6. Commitments and Contingencies
|9 Months Ended|
Dec. 31, 2020
|Commitments and Contingencies Disclosure [Abstract]|
|Commitments and Contingencies||
The Company may be involved in legal matters arising in the ordinary course of business including matters involving proprietary technology. While management believes that such matters are currently insignificant, matters arising in the ordinary course of business for which the Company is or could become involved in litigation may have a material adverse effect on its business and financial condition of comprehensive loss.
As of December 31, 2020, the Company had employment agreements in place with two of its key executives. One of the agreements provides, among other things, for the payment of up to twelve months of severance compensation for terminations under certain circumstances. At December 31, 2020, potential severance payments to key executives would be $250,000, if triggered.
Related Party Transactions
Effective September 25, 2019, Ms. Trombly was appointed the Chief Executive Officer of the Company. Ms. Trombly is the owner of Trombly Business Law, PC which has been retained by the Company to advise on certain corporate and securities law matters. During the three and nine months ended December 31, 2020, the Company incurred $51,000 and $165,000, respectively in legal services from Trombly Business Law, PC. During the three and nine months ended December 31, 2019, the Company incurred $84,000 and $220,000 in legal services from Trombly Business Law, PC, respectively.
The entire disclosure for commitments and contingencies.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef