NOTE PAYABLE AND LINE-OF-CREDIT

9 Months Ended

Mar. 31, 2024

NOTE PAYABLE AND LINE-OF-CREDIT

NOTE PAYABLE AND LINE-OF-CREDIT

NOTE 3       NOTES PAYABLE AND LINE-OF-CREDIT

The Company’s debt consists of:

		March 31,		June 30,
Payee	Terms	2024		2023
Nodaway Valley Bank	$500,000 line-of-credit agreement expiring on January 4, 2025, with a variable interest rate at prime but not less than 5% (8.5% as of March 31, 2024). The line of credit is collateralized by substantially all assets of the Company.	$	—	$	210,000
Ford Motor Credit Company, LLC	$1,125.75 monthly payments, interest of 2.90%; final payment due November 2026, secured by a vehicle		34,611		43,891
	Total		34,611		253,891
	Less Current Portion		12,672		222,400
	Long-Term Portion	$	21,939	$	31,491

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

March 31,	Amount
2025	$	12,672
2026		13,045
2027		8,894
Total	$	34,611