Note 6 - Long-Term Debt

6 Months Ended

Sep. 30, 2014

Disclosure Text Block [Abstract]

Long-term Debt [Text Block]

Note 6 – Long-Term Debt

In September 2010, the Company entered into an agreement with BCA Mezzanine Fund LLP (“BCA”) to loan the Company $2,500,000 in the form of a Promissory Note (the “Note”).  The Note contains a number of affirmative and negative covenants which restrict our operations.  For the quarter ended September 30, 2014, the Company was not in compliance with certain financial covenants related to maintaining agreed upon financial ratios for fixed charges and debt service. In November 2014, in conjunction with the payoff of this debt (see Note 13), the Company received a waiver from BCA on each of the above mentioned covenants as well as the deferral of the monthly payment of principal due from the Company on September until the maturity of the Note.