XML 40 R29.htm IDEA: XBRL DOCUMENT v3.24.2.u1
NJEDA BONDS (Tables)
3 Months Ended
Jun. 30, 2024
Debt Disclosure [Abstract]  
SCHEDULE OF BONDS PAYABLE LIABILITY

The following tables summarize the Company’s bonds payable liability:

  

   June 30, 2024   March 31, 2024 
Gross bonds payable          
NJEDA Bonds - Series A Notes  $1,120,000   $1,120,000 
Less: Current portion of bonds payable (prior to deduction of bond offering costs)   (130,000)   (130,000)
Long-term portion of bonds payable (prior to deduction of bond offering costs)  $990,000   $990,000 
           
Bond offering costs  $354,454   $354,454 
Less: Accumulated amortization   (267,023)   (263,479)
Bond offering costs, net  $87,431   $90,975 
           
Current portion of bonds payable - net of bond offering costs          
Current portions of bonds payable  $130,000   $130,000 
Less: Bonds offering costs to be amortized in the next 12 months   (14,178)   (14,178)
Current portion of bonds payable, net of bond offering costs  $115,822   $115,822 
           
Long term portion of bonds payable - net of bond offering costs          
Long term portion of bonds payable  $990,000   $990,000 
Less: Bond offering costs to be amortized subsequent to the next 12 months   (73,253)   (76,797)
Long term portion of bonds payable, net of bond offering costs  $916,747   $913,203 
SCHEDULE OF MATURITIES OF BONDS

Maturities of bonds for the next five years and thereafter are as follows:

  

Years ending March 31,  Amount 
Remainder of 2025  $130,000 
2026   140,000 
2027   150,000 
2028   160,000 
2029   170,000 
Thereafter   370,000 
Total  $1,120,000