9. Long-Term Debt

12 Months Ended

Mar. 31, 2019

Disclosure Text Block [Abstract]

Long-term Debt [Text Block]

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 term loan was for three years, and expired 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, 2019 and March 31, 2018, the outstanding balances were $-0- and $-0-, respectively. For the years ended March 31, 2019 and 2018, the Company recorded amortization of deferred financing costs in the amount of $-0- and $3,363, respectively. As of March 31, 2019 and March 31, 2018, the Company had unamortized deferred financing costs in the amount of $-0- and $-0-, respectively.

In July 2015, the Company entered into a term loan in the amount of $18,000 with Bank of America. The term loan was 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, 2019 and March 31, 2018, the outstanding balances were $-0- and $2,124, respectively.