Promissory Note Payable

12 Months Ended

Mar. 31, 2020

Promissory Note Payable [Abstract]

Promissory Note Payable

15. Promissory Note Payable

During the year ended March 31, 2017, the Company issued a $594,000 promissory note (the "Note") to the City of Porterville to acquire land (Note 9). The Note bears interest at 2.0% per annum and is payable in blended monthly installments of $5,463, which began on November 1, 2016.  The monthly installments will occur for five years, at which point a balloon payment of $311,764 is due and payable. The Note is secured by an interest in the land in favour of the City of Porterville.

A summary of the remaining principal payments until maturity of the promissory note are as follows:

Principal Payments
Year 1	$	58,038
Year 2		346,158
Total	$	404,196
Current portion		(58,038	)
Long-term portion	$	346,158

During the year ended March 31, 2020, the Company incurred $8,621 (March 31, 2019 - $9,788 and March 31, 2018 - $10,931) of interest on the Note. This amount is included in Interest and accretion on the Consolidated Statements of Operations.