3. Related Party Transactions	3 Months Ended
Jun. 30, 2016
Notes
3. Related Party Transactions	3. RELATED PARTY TRANSACTIONS Officer loan – During the three month period ending June 30, 2016, the Company received cash advances from its president in the amount of $3,597 and repaid $2,384. All amounts advanced to the Company are unsecured, non-interest bearing and due upon demand by the president. The balance of advances due at June 30, 2016 and March 31, 2016 was $761,498 and $760,285, respectively. In accordance with FASB ASC 835-30 "Imputation of Interest", interest has been imputed on all advances made to Company by the president. During the three month period ending June 30, 2016 and 2015, interest has been imputed and charged to additional paid-in capital in the amount of $19,005 and $15,839, respectively. Employment agreements – as of June 30, 2016 the Company had only one employment agreement which was with the President and majority shareholder. The employment agreement stipulates that the President is to receive a base salary of $120,000 per annum. The agreement also contains a provision allowing for a commission to be paid equal to 10% of gross sales achieved by the President. The total expense related to this agreement was $30,012 and $38,108 for the three month period ending June 30, 2016 and 2015, respectively. As of June 30, 2016 and March 31, 2016, $901,329 and $871,317 of total compensation was unpaid and accrued in current liabilities, respectively.

3. Related Party Transactions

3 Months Ended

Jun. 30, 2016

3. RELATED PARTY TRANSACTIONS

Officer loan – During the three month period ending June 30, 2016, the Company received cash advances from its president in the amount of $3,597 and repaid $2,384. All amounts advanced to the Company are unsecured, non-interest bearing and due upon demand by the president. The balance of advances due at June 30, 2016 and March 31, 2016 was $761,498 and $760,285, respectively.

In accordance with FASB ASC 835-30 "Imputation of Interest", interest has been imputed on all advances made to Company by the president. During the three month period ending June 30, 2016 and 2015, interest has been imputed and charged to additional paid-in capital in the amount of $19,005 and $15,839, respectively.

Employment agreements – as of June 30, 2016 the Company had only one employment agreement which was with the President and majority shareholder. The employment agreement stipulates that the President is to receive a base salary of $120,000 per annum. The agreement also contains a provision allowing for a commission to be paid equal to 10% of gross sales achieved by the President. The total expense related to this agreement was $30,012 and $38,108 for the three month period ending June 30, 2016 and 2015, respectively. As of June 30, 2016 and March 31, 2016, $901,329 and $871,317 of total compensation was unpaid and accrued in current liabilities, respectively.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References + Details

Meganet Corp 10-Q