Long-Term Debt

6 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

LONG-TERM DEBT

NOTE 7: LONG-TERM DEBT

Long-term debt consisted of the following as of September 30, 2022 and March 31, 2022. All of the long-term debt (a – e) in the chart below was repaid by Banner prior to the acquisition by the Company on September 7, 2022. For a full description of the debt, see the Ecoark Holdings SEC Form 10-K filed on July 7, 2022.

	September 30, 2022		March 31, 2022
	(unaudited)
Note payable – Alliance Bank (a)	$	-	$	236,755
Commercial loan – Firstar Bank (b)		-		245,217
Auto loan 1 – Firstar Bank (c)		-		16,839
Auto loan 4 – Ally Bank (d)		-		23,012
Tractor loan 6 – Tab Bank (e)		-		118,332
Total long-term debt		-		640,155
Less: current portion		-		(572,644	)
Long-term debt, net of current portion	$	-	$	67,511

Interest expense on long-term debt during the six months ended September 30, 2022 and 2021 are $15,424 and $38,562, respectively.

FPA entered into a Payroll Protection Plan (PPP) loan with Bank of America and an EIDL loan with the Small Business Administration dated May 4, 2020 and June 23, 2020, respectively in the amounts of $111,971 and $150,000, respectively.

These loans are reflected in current and long-term liabilities held for sale as of September 30, 2022.