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LOANS PAYABLE
3 Months Ended
Jun. 30, 2024
Debt Disclosure [Abstract]  
LOANS PAYABLE

NOTE 6. LOANS PAYABLE

 

Loans payable consisted of the following:

  

   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:

  

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