Annual report pursuant to Section 13 and 15(d)

COMMITMENTS AND CONTINGENCIES

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COMMITMENTS AND CONTINGENCIES
12 Months Ended
Mar. 31, 2012
Notes to Financial Statements  
COMMITMENTS AND CONTINGENCIES

 

NOTE 8 – COMMITMENTS AND CONTINGENCIES

 

Line of Credit

 

The Company has a $400,000 revolving credit line with a local banking institution that it uses from time to time to satisfy short-term fluctuations in cash flows. At March 31, 2012 and 2011 the Company had $-0- outstanding on the line of credit.

 

Operating Lease

 

On February 12, 2012 the Company entered into a lease for office space in Houston, Texas. The lease term extends through January 31, 2014 at $1,463 per month.  Future lease obligations are as follows:

 

2013 $ 17,550
2014   14,625
Total $ 32,175