Quarterly report pursuant to Section 13 or 15(d)

Notes Payable

v3.19.3.a.u2
Notes Payable
9 Months Ended
Dec. 31, 2019
Notes Payable [Abstract]  
Notes Payable

The following table summarizes our unsecured promissory notes at December 31, 2019 and March 31, 2019:

 

   

 

December 31, 2019  

 

 

 

March 31, 2019    

 

    Principal Accrued     Principal Accrued  
   

 

Balance

 

 

Interest

 

 

Total

 

 

 

Balance

 

 

Interest

 

 

Total

 

                 
7.75% and 7.15% Notes payable                
to insurance premium financing company (current)    $ 70,500  $ -  $ 70,500    $ 57,300  $ -  $ 57,300

 

In May 2019, we executed a 7.15% promissory note in the principal amount of $230,200 in connection with certain insurance policy premiums. The note is payable in monthly installments of $23,800, including principal and interest, through March 2020, and had an outstanding principal balance of $70,500 at December 31, 2019. In February 2019, we executed a 7.75% promissory note in the principal amount of $63,500 in connection with other insurance policy premiums. That note was payable in monthly installments of $6,600 including principal and interest, through December 2019 and was fully paid at December 31, 2019.