Annual report pursuant to Section 13 and 15(d)

Notes Payable

v3.20.2
Notes Payable
12 Months Ended
Mar. 31, 2020
Debt Disclosure [Abstract]  
Notes Payable

The following table summarizes our note payable:

 

    March 31, 2020     March 31, 2019  
    Principal     Accrued           Principal     Accrued        
    Balance     Interest     Total     Balance     Interest     Total  
                                     
7.30% (2020) and 7.75% (2019) Note payable                                    
to insurance premium financing company (current)   $ 56,500     $ -     $ 56,500     $ 57,300     $ -     $ 57,300  
                                                 

 

In February 2019, we executed a 7.75% promissory note in the face amount of $63,500 in connection with certain insurance policy premiums. The note was payable in monthly installments of $6,600, including principal and interest, through December 2019 and had a balance of $57,300 at March 31, 2019. In May 2019, we executed a 7.15% promissory note in the principal amount of $230,200 in connection with other insurance policy premiums. That note was payable in monthly installments of $23,800, including principal and interest, through March 2020, when it was paid in full. In February 2020, we executed a 7.30% promissory note in the principal amount of $62,000 in connection with renewal of the insurance policy that began in February 2019. That note is payable in monthly installments of $6,500, including principal and interest, through December 2020, and has a balance of $56,500 at March 31, 2020.