Notes Payable and Long-term Debt (Notes) |
6 Months Ended |
|---|---|
Sep. 30, 2020 | |
| Debt Disclosure [Abstract] | |
| Debt Disclosure [Text Block] | Long-term Debt and Note Payable to BankThe Company has a Paycheck Protection Program loan (“PPP Loan”) implemented by the United States Small Business Administration (“SBA”). On April 14, 2020, the Company obtained an unsecured PPP Loan through JPMorgan Chase Bank, N.A. in the amount of $1,637,522. The loan was made through the SBA as part of the Paycheck Protection Program under the 2020 Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”). The interest rate is fixed at 0.98% per year. Under the CARES Act, all or a portion of this loan may be forgiven if certain requirements are met. The Company intends to adhere to the requirements and apply for loan forgiveness once JPMorgan Chase Bank begins accepting the applications. If the loan is not forgiven, the Company will pay principal and interest payments of approximately $92,000 every month, beginning seven months from the effective date of the PPP Loan, but not before submitting the forgiveness application. The Company can repay the PPP Loan without any prepayment penalty. All remaining principal and accrued interest is due and payable 2 years from the effective date of the PPP Loan. The current portion and non-current portions of the PPP Loan is $1,001,000 and $643,000 respectively, based on the original terms of the loan. The Company had no other debt as of September 30, 2020 or March 31, 2020. |