NOTES PAYABLE

12 Months Ended

Jun. 30, 2019

NOTES PAYABLE

NOTES PAYABLE

NOTE 3        NOTES PAYABLE

The Company’s long-term debt at June 30, 2019 and 2018 consists of:

Payee	Terms	2019		2018
Nodaway Valley Bank	$350,000 line-of-credit agreement expiring on January 4, 2020, 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.		18,407		25,560
Toyota Credit	$364 monthly payments, interest of 3.5%; final payment due December 2020, secured by a vehicle.		—		10,451
Toyota Credit	$444 monthly payments, interest of 6.49%; final payment due May 2022, secured by a vehicle.		14,134		—
	Total		117,541		36,011
	Less current portion		97,133		11,224
	Long-term portion	$	20,408	$	24,787

Future minimum payments for the years ended June 30 are:

Year Ended June 30,	Amount
2020	$	97,133
2021		12,893
2022		7,515
Total	$	117,541