Note 3 - Notes Payable

9 Months Ended

Dec. 31, 2019

Notes

Note 3 - Notes Payable

Note 3 – NOTES PAYABLE

Johnson Financing

Total interest accrued as of December 31, 2019 was $61,875 of which $7,795 was accrued during the nine month period ended December 31, 2019.

Dutro Financing:

The contingent reserve - interest includes all interest accrued on the Dutro Company note and all interest accrued after July 1, 2010 for the Vicki Davis and William Dutro note.  Interest accrued during the nine month period ended December 31, 2019 was $27,169 comprised of Dutro Company - $14,063, Vick Davis - $9,450 and William Dutro - $3,656. Total contingent reserve - interest for the period ended December 31, 2019 is $361,023 comprised of Dutro Company - $195,010, Vick Davis - $119,700 and William Dutro - $46,313. 

Employee Agreement:

The financial statements reflect an accrual of interest on unpaid wages and other compensation in the amount of 2,237,197 of which $340,601 is accrued during the nine month period ended December 31, 2019.

Other Notes

Individuals – short term

Total interest accrued as of December 31, 2019 was $90,390 of which $10,140 was accrued during the nine month period ended December 31, 2019.

Asher Enterprises, Inc.

Total interest accrued as of December 31, 2019 was $51,202 of which $3,900 was accrued during the nine month period ended December 31, 2019.  The current period interest is included as part of other notes interest.

Summary of Interest and Notes Payable

Interest expense		December 31,  2019		March 31,  2019
Interest – Johnson		7,795		10,394
Interest – Dutro Group		27,169		36,225
Interest  - Employee Group		340,601		408,019
Interest – Other Notes		14,040		18,720
Total interest expense	$	389,605	$	473,358

Note Payable Balance		December 31,   2019		March 31,  2019
Edward Johnson – Johnson Financing	$	86,615	$	86,615
Various Individuals – Other Notes		169,000		169,000
Asher Enterprises, Inc. – Other Notes		65,000		65,000
Vicki Davis -  Dutro Group		168,000		168,000
William Dutro – Dutro Group		65,000		65,000
Dutro Company – Dutro Group		250,000		250,000
Total Note Payable – short term	$	803,615	$	803,615
Total Note Payable – long term		-	$	-
Total Notes Payable	$	803,615	$	803,615

Debt Maturity Schedule

As of December 31, 2019, the annual maturities for notes payable are scheduled as follows:

Fiscal Year		Amount
March 31, 2020	$	803,615
March 31, 2021	$	-
Total	$	803,615

All interest is due under the terms of the various agreements.  However future interest payments will not be made until all pending litigation is resolved and a satisfactory revised payment arrangement is completed by all parties.