style='margin:0'>$1.00 - $0.10</p></td><td valign="bottom" style='width:88.45pt'><p align="center" style='margin:0'>$1.00 - $0.10</p></td><td valign="bottom" style='width:88.45pt'><p align="center" style='margin:0'>$1.00 - $0.10</p></td></tr><tr align="left"><td valign="top" bgcolor="#CCEEFF" style='width:121.5pt'><p align="justify" style='margin:0'>Risk free rate</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:88.45pt'><p align="center" style='margin:0'>0.50 - 0.70%</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:88.45pt'><p align="center" style='margin:0'>0.50 - 0.70%</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:88.45pt'><p align="center" style='margin:0'>0.35%</p></td></tr><tr align="left"><td valign="top" style='width:121.5pt'><p align="justify" style='margin:0'>Expected volatility</p></td><td valign="bottom" style='width:88.45pt'><p align="center" style='margin:0'>175 - 179%</p></td><td valign="bottom" style='width:88.45pt'><p align="center" style='margin:0'>172 - 182%</p></td><td valign="bottom" style='width:88.45pt'><p align="center" style='margin:0'>170 - 180%</p></td></tr><tr align="left"><td valign="top" bgcolor="#CCEEFF" style='width:121.5pt'><p align="justify" style='margin:0'>Dividend yield</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:88.45pt'><p align="center" style='margin:0'>0%</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:88.45pt'><p align="center" style='margin:0'>0%</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:88.45pt'><p align="center" style='margin:0'>0%</p></td></tr><tr align="left"><td valign="top" style='width:121.5pt'><p align="justify" style='margin:0'>Expected life (years)</p></td><td valign="bottom" style='width:88.45pt'><p align="center" style='margin:0'>3.15 – 3.86</p></td><td valign="bottom" style='width:88.45pt'><p align="center" style='margin:0'>3.40 - 4.12</p></td><td valign="bottom" style='width:88.45pt'><p align="center" style='margin:0'>3.65 – 4.36</p></td></tr></table><p align="justify" style='margin:0;background-color:#FFFFFF'> </p><table align="center" style='border-collapse:collapse;width:541.7pt'><tr style='height:33.85pt'><td valign="bottom" style='width:143.1pt'><p align="center" style='margin:0'><b>Continuity of the Fair value of the Warrant Liabilities</b></p></td><td valign="bottom" style='width:102.2pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'><b>Three Months Ended September 30, 2021</b></p></td><td valign="bottom" style='width:102.2pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'><b>Six Months Ended September 30, 2021</b></p></td><td valign="bottom" style='width:102.2pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'><b>Three Months Ended September 30, 2020</b></p></td><td valign="bottom" style='width:92pt;border-bottom:0.5pt solid #000000'><p align="center" style='margin:0'><b>Six Months Ended September 30, 2020</b></p></td></tr><tr style='height:11pt'><td valign="bottom" bgcolor="#CCEEFF" style='width:143.1pt'><p style='margin:0'>Opening, March 31</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:102.2pt;border-top:0.5pt solid #000000'><p align="right" style='margin:0'>$13,935</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:102.2pt;border-top:0.5pt solid #000000'><p align="right" style='margin:0'>$12,669</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:102.2pt;border-top:0.5pt solid #000000'><p align="right" style='margin:0'>$34,268</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:92pt;border-top:0.5pt solid #000000'><p align="right" style='margin:0'>$39,387</p></td></tr><tr style='height:9.9pt'><td valign="bottom" style='width:143.1pt'><p style='margin:0'>Increase (decrease) in fair value</p></td><td valign="bottom" style='width:102.2pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'>(6,440)</p></td><td valign="bottom" style='width:102.2pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> (5,174)</p></td><td valign="bottom" style='width:102.2pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'>(6,238)</p></td><td valign="bottom" style='width:92pt;border-bottom:0.5pt solid #000000'><p align="right" style='margin:0'> (11,357)</p></td></tr><tr style='height:11pt'><td valign="bottom" bgcolor="#CCEEFF" style='width:143.1pt'><p style='margin:0'>Closing, September 30</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:102.2pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>$7,495</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:102.2pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>$7,495</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:102.2pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>$28,030</p></td><td valign="bottom" bgcolor="#CCEEFF" style='width:92pt;border-top:0.5pt solid #000000;border-bottom:3px double #000000'><p align="right" style='margin:0'>$28,030</p></td></tr></table><p align="justify" style='margin:0;margin-left:9pt'> </p>
0.0169
0.0285
0.0257
1.00
0.10
1.00
0.10
1.00
0.10
0.0050
0.0070
0.0050
0.0070
0.0035
1.7500
1.7900
1.7200
1.8200
1.7000
1.8000
0.0000
0.0000
0.0000
P3Y1M24D
P3Y10M10D
P3Y4M24D
P4Y1M13D
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P4Y4M10D
13935
12669
34268
39387
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28030
<p align="justify" style='margin:0;margin-left:18pt'><kbd style='position:absolute;font:8pt Arial;margin-left:0pt'><b>11.</b></kbd><kbd style='margin-left:19pt'></kbd><b>CONTINGENT LIABILITIES</b> </p><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 September 30, 2021, 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:18pt'><kbd style='position:absolute;font:8pt Arial;margin-left:0pt'><b>12.</b></kbd><kbd style='margin-left:19pt'></kbd><b>STOCKHOLDERS’ DEFICIT</b> </p><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 September 30, 2021 and March 31, 2021:</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 on September 30, 2021 and March 31, 2021.</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 on September 30, 2021 and March 31, 2021.