| Note 4 - Notes Payable |
Note 4 - Notes Payable: Long Term Notes Payable The Company’s long term notes payable obligations to unrelated parties are as follows as of June 30, 2018 and March 31, 2018: | | | 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 | Future minimum principal payments on the non-related party long term notes payable are as follows: | Period ending June 30, | | | | 2019 | $ | 362,181 | | 2020 | | 4,456,659 | | 2021 | | 66,521 | | 2022 | | 1,167 | | | | | | | $ | 4,886,528 | Short Term Notes Payable The Company’s short term notes payable obligations to unrelated parties assumed in the acquisition (Note 11) are as follows as of June 30, 2018 and March 31, 2018: | | | June 30, 2018 | | March 31, 2018 | | Note payable to individual and bears interest at a rate of 8% interest annually and is due on demand. | $ | 20,000 | $ | - | | | | | | | | Note payable to individual and bears interest at a rate of 8% interest annually and is due on demand. | | 10,000 | | - | | | | | | | | Note payable to an individual in which the note accrues interest on the original principal balance at a rate of 6.25% interest annually and due on demand. | | 60,000 | | - | | | | | | | | Note payable to an individual in which the note accrues interest on the original principal balance at a rate of 6.25% interest annually and was scheduled to mature in August 2018. The term was extended for another year. | | 25,000 | | - | | | | | | | | Note payable to an individual in which the note accrues interest on the original principal balance at a rate of 6.25% interest annually and is scheduled to mature in December 2018. | | 25,000 | | - | | | | | | | | Note payable to an individual in which the note accrues interest on the original principal balance at a rate of 10% interest annually and is due on demand. | | 25,000 | | - | | | | | | | | Total Short Term Non-Related Party Notes Payable | $ | 165,000 | $ | - |
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