• Filing Date: 2019-02-19
  • Form Type: 10-Q
  • Description: Quarterly report
v3.10.0.1
Note 7 - Commitments and Contingencies
9 Months Ended
Dec. 31, 2018
Notes to Financial Statements  
Commitments and Contingencies Disclosure [Text Block]
 
NOTE 
7
 - COMMITMENTS AND CONTINGENCIES
 
We lease our office and manufacturing facility under a non-cancelable operating lease, which expires on 
June 30, 
2028.
 The Company’s future minimum lease commitment at 
December 31, 2018 
is as follows: 
 
For the twelve-month period ended December 31,
 
Amount
 
2019
  $
101,875
 
2020
   
101,875
 
2021
   
101,875
 
2022
   
101,875
 
2023
   
104,375
 
Thereafter
   
480,937
 
         
    $
992,812
 
 
Rent and real estate tax expense for all facilities for the 
three
and
nine
months ended
December 31, 2018
and
2017
 was approximately 
$19,000
and
$55,000,
and
$75,000
and
$24,000,
respectively. 
 
On 
December 2, 2016, 
the Company entered into a capital lease agreement with a commercial bank in the amount of 
$85,680,
 including 
$6,930
 in deferred interest, for the purchase of certain property and equipment. The lease has a term of 
forty-eight
 (
48
) months and is payable in 
forty-eight
 equal installments of 
$1,785.
 The balance of this obligation as of  
December 31, 2018, 
was 
$37,735.
 
On 
December 2, 2016, 
the Company entered into a capital lease agreement with a commercial bank in the amount of 
$54,710,
 including 
$4,710
 in deferred interest, for the purchase of certain property and equipment. The lease has a term of 
forty-eight
 (
48
) months and is payable in 
forty-eight
 equal installments of 
$1,139.
 The balance of this obligation as of  
December 31, 2018, 
was 
$23,958.