Quarterly report pursuant to Section 13 or 15(d)

SHORT-TERM NOTE AND LINES OF CREDIT

v3.22.2.2
SHORT-TERM NOTE AND LINES OF CREDIT
6 Months Ended
Sep. 30, 2022
Debt Disclosure [Abstract]  
SHORT-TERM NOTE AND LINES OF CREDIT

NOTE 4 – SHORT-TERM NOTE AND LINES OF CREDIT

 

The Company has a working capital line of credit with Capital One Bank for $50,000. The line of credit bears an interest rate of prime plus 25.9 basis points, which totaled 31.625% as of September 30, 2022. The line of credit is unsecured. The balance of the line of credit was $9,580 at both September 30, 2022 and March 31, 2022.

 

The Company also has a working capital line of credit with Chase Bank for $25,000. The line of credit bears an interest rate of prime plus 10 basis points, which totaled 15.725% as of September 30, 2022. The line of credit is secured by assets of the Company’s subsidiaries. The balance of the line of credit is $10,237 at September 30, 2022 and March 31, 2022.