NOTES PAYABLE

9 Months Ended

Mar. 31, 2015

NOTE 3 - NOTES PAYABLE

The Company’s long-term debt consists of:


		March 31,		June 30,
Payee	Terms	2015		2014

Nodaway Valley Bank	$350,000 line-of-credit agreement expiring on January 3, 2016, 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.	$	-	$	-

Ford Credit	$468 monthly payments, interest of 2.9%; final payment due January 2019, secured by a vehicle.		20,415		-

Ford Credit	$517 monthly payments, interest of 0%; final payment due March 2016, secured by a vehicle.		5,683		10,850

Nodaway Valley Bank	$3,192, including interest of 5.75%; final payment due June 2015, secured by equipment; paid in full in December 2014.		-		12,547

Toyota Financial Services	$305 monthly payments including interest of 2.9% due March 2015, secured by a vehicle; paid in full in December 2014.		-		2,790

	Total		26,098		26,187
	Less current portion		10,793		21,537
	Long-term portion	$	15,305	$	4,650

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


2016	$	10,793
2017		5,260
2018		5,414
2019		4,631

Total	$	26,098

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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