SCHEDULE OF BONDS PAYABLE LIABILITY |
The
following tables summarize the Company’s bonds payable liability:
SCHEDULE OF 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:
SCHEDULE OF MATURITIES OF BONDS
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 | |
|