NOTES PAYABLE

6 Months Ended

Dec. 31, 2013

Notes Payable [Abstract]

NOTES PAYABLE

NOTE 3 - NOTES PAYABLE

The Company’s long-term debt consists of:

		December 31,		June 30,
Payee	Terms	2013		2013
Nodaway Valley Bank	$350,000 line-of-credit agreement expiring on January 3, 2014, with a variable interest rate at prime but not less than 5%. The line-of-credit agreement replaced two existing line-of-credit agreements that expired on January 3, 2013. The line-of-credit is collateralized by substantially all assets of the Company.	$	-	$	-
Ford Credit	$679 monthly payments, interest of 0%; final payment due March 2016, secured by a vehicle.		10,338		22,413
Ford Credit	$517 monthly payments, interest of 0%; final payment due March 2016, secured by a vehicle.		13,950		17,050
Nodaway Valley Bank	$3,192, including interest of 5.75%; final payment due June 2015, secured by equipment.		30,703		48,698
Toyota Financial Services	$305 monthly payments including interest of 2.9% due March 2015, secured by a vehicle.		4,565		5,798
	Total		59,556		93,959
	Less current portion		48,634		54,172
	Long-term portion	$	10,922	$	39,787

Upon expiration of the line-of-credit agreement on January 3, 2014, the Company entered into a $350,000 line-of-credit agreement that expires on January 3, 2015 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.

Future minimum payments for the twelve months ending December 31 are:

2014	$	48,634
2015		9,372
2016		1,550
Total	$	59,556