LOANS PAYABLE AND LONG TERM DEBT

12 Months Ended

Mar. 31, 2016

Debt Disclosure [Abstract]

Long-term Debt [Text Block]

NOTE 9     - LOANS PAYABLE AND LONG TERM DEBT

 

Loans Payable

During the ordinary course of business, the Company has secured loans to support the collateralized financing of fixed asset acquisition, or the renewal of insurance policies. The Company has secured such loans with initial principal amounts totaling $442,399 and $909,477 during Fiscal 2016 and Fiscal 2015, respectively. Payment terms of these loans range from 9 months to 60 months at annual interest rates that range from 6.8% to 12.2%.

Principal amounts scheduled for payment within 12 months of the balance sheet date are classified as current liabilities on the balance sheet.

 

Principal amounts scheduled for payment on dates later than 12 months after the balance sheet date are classified as non-current liabilities on the balance sheet.

Loans payable and long term debt consisted of the following:

	March 31, 2016				March 31, 2015
	Current		Long- Term		Current		Long- Term
Equipment and Insurance financing loans payable	$	342,945	$	520,827	$	265,165	$	560,338
Deferred Rent-135 Ludlow Ave Lease (see note 9)				19,528				42,524
Lease termination costs – 135 Ludlow Ave lease (see note 9)		—		27,896		—		26,275
TOTAL	$	342,945	$	568,251	$	265,165	$	629,137

Loan principal payments for the next five years are as follows:

YEAR ENDING MARCH 31,	AMOUNT
2017	$	342,945
2018		199,164
2019		174,229
2020		129,476
2021		17,958
Thereafter		—
	$	863,772