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PAYCHECK PROTECTION NOTES PAYABLE | 12 Months Ended
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Mar. 31, 2022
Paycheck Protection Notes Payable |
PAYCHECK PROTECTION NOTES PAYABLE | NOTE 12 – PAYCHECK PROTECTION NOTES PAYABLE In April of 2020, the Company determined it was necessary to obtain additional funds as a result of the foregoing uncertainty caused by COVID-19. The Company received approximately $1.0 million in funds through itself and its wholly owned subsidiary Jagemann Munition Components, which was established under the federal Coronavirus Aid, Relief, and Economic Security Act and is administered by the U.S. Small Business Administration. The Company received approximately $624,600 from Western State Bank and its wholly owned subsidiary, Jagemann Munition Components, received approximately $427,385 from BMO Harris. The Paycheck Protection Notes provide for an interest rate of 1.00% per year and matures two years after the issuance date. Principal and accrued interest are payable monthly in equal installments commencing on the date that is six months after the date funds are first disbursed on the loan and continuing through the maturity date, unless the Paycheck Protection Notes are forgiven. To be available for loan forgiveness, the Paycheck Protection Note may only be used for payroll costs, costs related to certain group health care benefits and insurance premiums, rent payments, utility payments, mortgage interest payments and interest payments on any other debt obligation that existed before February 15, 2020. On November 11, 2020, the Company applied for forgiveness of the $1,051,985 Paycheck Protection Program Notes as these funds were used for qualified expenses. No assurance can be given that the Company will be granted forgiveness of these Paycheck Protection Program Notes. On November 23, 2020, the Company received forgiveness in full on the Paycheck Protection Note Payable from Western State Bank. The Company has recognized the forgiven amount in Other Income. On January 19, 2021, the Company received forgiveness in full on the Paycheck Protection Note Payable from BMO Harris. AMMO, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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