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Debt

3 Months Ended

Jun. 30, 2014

Notes Payable owed by Morris consisted of the following:

	June 30, 2014		March 31, 2014

Notes payable to GE Financial, payable in monthly installments ranging from $2,999 to $7,535 including interest, with interest rates ranging from 6.69% to 8.53%, secured by equipment		141,578		149,364

Notes payable to Wells Fargo Bank, payable in monthly installments ranging from $569 to $5,687 including interest, with interest rates ranging from 7.00% to 7.25%, secured by equipment		478,004		574,547

Note payable to Mack Financial Services, payable in monthly installments of $8,359 including interest, with interest at 7.19% secured by equipment.		180,318		203,348

Note payable to Mack Financial Services, payable in monthly installments of $2,105 including interest, with interest at 7.19% secured by equipment.		53,702		59,096

Notes payable to Volvo Financial Services, payable in monthly installments ranging from $1,884 to $6,408 including interest, with interest rates ranging from 7.00% to 7.50%, secured by equipment		787,933		859,337

Totals	$	1,641,535	$	1,845,692

Notes payable owed by Smith consisted of the following:

	June 30, 2014		March 31, 2014

Notes payable to bank, payable in monthly installments of $60,000 including interest, with interest at 9%, collateralized by substantially all of Smith assets	$	861,283	$	977,484

Notes payable to bank, payable in monthly installments including interest, with interest at 6.5%, collateralized by substantially all of Smith assets		1,432,753		1,447,753

Note payable to Ally, payable in monthly installments of $599 including interest, with interest at 6%, secured by a vehicle.		9,831		11,503

Notes payable to John Deere, payable monthly including interest, secured by equipment		3,595		5,135

Unsecured, non-interest bearing note payable to Colorado Holdings Valley Bank, payable in monthly installments of $5,000, through 2023.		701,570		701,570

Total	$	3,009,032	$	3,143,445

Notes payable owed by Integrated Freight Corporation consisted of the following:

	June 30, 2014		March 31, 2014

Various notes payable, currently payable on demand. Interest rates ranging from 4.0% to 18%. Various warrants issued with an exercise price ranging between $0.10 and $0.50 per share. Various notes contain a conversion feature allowing the holder to convert the debt into shares of common stock at a strike price between $0.30 and $0.50 per share.	$	1,083,101	$	1,083,101

Note payable to a former related party, with interest at 12.00%, a default judgment has been awarded to the holder, the Company intends to comply with the judgment when funds are available.		45,115		45,115

Note payable to Robins Consulting, payable in quarterly installments of $60,000, currently payable on demand, with interest at 7.50%, secured by 1,056,300 shares of Integrated Freight Corporation stock		572,500		572,500

Convertible promissory notes with an investment firm, simple interest of 8%, currently payable on demand, convertible at the option of the holder at prices as defined.		151,155		151,155

Original Issue Discount Senior Debenture with an investment firm, currently payable on demand, secured by Equipment.		343,200		343,200

Convertible note payable to Wall Street Angel Partners LLC dated August 16, 2012, bearing interest at 8%, currently payable on demand.		23,000		23,000

Totals	$	2,218,071	$	2,218,071

Summary

	IFC		Morris		Smith		Total

Notes payable, current portion	$	2,218,071	$	688,263	$	2,631,911	$	5,538,245

Notes payable, net of current portion		-		953,272		377,121		1,330,393

Total as of June 30, 2014	$	2,218,071	$	1,641,535	$	3,009,032	$	6,868,638


Principal maturities of long term debt for the next five years are as follows	Year Ending
	June 30,	Total
	2015	$	5,538,245
	2016		934,635
	2017		299,144
	2018		88,798
	2019		7,816
	Thereafter		-
			6,868,638