Quarterly report pursuant to Section 13 or 15(d)

Notes Payable

v3.19.3
Notes Payable
6 Months Ended
Sep. 30, 2019
Notes Payable [Abstract]  
Notes Payable

The following table summarizes our unsecured promissory notes at September 30, 2019 and March 31, 2019:

 

    September 30, 2019     March 31, 2019  
    Accrued       Accrued    
    Balance Interest Total   Balance Interest Total
                 
7.75% and 7.15% Notes payable to insurance premium financing company (current)    $ 159,300  $ -  $ 159,300    $ 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 $139,800 at September 30, 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 is payable in monthly installments of $6,600 including principal and interest, through December 2019 and had an outstanding principal balance of $19,500 at September 30, 2019.