PROMISSORY NOTES PAYABLE AND CONVERTIBLE NOTES PAYABLE

6 Months Ended

Sep. 30, 2023

PROMISSORY NOTES PAYABLE AND CONVERTIBLE NOTES PAYABLE

PROMISSORY NOTES PAYABLE AND CONVERTIBLE NOTES PAYABLE

NOTE 5 - PROMISSORY NOTES PAYABLE AND CONVERTIBLE NOTES PAYABLE

Promissory Notes

As of September 30, 2023 and March 31, 2023, the promissory notes payable to non-affiliates are summarized as follows:

		September 30,		March 31,
Note	Expiry Date	2023		2023
Promissory Note - September 2011	Due on demand	$	47,090	$	47,090
Promissory Note - October 2013	Due on demand		25,000		25,000
Promissory Note - November 2013	Due on demand		80,000		80,000
Promissory Note - November 2013	Due on demand		30,000		30,000
Promissory Note - December 2013	Due on demand		30,000		30,000
Promissory Note - January 2014	Due on demand		10,000		10,000
Promissory Note - February 2014	Due on demand		10,000		10,000
Promissory Note - March 2014	Due on demand		10,000		10,000
Promissory Note - May 2014	Due on demand		5,000		5,000
Promissory Note - July 2014	Due on demand		10,200		10,200
Promissory Note - September 2014	Due on demand		15,000		15,000
Promissory Note - September 2015	Due on demand		200,000		200,000
Promissory Note - January 2018	Due on demand		-		17,841
Promissory Note - June 2021	Due on demand		-		3,695
Promissory Note - August 2021	Due on demand		-		22,168
Promissory Note - August 2021	Due on demand		-		7,389
Promissory Note - November 2021	Due on demand		-		2,956
			472,290		526,339
Less: non-current portion of promissory note payable			-		-
Current portion of promissory note payable		$	472,290	$	526,339

During the six months ended September 30, 2023, the Company repaid in full the promissory note payable to Azariah Zemarium in the amount of $17,841(CAD24,000).

During the six months ended September 30, 2023, the Company repaid promissory notes of $36,243 (CAD 49,000).

Convertible Notes

As of September 30, 2023 and March 31, 2023, the convertible notes payable to non-affiliates are summarized as follows:

		September 30,		March 31,
Note	Expiry Date	2023		2023
Convertible Note - December 2022	Due on demand	$	7,396	$	7,389
Convertible Note - February 2023	Due on demand		11,095		11,084
Convertible Note - June 2023	Due on demand		22,189		-
Convertible Note - August 2023	Due on demand		14,793		-
convertible Note - September 2023	Due on demand		25,888		-
			81,361		18,473
Less: non-current portion of convertible note payable			-		-
Current portion of convertible note payable		$	81,361	$	18,473

During the six months ended September 30, 2023, the Company issued convertible notes to non-affiliates totaling $62,870 (CAD85,000) . The convertible notes are due on demand, bear interest rate of 5% per annum and are convertible into common stock at CAD0.03 per share

During the six months ended September 30, 2023 and 2022, the Company incurred interest expense on promissory notes and convertible notes of $16,094 and $15,731, respectively. During the six months ended September 30, 2023, the Company repaid accrued interest of $ (CAD5,124). As of September 30, 2023 and March 31, 2023, the accrued interest on the promissory notes and convertible notes was $276,816 and $264,482, respectively.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
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-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 470
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+ Details

P2 Solar, Inc. 10-Q