Note 6 - Note Payable, Bank

12 Months Ended

Mar. 31, 2017

Notes to Financial Statements

Debt Disclosure [Text Block]

NOTE 

6

 – 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 rate at

March 31, 2016

was

2.15%.

The note was secured by cash on deposit with the institution, which was classified as restricted cash. Amounts outstanding under the note were payable on demand, and interest is payable monthly. During the year ended

March 31, 2017,

the Note was paid-off and the restrictions were lifted from the cash account.