NOTES PAYABLE-RELATED PARTY

12 Months Ended

Mar. 31, 2015

NOTES PAYBALE-RELATED PARTY [Abstract]

NOTES PAYBALE-RELATED PARTY

(10) NOTES PAYABLE-RELATED PARTY

As of March 31, 2015, the Company has borrowed $1,500,000 from an entity which is a stockholder in the Company.  Prior to November 20, 2014, the various outstanding notes payable totaling $1,110,000 did not accrue interest and were payable on demand.  On November 20, 2014, the Company consolidated the various obligations into a single master loan agreement which brought the Related Party-Note Payable balance to $1,362,000, which included fees and accrued interest.  On February 20, 2015, the agreement was consolidated again with the acceptance of an additional $138,000 in cash, bringing the Related Party-Note Payable balance to $1,500,000, excluding accrued but unpaid interest.  The new note incurs interest at 7.5 percent, requires origination fees, has a due date of September 30, 2016 or at the immediate time when the anticipated raise in equity funds is successful, and is collateralized by Advance for Investment in NIBs.  During the year ended March 31, 2015, the Company recorded approximately $180,000 of origination fees and other related expenses associated with the notes, which are included in interest expense on the statement of operations.