10. Line of Credit

12 Months Ended

Mar. 31, 2017

Debt Disclosure [Abstract]

Debt Disclosure [Text Block]

10.                 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. In March 2017, the Company extended until March 31, 2018.  The new line provides a revolving credit facility with borrowing capacity of up to $1,000,000. There are no covenants or borrowing base calculations associated with this line of credit. Interest on any outstanding balances 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 4.732% at March 31, 2017.   The line is collateralized by substantially all of the assets of the Company.  In March 2017 the Company borrowed $200,000 from this line of credit. As of March 31, 2017 and 2016, the outstanding balances were $200,000 and $-0-, respectively.  As of March 31, 2017 the remaining availability under this line is $800,000.

In April 2017, the Company borrowed an additional $200,000 from this line of credit.