Annual report pursuant to Section 13 and 15(d)

Notes Payable

v3.19.2
Notes Payable
12 Months Ended
Mar. 31, 2019
Debt Disclosure [Abstract]  
Notes Payable

The following table summarizes our notes payable:

 

    March 31, 2019   March 31, 2018
    Principal   Accrued       Principal   Accrued    
    Balance   Interest   Total   Balance   Interest   Total
                         
7.75% (2019) and 7.15% (2018) Notes payable                                                
to insurance premium financing company (current)   $ 57,300     $ —       $ 57,300     $ 53,900     $ —       $ 53,900  

 

In February 2018, we executed a 7.15% promissory note in the principal amount of $59,700 in connection with certain insurance policy premiums. That note was payable in monthly installments of $6,200, including principal and interest, through December 2018, when it was paid in full. In May 2018, we executed a 6.50% promissory note in the principal amount of $160,500 in connection with other insurance policy premiums. That note was payable in monthly installments of $16,500, including principal and interest, through March 2019, when it was paid in full. In February 2019, we executed a 7.75% promissory note in the face amount of $63,500 in connection with other insurance policy premiums. The note is payable in monthly installments of $6,600, including principal and interest, through December 2019, and has an outstanding balance of $57,300 at March 31, 2019.