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NOTES PAYABLE (Tables)
12 Months Ended
Jun. 30, 2020
NOTES PAYABLE  
Schedule of long-term debt

 

 

 

 

 

 

 

 

 

Payee

    

Terms

    

2020

    

2019

Nodaway Valley Bank

 

$350,000 line-of-credit agreement expiring on January 4, 2021, with a variable interest rate at prime but not less than 5%. The line-of-credit is collateralized by substantially all assets of the Company. Management anticipates renewal of the line-of-credit agreement at similar terms upon expiration.

 

$

 —

 

$

85,000

 

 

  

 

 

  

 

 

  

Ford Credit

 

$705 monthly payments, interest of 5.8%; final payment due October 2021, secured by a vehicle.

 

 

10,824

 

 

18,407

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

 

 

  

Toyota Credit

 

$444 monthly payments, interest of 6.49%; final payment due May 2022, secured by a vehicle.

 

 

9,585

 

 

14,134

 

 

  

 

 

  

 

 

  

Nodaway Valley Bank

 

Small Business Administration Paycheck Protection Program (PPP) Promissory Note, interest of 1%, beginning November 10, 2020 monthly payments of $9,652 including interest are due; final payment due April 10, 2022, under the terms of the PPP program, this loan has the potential to be partially or fully forgiven after certain conditions and requirements are satisfied.

 

 

171,500

 

 

 —

 

 

Total

 

 

191,909

 

 

117,541

 

 

Less current portion

 

 

88,318

 

 

97,133

 

 

Long-term portion

 

$

103,591

 

$

20,408

 

Schedule of future minimum payments of long term debt

 

 

 

 

Year Ended June 30, 

    

Amount

2021

 

$

88,318

2022

 

 

103,591

Total

 

$

191,909