v3.26.1
LOANS PAYABLE
3 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
LOANS PAYABLE

NOTE 7. LOANS PAYABLE

 

Loans payable consisted of the following:

 

   June 30, 2026   March 31, 2026 
Mortgage loan payable 4.75% interest and maturing June 2032  $2,223,181   $2,245,743 
Less: Current portion of loans payable   (93,904)   (92,774)
Long-term portion of loans payable  $2,129,277   $2,152,969 

 

The interest expense associated with the loans payable was $27,170 and $28,797 for the three months ended June 30, 2026 and 2025, respectively.

 

 

ELITE PHARMACEUTICALS, INC. AND SUBSIDIARY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

 

Loan principal payments for the next five years are as follows:

 

Future principal balances    
Years ending March 31,  Amount 
Remainder of 2027  $70,212 
2028   94,433 
2029   98,447 
2030   103,817 
2031   109,482 
Thereafter   1,746,790 
Total remaining principal balance  $2,223,181