|12 Months Ended|
Mar. 31, 2020
|Debt Disclosure [Abstract]|
The following table summarizes our note payable:
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.
The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef