ADM TRONICS UNLIMITED INC/DE - FORM 10-K - XML - IDEA: XBRL DOCUMENT - June 29, 2012
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Note 8 - Note Payable, Bank
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12 Months Ended |
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Mar. 31, 2012
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| Debt Disclosure [Text Block] |
NOTE
8 – NOTE PAYABLE, BANK
On
August 21, 2008, the Company entered into a note payable
with a commercial bank in the amount of $200,000. This note
bears interest at a rate of 2% above the interest rate for
the Company’s savings account at this bank. Interest
rates at March 31, 2012 and 2011 were 2.30% and 2.49%,
respectively. The note is secured by cash on deposit with
the institution, which is classified as restricted cash.
Amounts outstanding under the note are payable on demand,
and interest is payable monthly.
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