NOTES PAYABLE AND ACCRUED INTEREST |
3 Months Ended |
|---|---|
Jun. 30, 2025 | |
| Debt Disclosure [Abstract] | |
| NOTES PAYABLE AND ACCRUED INTEREST | NOTE 8 – NOTES PAYABLE AND ACCRUED INTEREST
In January 2020, the Company entered into a lease amendment for our corporate office facility whereby the lease term was extended through November of 2026 in exchange for a loan of $42,500. The note payable accrues interest at a rate of 6% per annum. At June 30, 2025, and March 31, 2025, the amount outstanding on the note was $11,287 and $13,244, respectively. At June 30, 2025, the Company classified $7,856 as a current liability and $3,431 in other liabilities. At March 31, 2025, the Company classified $7,802 as a current liability and $5,442 in other liabilities.
On December 20, 2024, the Company entered into a promissory note for $100,000. The note accrued interest at a rate of 12% per annum. The entire unpaid principal balance, together with interest, shall be due and payable in full on or before the 20th day of June 2025, with an amended maturity date of December 31, 2025. On March 3, 2025, the Company entered into another promissory note for an additional $200,000 with the same terms. The entire unpaid principal balance, together with interest, shall be due and payable in full on or before the 3rd day of September 3, 2025. The Company paid back the promissory notes plus accrued interest of $15,618 for a total of $315,618 on July 15, 2025.
In May and June 2025, the Company entered into three separate promissory notes totalling $12,000. The notes accrued interest at a rate of 10% per annum. The entire unpaid principal balance, together with interest, shall be due and payable in full on or before the earlier of the 31st day of December 2025 or the date of receipt of the remaining balance of the $5 million Series B Subscription is received in an amount of $. The Company paid back the three promissory notes plus accrued interest of $293 for a total of $12,293 on July 14, 2025.
The total non-convertible notes payables, including accrued interest, as of June 30, 2025 totals $337,492 consisting of $334,061 current portion with the long-term portion in other liabilities of $3,431, and as of March 31, 2025 totals $318,307 consisting of $312,865 current portion with the long-term portion in other liabilities of $5,442.
Future annual payments associated with these notes are as follows: $334,061 in fiscal 2026, $3,431 in fiscal 2027. None of the promissory notes listed above have any collateral attached to them.
Interest expense for the three months ended June 30, 2025 and 2024 is $9,275 and $0, respectively.
|