Related Party Transactions and Employment Agreements (Tables)

12 Months Ended

Mar. 31, 2019

Schedule of Amounts Payable to Related Parties

The amounts payable to related parties as of March 31, 2019, and 2018 are as follows:

	March 31, 2019		March 31, 2018
Related Party:
Steve Saleen (a)	$	457,692	$	104,483
Top Hat Capital and Crystal Research (b)		61,672		61,672
	$	519,364	$	166,155

Steve Saleen (a)

Amounts payable to Steve Saleen, founder and Chief Executive Officer of the Company, include accrued salary, accrued bonuses, and advances provided to the Company. The advances are non-interest bearing, with no formal terms of repayment. At March 31, 2017, the balance due to Mr. Saleen was $545,352. On March 22, 2018, Mr. Saleen was issued 1,090,704 shares of the Company’s common stock to settle the total amount owed to him at that date of $545,352. The shares were valued at $0.50 per share based on a contemporaneous private placement of Series A Preferred Stock (see Note 11).

Jeffrey Kraws, Top Hat Capital and Crystal Research (b)

At March 31, 2019, and 2018, the Company owes Top Hat Capital and Crystal Research, whose co-founder and Managing Partner, Jeffrey Kraws, is a director of the Company, $61,672 for investment advisor and research services provided to the Company.

Saleen Automotive, Inc. 10-K