22. Subsequent Events

12 Months Ended

Mar. 31, 2019

Subsequent Events [Abstract]

Subsequent Events [Text Block]

22.                Subsequent Events

Line of Credit

During June 2019, Bank of America agreed to extend the Company’s line of credit until March 31, 2020. The new Loan Modification Agreement (the “Amended Loan Modification Agreement”) with the bank contains the following provisions:

1) The Company to make an additional principal payment of $10,000 at closing.

2) Borrowing base calculation tied to accounts receivable and inventories.

3) The Amended Loan Modification Agreement expires March 31, 2020. 

4) 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 6.24863% at March 31, 2019.

5) The line is collateralized by substantially all of the assets of the Company. 

6) The Company will make principal payments of $10,000 per month until March 31, 2020.