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Long-Term Debt | 9 Months Ended
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Dec. 31, 2024
Debt Disclosure [Abstract] |
Long-Term Debt | Note 6. Long-Term Debt
|  | (In thousands) |
|  | December 31, 2024 |  |  | March 31, 2024 |
RUS Loan |  |  | 615 |  |  |  | - |
Bank Equipment Loans |  |  | 226 |  |  |  | - |
Total Outstanding Debt |  |  | 841 |  |  |  |
Less Current Portion |  |  | 69 |  |  |  | - |
Total Long-Term Debt |  | $ | 772 |  |  | $ | - |
The scheduled maturities of outstanding debt, excluding the effect of any future drawdowns or interest expense, at December 31, 2024 are as follows (in thousands):
(In thousands) |  |  |
Remainder of FY 2025 |  | $ | 17 |
FY 2026 |  |  | 69 |
FY 2027 |  |  | 102 |
FY 2028 |  |  | 102 |
FY 2029 |  |  | 32 |
Thereafter |  |  | 519 |
Total Outstanding Debt |  | $ | 841 |
The Company’s weighted-average interest rate on its short-term borrowings outstanding under its outstanding debt agreements for the three months ended December 31, 2024 was 4.73%. RUS Loan - On September 23, 2024, Amplex entered into a Reconnect Program Loan and Security Agreement (the “RUS Loan”) with the United States of America acting through the Administrator of the Rural Electric Services (“RUS”), pursuant to which RUS has extended Amplex a secured loan in the principal amount of up to $21,341,792 (the “Loan”). The purpose of the Loan is to finance the construction of a broadband infrastructure project to serve rural areas where at least 50% of the households are without sufficient access to broadband. Amplex has five years to draw funds under the Loan Agreement, which expires on October 31, 2029. The Loan is secured by all of Amplex’s assets. The Loan bears interest at a rate of 2% per annum, calculated by daily accrual. All accrued interest and principal on advances will be deferred for a three year period ending on October 31, 2027, unless earlier payment is made by Amplex. At the end of the three-year deferral period, all unpaid accrued interest will be capitalized and added to the outstanding principal, and monthly payments will be established in an amount that amortizes the outstanding balance in equal payments over the remaining term of the Loan. The principal advanced pursuant to this Agreement and remaining unpaid, if any, and interest thereon, shall be due and payable on October 31, 2046. All, or a portion of the outstanding balance, of any advance made under the Loan Agreement may be prepaid on any payment date without penalty. The obligation of RUS to advance funds to Amplex under the Loan Agreement is subject to conditions that are customary for loans made by RUS, including the accuracy of Amplex’s representations and warranties, no material adverse effect with respect to Amplex, no event of default, receipt of a financial requirement statement from Amplex, current financial statements, compliance with buildout timelines, material compliance with the Loan Agreement, obtaining specified permits, licenses and franchises and maintenance of on deposit in a pledged deposit account of required matching funds for completion of projects. Other conditions include Amplex having positive cash flow from operations at the end of the fifth year of an award under the Loan Agreement and providing the specified level of broadband service for the period specified in the Loan Agreement. The Loan Agreement contains negative covenants of Amplex that are customary for loans made by RUS, including Amplex not merging, consolidating, reorganizing or selling, leasing or transferring a substantial part of its property without RUS’ prior written consent, not incurring additional debt with specified exceptions, Amplex not changing its principal place or place of business without RUS’ consent and not issuing preferred stock without RUS’ consent. RUS may suspend advances if Amplex suffers a material adverse effect or an event of default occurs. The Loan Agreement contains customary events of default, including materially incorrect representations and warranties, nonpayment of the Loan, improper expenditures, failure to keep adequate records, failure to build in accordance with timelines, bankruptcy, dissolution or liquidation and impairment of business. If an event of default occurs, RUS could restrict Amplex’s ability to obtain additional advances under the Loan Agreement, accelerate all amounts outstanding under the Loan Agreement, enforce their interest against collateral pledged under the Loan Agreement or enforce such other rights and remedies as they have under the loan documents or applicable law as secured lenders. Bank Equipment Loans - In November 2024, the Company entered into two equipment finance agreements with a lender to provide financing for the Company to enable the purchase of certain pieces of equipment fixed assets. The loans are secured by the pieces of equipment for which the financing agreements were entered into for purchase. The Bank Equipment Loans contain customary covenants and events of default, including materially incorrect representations and warranties, nonpayment of the loans, and failure to maintain proper registrations, titles, permits, licenses, and insurance policies covering the equipment. The interest accrues at a rate indexed to the "ICE Swap Rate - USD rates SOFR 1100" as published by Intercontinental Exchange, Inc., up to a maximum of 18% per annum. Payments on the loans are due monthly, and the loans mature in November 2026.

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