NOTES PAYABLE, RELATED PARTY |
3 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Debt Disclosure [Abstract] | |
| NOTES PAYABLE, RELATED PARTY | (5) NOTES PAYABLE, RELATED PARTY
As of June 30, 2026 and March 31, 2026, the Company had borrowed $3,378,747, and $3,298,747, respectively, excluding accrued interest, from related parties. Short-term accrued interest associated with the Notes Payable, Related Parties and Promissory Notes, Related Parties, of $1,348,189 and $0 is recorded on the balance sheet as an Accrued Expense obligation at June 30, 2026 and March 31, 2026, respectively. Long-term accrued interest associated with the Notes Payable, Related Parties, and Promissory Notes, Related Parties, of $623,735 and $1,883,971 is recorded on the balance sheet as an Accrued Expense obligation at June 30, 2026 and March 31, 2026, respectively.
Related Party Promissory Notes
As of both June 30, 2026, and March 31, 2026, the Company owed $826,000, exclusive of accrued interest, under the unsecured promissory notes from Mr. Dickman. The promissory notes bear interest at a rate of 8% annually. The unsecured promissory has a due date of the principal and interest on the note of April 30, 2027, or at the immediate time when alternative financing or other proceeds are received. During the three months ended June 30, 2026, the Company neither borrowed any additional funds under this agreement nor made any principal repayments. As of June 30, 2026, accrued interest on the notes totaled $642,116. The total number of warrants issued to the related party lender was 3,160,332 as of June 30, 2026 (See Note 7 for further details on these warrants).
Related Party Note Payable and Line of Credit Agreements
As of June 30, 2026, and March 31, 2026, the Company owed $1,354,550 and $1,304,550 respectively, exclusive of accrued interest, under the note payable and line of credit agreement with Kraig T. Higginson, Chairman of the Board of Directors and a stockholder. As of June 30, 2026, the agreement allowed for borrowings of up to $4,600,000. The note payable has a due date of the principal and interest on the note of May 31, 2028, or at the immediate time when alternative financing or other proceeds are received. The note payable and line of credit agreement incurs interest at 7.5% per annum. During the three months ended June 30, 2026, the Company borrowed $50,000 and made no repayments of principal on this agreement. As of June 30, 2026, accrued interest on this note totaled $623,735. The total number of warrants issued to the related party lender was 6,020,325 as of June 30, 2026 (see Note 7 for further details on these warrants).
As of June 30, 2026, and March 31, 2026, the Company owed $1,198,197 and $1,168,197 respectfully, exclusive of accrued interest, under the note payable and lines of credit agreement with Radiant Life, LLC, an entity partially owned by the Chairman of the Board of Directors. The agreement allows for borrowings of up to $2,130,000. The note payable has a due date of the principal and interest on the note of May 31, 2027, or at the immediate time when alternative financing or other proceeds are received. The note payable and line of credit agreement incurs interest at 7.5% per annum and is collateralized by the Company’s NIBS, if any. During the three months ended June 30, 2026, the Company borrowed $30,000 and made no repayments of principal on this agreement. As of June 30, 2026, accrued interest on this agreement totaled $706,074. The total number of warrants issued to the related party lender was 5,414,345 as of June 30, 2026 (see Note 7 for further details on these warrants).
As of June 30, 2026, there was $14,321 debt discount on related party notes payable.
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