NOTE
6. LOANS PAYABLE
Loans
payable consisted of the following:
SCHEDULE OF LOANS PAYABLE
| |
June 30, 2024 | | |
March 31, 2024 | |
Mortgage loan payable 4.75% interest and maturing June 2032 | |
$ | 2,397,969 | | |
$ | 2,418,426 | |
Equipment and insurance financing loans payable, between 5.99% and 12.02% interest and maturing between July 2024 and October 2025 | |
| 243,797 | | |
| 128,460 | |
Less: Current portion of loans payable | |
| (313,786 | ) | |
| (180,399 | ) |
Long-term portion of loans payable | |
$ | 2,327,980 | | |
$ | 2,366,487 | |
The
interest expense associated with the loans payable was $34,883 and $77,238 for the three months ended June 30, 2024 and 2023, respectively.
Loan
principal payments for the next five years and thereafter are as follows:
SCHEDULE OF LOAN PRINCIPAL PAYMENTS
Future principal balances | |
| |
Years ending March 31, | |
Amount | |
Remainder of 2025 | |
$ | 275,282 | |
2026 | |
| 120,749 | |
2027 | |
| 92,773 | |
2028 | |
| 94,433 | |
2029 | |
| 98,447 | |
Thereafter | |
| 1,960,082 | |
Total remaining principal balance | |
$ | 2,641,766 | |
|