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FACTORING LIABILITY | 9 Months Ended
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Dec. 31, 2021
Factoring Liability |
FACTORING LIABILITY | NOTE 6 – FACTORING LIABILITY On July 1, 2019, we entered into a Factoring and Security Agreement with Factors Southwest, LLC (“FSW”). FSW may purchase from time to time the Company’s Accounts Receivables with recourse on an account by account basis. The twenty-four month agreement contains a maximum advance amount of $5,000,000 on 85% of eligible accounts and has an annualized interest rate of the Prime Rate published from time to time by the Wall Street Journal plus 4.5%. The agreement contains fee of 3% ($150,000) of the Maximum Facility assessed to the Company. Our obligations under this agreement are secured by present and future accounts receivables and related assets, inventory, and equipment. The Company has the right to terminate the agreement, with 30 days written notice, upon obtaining a non-factoring credit facility. This agreement provides the Company with the ability to convert our account receivables into cash. As of December 31, 2021, the outstanding balance of the Factoring Liability was $4,097,867. For the three and nine months ended December 31, 2021, interest expense recognized on the Factoring Liability was $103,876 and $216,242, respectively, including $37,500 and $75,000 of respective amortization of the commitment fee and for the three and nine months ended December 31, 2020 was $86,006 and $313,747, respectively, including $37,500 and $50,000 of respective amortization of the commitment fee. On June 17, 2020, this agreement was amended which extended the maturity date to June 17, 2022.

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