NOTES PAYABLE |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||
| NOTES PAYABLE | NOTE 5: NOTES PAYABLE
On January 25, 2023, the Company entered into a three-year term loan with Celtic Bank Corporation (“Celtic”) in the amount of $5,000,000, secured by substantially all assets of the Company and a corporate guarantee given by FP India. The Company received $2,500,000 of the principal amount upon execution. In November 2024, the Company received an additional $500,000 in proceeds under the Celtic facility.
On March 1, 2025, the Company entered into a $5,000,000 term loan with Fortis Bank, of which approximately $3,000,000 was used to repay the outstanding balance under the Celtic loan. The Fortis Bank loan is repayable in 120 equal monthly installments commencing March 1, 2025, and bears interest at the Prime Rate plus 1%, adjusted at the beginning of each calendar quarter beginning April 1, 2025. The interest rate works out to 7.75% as on the reporting date The Fortis Bank loan is secured by substantially all of the Company’s assets, certain personal property of directors of the Company, personal guarantees provided by such directors, and a Trust where directors are trustees.
During the fiscal year ended March 31, 2026, the Company made principal payments totaling $347,803 on the Fortis Bank loan. As of March 31, 2026, outstanding borrowings under the Fortis Bank loan totaled $4,624,283, of which $391,397 was classified as current and $4,232,886 was classified as non-current.
Future maturities of long-term debt as of March 31, 2026 are as follows:
Interest expense recognized on notes payable for the fiscal years ended March 31, 2026 and 2025 was $403,391 and $329,892, respectively.
Short-Term Note Payable to Related Party
On June 15, 2023, the Company received an interest-free demand loan of $120,000 from Stay in Business Inc., a related party controlled by the Company’s Chief Executive Officer. During the fiscal year ended March 31, 2025, the Company received an additional $13,652 under this arrangement. During the fiscal year ended March 31, 2026, the Company repaid the entire outstanding balance of the loan, and accordingly there was no outstanding balance under this arrangement at March 31, 2026 (March 31, 2025: $133,652).
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