Note 6 - Long-Term Debt

3 Months Ended

Jun. 30, 2016

Disclosure Text Block [Abstract]

Long-term Debt [Text Block]

Note 6 – Long-Term Debt

Term Loans 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 term loan is for three years, and matures 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, 2016 and March 31, 2016, the outstanding balances were $593,879 and $693,407, respectively. At June 30, 2016, $413,880 was classified as current.

In July 2015, the Company entered into a term loan in the amount of $18,000 with Bank of America. The term loan is for three years, and matures in July 2018. Monthly payments are at $536 including interest at 4.5%. The term loan is collateralized by substantially all of the assets of the Company. At June 30, 2016 and March 31, 2016, the outstanding balances were $12,760 and $14,211, respectively. At June 30, 2016, $5,974 was classified as current.

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% and monthly payments of $492.  The outstanding balances at June 30, 2016 and March 31, 2016 were $14,048 and $15,197, respectively. At June 30, 2016, $4,856 was classified as current.