Company: ECIA
Filing Date: 2025-07-10
Form Type: 10-K
Source: 0001079973-25-001132
Chunk: 29

Company: ENCISION INC
Filing Date: 2025-07-10
Form: 10-K
Item: Item 1
Chunk 29
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     2026  
     430,398 
  
     2027  
     266,212 
  
     Total  
    $696,610 

On August 4, 2020, we received $150,000 in loan
funding from the U.S. Small Business Administration (“SBA”) under the Economic Injury Disaster Loan (“EIDL”) program
administered by the SBA, which program was expanded pursuant to the CARES Act. The EIDL is evidenced by a promissory note, dated August
1, 2021 in the original principal amount of $150,000 with the SBA, the lender. Under the terms of the Note, interest accrues on the outstanding
principal at the rate of 3.75% per annum. The term of the Note is thirty years, though it may be payable sooner upon an event of default
under the Note.

The minimum future EIDL payment, by fiscal year,
as of March 31, 2025 is as follows:

    Fiscal Year  
    Amount 
  
     2026  
    $5,275 
  
     2027  
     5,275 
  
     2028  
     5,275 
  
     2029  
     5,275 
  
     Thereafter  
     129,646 
  
     Total  
    $150,746 

During September 2020, we entered into a note
agreement with U.S. Bank for $92,000. The note is for five years at a 5% interest rate and the proceeds were used to purchase equipment.
The note is secured by the equipment.

The minimum future U.S. Bank payment, by fiscal
year, as of March 31, 2025 is as follows:

    Fiscal Year  
    Amount 
  
     2026  
     15,333 
  
     Total  
    $15,333 

During June 2022, we entered into a note agreement
with U.S. Bank for $118,970. The note is for five years at a 6% interest rate and the proceeds were used to purchase equipment. The note
is secured by the equipment.

17 

The minimum future principal U.S. Bank payment,
by fiscal year, as of March 31, 2025 is as follows:

    Fiscal Year  
    Amount