Annual report pursuant to Section 13 and 15(d)

11. Long-Term Debt

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11. Long-Term Debt
12 Months Ended
Mar. 31, 2020
Debt Disclosure [Abstract]  
Long-Term Debt

NOTE 11 – Long-Term Debt

 

Financing of Insurance Premiums

 

On February 1, 2019, the Company entered into a note agreement for $349,000 with an interest rate of 6.06% per annum with final payment on December 1, 2019. This instrument was issued in connection with financing insurance premiums. The note is payable in monthly installments of $36,000. During the year ended March 31, 2020, the Company made principal and interest payments in the amounts of $316,000 and $8,000, respectively. During the year ended March 31, 2019, the Company made principal and interest payments in the amounts of $34,000 and $2,000, respectively. There is no outstanding balance on this note as of March 31, 2020.

 

On February 1, 2020, the Company entered into a note agreement for $534,000 with an interest rate of 5.48% per annum with final payment on December 1, 2019. This instrument was issued in connection with financing insurance premiums. The note is payable in monthly installments of $53,000. During the year ended March 31, 2020, the Company made principal and interest payments in the amounts of $53,000 and $2,000, respectively.