Long-Term Debt (Tables)

12 Months Ended

Jun. 30, 2013

Long-Term Debt [Abstract]

Schedule of long-term debt

As of June 30, 2013 and 2012, long-term debt consisted of:

	June 30,			June 30,
	2013			2012
Note payable due  February 15, 2015, payable in monthly payments of $4,346 with fixed interest at 4.5%	$	83,594		$	130,827
Note payable due  February 15, 2015, payable in monthly payments of $11,189 with interest imputed at 3.25% (net of unamortized discount of $6,239 and $15,521, respectively)		217,544			342,532
Note payable due February 10, 2014, payable in monthly installments of $417 with fixed interest at 8.5%		2,985			7,157
Note payable due May 3, 2013, payable in monthly installments of $5,085 with interest imputed at 8.5% (net of unamortized discount of $0 and $2,306, respectively)		-			58,599
Note payable due January 1, 2014, payable in monthly installments of $615 with interest imputed at 8.5% (net of unamortized discount of $119 and $730, respectively)		4,182			10,947
Note payable due April 1, 2013, payable in monthly installments of $671 with no interest		-			6,718
Note payable due November 1, 2014, payable in monthly installments of $1,674 with interest imputed at 8% (net of unamortized discount of $1,638 and $0, respectively)		26,822			-
Note payable due May 1, 2015, payable in monthly installments of $2,067 with interest imputed at 8% (net of unamortized discount of $3,600 and $0, respectively)		43,933			-
		379,060			556,780
Less current portion		(226,383	)		(248,477	)
Total long-term debt, less current portion	$	152,677		$	308,303

Schedule of future principal payments

The following is a schedule by fiscal year of the principal payments due under these loan arrangements as of June 30, 2013.

Fiscal year ending June 30:
2014	$	226,383
2015		152,677
Total principal payments	$	379,060