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. The Company fully paid the loan on this date. Monthly payments were at $36,551 including interest at 6%. The term loan was collateralized by substantially all of the assets of the Company. At March 31, 2018 and March 31, 2017, the outstanding balances were $-0- and $285,810, respectively. At March 31, 2017, $285,810 was classified as current. For the years ended March 31, 2018 and 2017, the Company recorded amortization of deferred financing costs in the amount of $3,363 and $5,429, respectively. As of March 31, 2018 and March 31, 2017, the Company had unamortized deferred financing costs in the amount of $-0- and $3,363, 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, 2018 and March 31, 2017, the outstanding balances were $2,124 and $8,305, respectively.

The annual maturities of long-term debt for the five fiscal years subsequent to March 31, 2018 are as follows:

2019	$	2,124
2020		-
2021		-
2022		-
2023		-

Total Principal		2,124
Less: Current Portion		(2,124	)
Total Long-Term Debt	$	-0-