Note 6 - Long-Term Debt

3 Months Ended

Jun. 30, 2015

Disclosure Text Block [Abstract]

Long-term Debt [Text Block]

Note 6 – Long-Term Debt

Term Loan with Bank of America

In November 2014, the Company entered into a term loan in the amount of $1,200,000 with Bank of America. The proceeds from the term loan were primarily used to pay off the remaining balance of the loan with BCA Mezzanine Fund, L.P. (“BCA”) in the amount of $1,153,109, including accrued interest of $4,467. The term loan is for three years, and expires in November 2017. Monthly payments are at $36,551 including interest at 6%. The term loan is collateralized by substantially all of the assets of the Company. At June 30, 2015 and March 31, 2015, the outstanding balances were $983,275 and $1,076,894, respectively.

Automobile Loan

In March 2014, the Company entered into a loan with Ford Credit to purchase a van for the Company in the amount of $23,712. Such note has a term of five (5) years with an annual interest rate of 8.79% with monthly payments of $492.  The outstanding balances at June 30, 2015 and March 31, 2015 were $18,497 and $19,549, respectively.