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INVENTORY CREDIT FACILITY | 12 Months Ended
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Mar. 31, 2022
Inventory Credit Facility |
INVENTORY CREDIT FACILITY | NOTE 7 – INVENTORY CREDIT FACILITY On June 17, 2020, we entered into a Revolving Inventory Loan and Security Agreement with FSW. FSW will establish a revolving credit line, and make loans from time to time to the Company for the purpose of providing capital. The twenty-four month agreement secured by our inventory, among other assets, contains a maximum loan amount of $1,750,000 on eligible inventory and has an annualized interest rate of the greater of the three-month LIBOR rate plus 3.09% or 8%. The agreement contains a fee of 2% of the maximum loan amount ($35,000) assessed to the Company. On July 31, 2020, the Company amended its Revolving Loan and Security Agreement to increase the maximum inventory loan amount to $2,250,000. As of March 31, 2022 and 2021, the outstanding balance of the Inventory Credit Facility was $825,675 and $1,091,098. Interest expense recognized on the Inventory Credit Facility for the year ended March 31, 2022 was $40,940, including $8,561 of amortization of the annual fee and for the year ended March 31, 2021 was $171,414, including $36,439 of amortization of the annual fee.

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