Note Payable - Bank

6 Months Ended

Sep. 30, 2020

Note Payable - Bank

Note Payable - Bank

Note Payable - Bank

On May 6, 2020, the Company received a Paycheck Protection Program loan under the CARES Act (Act) in the amount of $221,400. The loan bears interest at one percent and provides for monthly payments beginning in December, 2020 with a maturity of May 6, 2022. Under the provisions of the Act, if the proceeds of the loan are used for certain specified costs, repayment of the loan will be forgiven. Management expects the loan to be extinguished within one year from the balance sheet date, and accordingly, has classified the loan as a current liability.