</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: 244,305,989 and 177,714,055 shares issued and outstanding on September 30, 2021 and March 31, 2021, 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>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 7, 2021, the Company issued 1,675,000 shares of common stock to satisfy obligations under share subscription agreements of $43,048 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 April 20, 2021, the Company issued 3,735,000 shares of common stock to satisfy obligations under share subscription agreements of $20,000 for cash and $54,870 for settlement of services for the settlement of 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 April 23, 2021, the Company issued 2,307,692 shares of common stock to satisfy obligations under share subscription agreements of $60,692 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 April 28, 2021, the Company issued 10,000,000 shares of common stock to satisfy obligations under share subscription agreements of $212,000 for settlement of services included in share subscriptions payable.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0;margin-left:9pt'>On April 29, 2021, the Company issued 1,153,846 shares of common stock to satisfy obligations under share subscription agreements of $24,519 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 3, 2021, the Company issued 812,977 shares of common stock to satisfy obligations under share subscription agreements of $17,398 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 20, 2021, the Company issued 4,461,163 shares of common stock to satisfy obligations under share subscription agreements of $89,223 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 May 28, 2021, the Company issued 400,000 shares of common stock to satisfy obligations under share subscription agreements of $6,000 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 June 16, 2021, the Company issued 1,419,753 shares of common stock to satisfy obligations under share subscription agreements of $42,593 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 18, 2021, the Company issued 1,471,975 shares of common stock to satisfy obligations under share subscription agreements of $39,891 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 24, 2021, the Company issued 800,000 shares of common stock to satisfy obligations under share subscription agreements of $10,000 for cash included in share subscriptions payable.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0;margin-left:9pt'>On July 2, 2021, the Company issued 5,600,000 shares of common stock to satisfy obligations under share subscription agreements of $159,600 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 July 12, 2021, the Company issued 1,640,000 shares of common stock to satisfy obligations under share subscription agreements of $25,000 for cash, $3,800 for settlement of notes payable and $4,160 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 July 14, 2021, the Company issued 4,900,000 shares of common stock to satisfy obligations under share subscription agreements of $138,670 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 July 26, 2021, the Company issued 4,000,000 shares of common stock to satisfy obligations under share subscription agreements of $107,200 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 July 27, 2021, the Company issued 1,634,616 shares of common stock to satisfy obligations under share subscription agreements of $11,125 for cash and $24,500 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 July 27, 2021, the Company issued 1,324,503 shares of common stock to satisfy obligations under share subscription agreements of $31,258 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 July 30, 2021, the Company issued 1,013,514 shares of common stock to satisfy obligations under share subscription agreements of $24,932 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 July 30, 2021, the Company issued 1,800,000 shares of common stock to satisfy obligations under share subscription agreements of $10,000 for cash and $26,800 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 3, 2021, the Company issued 1,000,000 shares of common stock to satisfy obligations under share subscription agreements of $12,500 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 August 10, 2021, the Company issued 799,281 shares of common stock to satisfy obligations under share subscription agreements of $17,424 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 August 31 2021, the Company issued 3,280,000 shares of common stock to satisfy obligations under share subscription agreements of $36,000 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 September 7, 2021, the Company issued 1,914,894 shares of common stock to satisfy obligations under share subscription agreements of $30,255 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 September 9, 2021, the Company issued 1,280,563 shares of common stock to satisfy obligations under share subscription agreements of $16,647 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 September 14, 2021, the Company issued 2,962,338 shares of common stock to satisfy obligations under share subscription agreements of $52,730 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 September 16, 2021, the Company issued 4,000,000 shares of common stock to satisfy obligations under share subscription agreements of $20,000 for cash included in share subscriptions payable.</p><p style='margin:0'> </p><p align="justify" style='margin:0;margin-left:9pt'>On September 20, 2021, the Company issued 1,204,819 shares of common stock to satisfy obligations under share subscription agreements of $10,000 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'><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'>As at September 30, 2021, the Company had total subscriptions payable for 12,100,547 shares of common stock for $34,366 in cash, shares of common stock for interest valued at $27,911, shares of common stock for services valued at $154,331 and shares of common stock for notes payable of $80,164. </p>
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<p align="justify" style='margin:0;margin-left:18pt'><kbd style='position:absolute;font:8pt Arial;margin-left:0pt'><b>13.</b></kbd><kbd style='margin-left:19pt'></kbd><b>RELATED PARTY TRANSACTIONS</b> </p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0;margin-left:9pt'>During the six months ended September 30, 2021 and March 31, 2021, 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'>Paul D. Thompson, sole director and officer of the Company</p><p align="justify" style='margin:0;margin-left:9pt'>Taurus Gold, Inc., controlled by Paul D. Thompson</p><p align="justify" style='margin:0;margin-left:9pt'>Accounts payable – related parties – Note 5</p><p align="justify" style='margin:0;margin-left:9pt'>Notes payable and notes payable – relate party – Note 6</p>
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