NOTES PAYABLE AND LINE OF CREDIT

6 Months Ended

Dec. 31, 2021

NOTES PAYABLE AND LINE OF CREDIT

NOTES PAYABLE AND LINE OF CREDIT

NOTE 3       NOTES PAYABLE AND LINE OF CREDIT

The Company’s long-term debt consists of:

		December 31,		June 30,
Payee	Terms	2021		2021
Nodaway Valley Bank	$350,000 line-of-credit agreement expiring on January 4, 2022, 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. The line-of-credit agreement was renewed at similar terms and extended the maturity to January 4, 2023.	$	0	$	120,000
Toyota Credit	$444 monthly payments, interest of 6.49%; final payment due May 2022, secured by a vehicle.		2,183		4,730
	Total		2,183		124,730
	Less Current Portion		2,183		124,730
	Long-Term Portion	$	—	$	—

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

December 31,	Amount
2022	$	2,183
2023		—
Total	$	2,183