v3.10.0.1
Note 4 - Notes Payable: Schedule of long-term Notes Payable (Tables)
 3 Months Ended
Jun. 30, 2018
Tables/Schedules  
Schedule of long-term Notes Payable

 

 

 

June 30, 2018

 

March 31, 2018

The Company has a $375,000 note payable with a bank. The note bears interest at 2.10% and matures in December 2018. The note is guaranteed by a stockholder and collateralized by a certificate of deposit owned by a related party. In May 2018, 50,000 shares of stock were issued to the related party in exchange for a $100,000 reduction in the short-term note balance.

$

275,000

$

375,000

 

 

 

 

 

Note payable assumed in acquisition to an individual in which the note accrues interest on the original principal balance at a rate of 6.25% annually.  Interest is paid annually with principal due March 2021. (Note 11)

 

75,000

 

-

 

 

 

 

 

Mortgage payable assumed in acquisition; interest payable at 4.75% monthly payments of $34,435 through December 31, 2016. The note payable was modified in December, 2017. After the modification, the interest rate was modified to 2.5% annually with monthly payment of $15,223 through July 15, 2020, and a balloon payment at maturity. The mortgage payable is secured by the building and land as well as guarantees by related parties. (Note 11)

 

4,512,710

 

-

 

 

 

 

 

Note payable to a financial institution for acquisition of vehicle with monthly installment of $153 maturing June 2022.

 

6,150

 

-

 

 

 

 

 

Capital leases with a related party for 3 delivery vehicles with monthly installments from $253 to $461, including 4% to 4.75% interest, maturing over 5-year terms expiring between April 2019 and July 2020.

 

17,668

 

20,249

 

 

 

 

 

Total Non-Related Party Notes Payable

 

4,886,528

 

395,249

 

 

 

 

 

Current Portion of Non-Related Party Notes Payable

 

362,181

 

387,796

 

 

 

 

 

Long-term Portion of Non-Related Party Notes Payable

$

4,524,347

$

7,453