Quarterly report pursuant to Section 13 or 15(d)

4. BANK LOAN

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4. BANK LOAN
9 Months Ended
Dec. 31, 2019
Debt Disclosure [Abstract]  
BANK LOAN

On January 10, 2017, the Company entered into a promissory note with Community National Bank for $245,000, at an annual interest rate of 5% and a maturity date of January 10, 2020 (the “CNB Note”). The CNB Note is secured by certain real property owned by the Company in LaCoste, Texas, and is also personally guaranteed by the Company’s President, as well as certain shareholders of the Company. The balance of the CNB Note is $222,736 at December 31, 2019 and $228,725 at March 31, 2019. The CNB note is in technical default as of the date of this filing, and the Company is in negotiations with the bank to extend the maturity date.