Line of Credit

9 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Debt Disclosure [Text Block]

Note 7 – 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 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 sum of the greater of the BSBY (Bloomberg Short-Term Bank Yield Index rate) daily float plus 3.75 percentage points.

Bank of America renewed the Company’s line of credit with a maturity date of July 30, 2023 and had extended the maturity date to December 31, 2023. In January 2024, the line of credit was further extended to June 30, 2024. The annual interest rate was amended as part of the renewal agreement. Effective October 12, 2023, interest on any outstanding balance is payable monthly at an annual interest rate equal to the sum of the greater of the BSBY daily float or 1.25% plus 4.62 percentage points.

As of December 31, 2023, and March 31, 2023, the outstanding balances were $690,000, respectively. The interest rate on December 31, 2023, was 10.04%.