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Note 6 - Long-Term Debt
9 Months Ended
Dec. 31, 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 December 31, 2016 and March 31, 2016, the outstanding balances were $390,113 and $693,407, respectively. At December 31, 2016, $390,113 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 December 31, 2016 and March 31, 2016, the outstanding balances were $9,808 and $14,211, respectively. At December 31, 2016, $6,112 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.  During the three months ended December 31, 2016, the Company paid the remaining balance of this loan and the accrued interest. The outstanding balances at December 31, 2016 and March 31, 2016 were $-0- and $15,197, respectively.

Line of Credit

On March 21, 2016, the Company entered into a line of credit agreement with Bank of America, which expires March 31, 2017.  The line provides a revolving credit facility with borrowing capacity of up to $500,000. There are no covenants or borrowing base calculations associated with his line of credit. Interest on any outstanding balance is payable monthly at an annual interest rate equal to the LIBOR (London Interbank Offered Rates) Daily Floating plus 3.75 percentage points. The Company’s interest rate was 4.96% at December 31, 2016.  The line is collateralized by substantially all of the assets of the Company.  The Company has not made any borrowings against this line of credit. As of December 31, 2016, the remaining availability under this line is $500,000. The Company is currently negotiating an extension for this line of credit.