SHORT-TERM NOTE AND LINES OF CREDIT |
12 Months Ended |
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Mar. 31, 2023 | |
| Debt Disclosure [Abstract] | |
| SHORT-TERM NOTE AND LINES OF CREDIT |
NOTE 7 – SHORT-TERM NOTE AND LINES OF CREDIT
The Company also 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 33.9% as of March 31, 2023. The line of credit is unsecured. The balance of the line of credit was $9,580 at both March 31, 2023 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 18.0% as of March 31, 2023. The line of credit is secured by assets of the Company’s subsidiaries. The balance of the line of credit is $10,237 as of March 31, 2023 and March 31, 2022.
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- References No definition available.
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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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