Note 7 - Commitments and Contingencies

6 Months Ended

Sep. 30, 2016

Commitments and Contingencies Disclosure [Text Block]

NOTE 7 - COMMITMENTS AND CONTINGENCIES

We lease our office and manufacturing facility under a non-cancelable operating lease, which expires on June 30, 2019. The Company’s future minimum lease commitment at September 30, 2016 is as follows:

For the twelve-month period ended September 30,	Amount
2017	$	104,625
2018		78,469
	$	183,094

Rent and real estate tax expense for all facilities for the six months ended September 30, 2016 and 2015 was approximately $63,000 for each period.

On August 21, 2008, the Company entered into a note payable with a commercial bank in the amount of $200,000. This note bears interest at a rate of 2% above the interest rate for the Company’s savings account at this bank. Interest rates at September 30, 2016 and 2015 were 2.15% for each year. The note is secured by cash on deposit with the institution, which is classified as restricted cash. Amounts outstanding under the note are payable on demand and interest is payable monthly.