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Note 6 - Term Loans Payable

12 Months Ended

Mar. 31, 2024

Disclosure of short-term loans payable [text block]

6.	TERM LOANS PAYABLE

	June 30, 2024		March 31, 2024

Loan payable on demand, unsecured with 10% interest per annum and no fixed term	$	5,000	$	5,000
Loan payable on May 10, 2025, secured, with 11.35% interest per annum		1,133,430		1,133,520

Total payable	$	1,138,430	$	1,138,520
Short-term portion		1,138,430		1,138,520
Long-term portion	$	-	$	-

During the year ended March 31, 2023, the Company entered into a loan agreement with a related party to borrow $1,145,520, inclusive of a prior advance of $145,520 (collectively, the “Loan”), included in short-term loans payable, with Jason Barnard, CEO, and Christina Barnard, COO, of the Company. The Loan accrues interest at a rate of 11.35% (amended on May 1, 2023, from 8.35%), payable monthly, and matures on May 10, 2025 (amended on May 1, 2023, from May 10, 2023, to May 10, 2024, and then further amended on April 26, 2024, from May 10, 2024 to May 10, 2025). The Loan is secured against all of the assets of the Company. The Company incurred and paid an aggregate of $32,505 in interest on the Loan during the period ended June 30, 2024 ( March 31, 2024 - $126,606).