NOTES PAYABLE

12 Months Ended

Jun. 30, 2012

Notes Payable [Abstract]

NOTES PAYABLE

NOTE 3 - NOTES PAYABLE

The Company’s long-term debt consists of:

Payee	Terms	2012		2011
Nodaway Valley Bank	Line-of-credit agreement for $250,000 expiring on January 3, 2013 with a variable interest rate not less than 5%. The line-of-credit had an interest rate of 5% at June 30, 2012. The line-of-credit is collateralized by substantially all assets of the Company.	$	40,000	$	-
Ford Credit	$679 monthly payments, interest of 0%; final payment due March 2016, secured by a vehicle.		30,563		38,713
Ford Credit	$517 monthly payment, interest of 0%; final payment due March 2016, secured by a vehicle.		23,250		29,450
Honda	$508 monthly payments including interest of 1.9%; final payment made December 15, 2011, secured by a vehicle.		-		3,030
Nissan	$557 monthly payments including interest of 3.9%; final payment made April 2012, secured by a vehicle.		-		5,425
Nodaway Valley Bank	$3,192, including interest of 6.25%; final payment due June 2015, secured by equipment.		84,309		115,036
Toyota Financial Services	$502 monthly payments including interest of 4.9% due March 2015, secured by a vehicle.		15,438		-
Toyota Financial Services	$305 monthly payments including interest of 2.9% due March 2015, secured by a vehicle.		9,644		-
	Total		203,204		191,654
	Less current portion		97,266		54,844
	Long-term portion	$	105,938	$	136,810

Future minimum payments are:

2013	$	97,266
2014		59,831
2015		35,344
2016		10,763
Total	$	203,204