| Notes Payable |
NOTE 7 — NOTES PAYABLE
Notes payable consisted of the following at
September 30, 2020 and March 31, 2020:
| |
|
September 30, 2020 |
|
|
March 31, 2020 |
|
| Insurance Financing Agreement with a finance company, monthly payments of $119,943 including interest of 4.54% per annum; secured by an insurance policy; due January 2021 |
|
$ |
475,269 |
|
|
$ |
— |
|
| An unsecured promissory note with a bank, pursuant to the Paycheck Protection Program under the Coronavirus Aid, Relief, and Economic Security Act |
|
|
449,050 |
|
|
|
— |
|
| Equipment Financing Agreement with a bank, monthly payments of $720 including imputed interest at 6.95% per annum; secured by laboratory equipment; due October 2022 |
|
|
16,706 |
|
|
|
20,370 |
|
| Equipment Financing Agreement with a bank, monthly payments of $596 including imputed interest at 6.590% per annum; secured by manufacturing equipment; due July 2021 |
|
|
6,123 |
|
|
|
9,441 |
|
| A Factoring and Security Agreement for up to $2,000,000 with a bank, interest at Prime plus 2% of the amount of advances outstanding and a factoring fee of 0.01% per day of the face amount of each invoice for each calendar day that a factored invoice is outstanding |
|
|
— |
|
|
|
489,051 |
|
| An unsecured convertible note with an investor including interest at 10% per annum; due September 2019, which was extended by the noteholder until May 2020 |
|
|
— |
|
|
|
1,000,000 |
|
| A series of unsecured convertible bridge notes with investors, including interest of 8% per annum; due between June 2020 and February 2021 |
|
|
— |
|
|
|
410,000 |
|
| A series of unsecured convertible bridge notes with investors, including interest of 8% per annum; due between January and February 2022 |
|
|
— |
|
|
|
290,198 |
|
| |
|
|
947,148 |
|
|
|
2,219,060 |
|
| Less current portion, net of debt issuance costs |
|
|
(787,478 |
) |
|
|
(1,913,255 |
) |
| Notes Payable, net of current portion |
|
$ |
159,670 |
|
|
$ |
305,805 |
|
Future maturities
of notes payable are as follows as of September 30, 2020:
| Year Ending March 31, |
|
Amount |
|
| 2021 (six months) |
|
$ |
668,505 |
|
| 2022 |
|
|
235,955 |
|
| 2023 |
|
|
42,688 |
|
| Total balance |
|
$ |
947,148 |
|
|