XML 46 R21.htm IDEA: XBRL DOCUMENT

INVENTORY CREDIT FACILITY	12 Months Ended
Mar. 31, 2024
Inventory Credit Facility
INVENTORY CREDIT FACILITY	NOTE 10 – INVENTORY CREDIT FACILITY On June 17, 2020, we entered into a Revolving Inventory Loan and Security Agreement (the "Inventory Credit Agreement") with FSW. Pursuant to the Inventory Credit Agreement, FSW agreed to 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, contained a maximum loan amount of $1,750,000 on eligible inventory and had an annualized interest rate of the greater of the three-month LIBOR rate plus 3.09% or 8%. The agreement contained a fee of 2% of the maximum loan amount ($35,000) assessed to the Company. On July 31, 2020, the Company amended the Revolving Loan and Security Agreement to increase the maximum inventory loan amount to $2,250,000. No outstanding balance remained as of March 31, 2024 and March 31, 2023. As of March 31, 2022, the outstanding balance of the Inventory Credit Facility was $825,675. There was no interest expense recognized on the Inventory Credit Facility for the year ended March 31, 2024. Interest expense for the year ended March 31, 2023 was $6,580, and for the year ended March 31, 2022 was $40,940, including $8,561 of amortization of the annual fee. On November 29, 2023, we provided FSW notice of termination of the agreement. The agreement terminated on December 29, 2023.

INVENTORY CREDIT FACILITY

12 Months Ended

Mar. 31, 2024

NOTE 10 – INVENTORY CREDIT FACILITY

On June 17, 2020, we entered into a Revolving Inventory Loan and Security Agreement (the "Inventory Credit Agreement") with FSW. Pursuant to the Inventory Credit Agreement, FSW agreed to 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, contained a maximum loan amount of $1,750,000 on eligible inventory and had an annualized interest rate of the greater of the three-month LIBOR rate plus 3.09% or 8%. The agreement contained a fee of 2% of the maximum loan amount ($35,000) assessed to the Company. On July 31, 2020, the Company amended the Revolving Loan and Security Agreement to increase the maximum inventory loan amount to $2,250,000. No outstanding balance remained as of March 31, 2024 and March 31, 2023. As of March 31, 2022, the outstanding balance of the Inventory Credit Facility was $825,675. There was no interest expense recognized on the Inventory Credit Facility for the year ended March 31, 2024. Interest expense for the year ended March 31, 2023 was $6,580, and for the year ended March 31, 2022 was $40,940, including $8,561 of amortization of the annual fee.

On November 29, 2023, we provided FSW notice of termination of the agreement. The agreement terminated on December 29, 2023.