Note 7 - Note Payable, Bank

12 Months Ended

Mar. 31, 2015

Notes to Financial Statements

Debt Disclosure [Text Block]

NOTE

7

– NOTE PAYABLE, BANK

On August 21, 2008, the Company entered into a note payable with a commercial bank in the amount of $200,000. This note bears interest at a rate of 2% above the interest rate for the Company’s savings account at this bank. Interest rates at March 31, 2015 and 2014 were 2.15% for each year. The note is secured by cash on deposit with the institution, which is classified as restricted cash. Amounts outstanding under the note are payable on demand, and interest is payable monthly.