7. FEDERALLY GUARANTEED LOANS

Economic Injury Disaster Loan (“EIDL”)

In April 2020, the Company received $370,900 from the U.S. Small Business Administration (SBA) under the captioned program. The loan has a term of 30 years and an interest rate of 3.75% per annum, without the requirement for payment in its first 12 months. The Company may prepay the loan without penalty at will.

In May 2021, the Company received an additional $499,900 from the SBA under the same terms.

As of March 31, 2026, the Company recorded accrued interest of $nil for the EIDL loan (March 31, 2025: $ Nil).

Interest expense on the above loan was $43,610 and $32,655 for the years ended March 31, 2026 and 2025, respectively.