9. Long-Term Debt

Term Loans with Bank of America

On November 13, 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 BCA Note in the amount of $1,153,109, including accrued interest of $4,467 (see above). The term loan is for three years, and expires on November 13, 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 March 31, 2017 and March 31, 2016, the outstanding balances were $285,810 and $693,407, respectively. At March 31, 2017, $285,810 was classified as current. For the years ended March 31, 2017 and 2016, the Company recorded amortization of deferred financing costs in the amount of $5,429 and $5,429, respectively. As of March 31, 2017 and March 31, 2016, the Company had unamortized deferred financing costs in the amount of $3,363 and $8,792, respectively.

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 expires 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 March 31, 2017 and March 31, 2016, the outstanding balances were $8,305 and $14,211, respectively.

Automobile Loan

In March 2014, the Company entered into a loan with Ford Credit for its van 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. In December 2016, the Company paid-off the remaining balance of the loan. The outstanding balances at March 31, 2017 and 2016 were $-0- and $15,197, respectively.

The annual maturities of long-term debt for the five fiscal years subsequent to March 31, 2017 are as follows:

2018	$	291,991
2019		2,124
2020		-
2021		-
2022		-

Total Principal		294,115
Less: Current Portion		(291,991	)
Total Long-Term Debt	$	2,124