RELATED PARTY LOANS (Details Narrative) - USD ($) |
3 Months Ended | |||
---|---|---|---|---|
Jul. 02, 2022 |
Apr. 02, 2022 |
Jun. 30, 2023 |
Jun. 02, 2023 |
|
EWB Mortgage Loan [Member] | ||||
Related Party Transaction [Line Items] | ||||
Debt issuance cost | $ 13,251 | |||
Loan and Security Agreement [Member] | ||||
Related Party Transaction [Line Items] | ||||
Debt term | 5 years | |||
Debt issuance cost | $ 40,120 | |||
Debt instrument, description | The EWB Mortgage Loan contains customary representations, warranties and covenants. These covenants include maintaining a minimum debt coverage ratio of 1.50 to 1.00 tested annually and a minimum trailing 12-month debt coverage ratio of 1.50 to 1.00. As of the date of this filing, the Company was in compliance with each financial covenant. | The EWB Loans are secured by a security interest in the personal property of the Company and Elite Labs. The EWB Loan Agreement contains customary representations, warranties and covenants. These covenants include, but are not limited to, maintaining maximum leverage ratios of 3.50 to 1.00, minimum liquidity of $5,000,000, minimum cash of $1,000,000, a fixed charge coverage ratio of 1.25 to 1.00 and restrictions on mergers or sales of assets and debt borrowings. | ||
East West Bank (“EWB”) [Member] | Mortgages [Member] | ||||
Related Party Transaction [Line Items] | ||||
Proceeds from issuance of debt | $ 2,550,000 | |||
Debt term | 10 years | |||
Interest rate, description | bears interest at a rate of 4.75% fixed for 5 years then adjustable at the Wall Street Journal Prime Rate (“WSJP”) plus 0.5% with floor rate of 4.5%. | |||
Nasrat Hakim CEO And Chairman [Member] | ||||
Related Party Transaction [Line Items] | ||||
Promissory Note | $ 3,000,000 | |||
Nasrat Hakim CEO And Chairman [Member] | First Year [Member] | ||||
Related Party Transaction [Line Items] | ||||
Promissory note, interest rate | 9.00% | 9.00% | ||
Nasrat Hakim CEO And Chairman [Member] | Second Year [Member] | ||||
Related Party Transaction [Line Items] | ||||
Promissory note, interest rate | 10.00% | 10.00% | ||
Davis Caskey [Member] | ||||
Related Party Transaction [Line Items] | ||||
Promissory Note | $ 1,000,000 |