Note 7 - Long-Term Debt

3 Months Ended

Jun. 30, 2017

Disclosure Text Block [Abstract]

Long-term Debt [Text Block]

Note 7 – 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, 2017 and March 31, 2017, the outstanding balances were $179,999 and $285,810, respectively. At June 30, 2017, $179,999 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, 2017 and March 31, 2017, the outstanding balances were $6,787 and $8,305, respectively. At June 30, 2017, $6,253 was classified as current.