Line of Credit

12 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Debt Disclosure [Text Block]

10. Line of Credit

The Company has a line of credit with Bank of America with open availability up to $690,000, with monthly payments of interest only. The borrowing base calculation is tied to accounts receivable and is collateralized by substantially all of the assets of the Company. Interest on any outstanding balance is payable monthly at an annual interest rate equal to the LIBOR (London Interbank Offered Rates) daily float plus 3.75 percentage points.

During the year ended March 31, 2021, the Company repaid $680,000 against this line of credit. As of March 31, 2022, and March 31, 2021, the outstanding balances were $0 and $0, respectively. The interest rate on March 31, 2022, was 5%.

On March 31, 2021, Bank of America further extended the maturity date of our line of credit from March 31, 2021, to June 30, 2021, and thereafter renewed with a maturity date of July 30, 2022.