NOTES PAYABLE

3 Months Ended

Sep. 30, 2024

NOTES PAYABLE

NOTES PAYABLE

NOTE 3       NOTES PAYABLE

The Company’s notes payable consists of:

		September 30,		June 30,
Payee	Terms	2024		2024
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% at September 30, 2024). The line of credit is collateralized by substantially all assets of the Company.	$	470,000	$	140,000
Nodaway Valley Bank	$885 monthly payments, interest of 7.25%; final payment due April 2027, secured by a vehicle.		24,916		27,082
Ford Motor Credit Company	$1,126 monthly payments, interest of 2.9%; final payment due November 2026, secured by a vehicle.		28,328		31,476
	Total		523,244		198,558
	Less Current Portion		491,947		161,688
	Long-Term Portion	$	31,297	$	36,870

Future minimum payments for the twelve months ended September 30 are:

September 30,	Amount
2025	$	491,947
2026		23,016
2027		8,281
Total	$	523,244