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NOTE 10 - LONG-TERM DEBT, NOTES PAYABLE AND CAPITAL LEASES
12 Months Ended
Jun. 30, 2014
Debt Disclosure [Abstract]  
NOTE 10 - LONG-TERM DEBT, NOTES PAYABLE AND CAPITAL LEASES

NOTE 10 - LONG-TERM DEBT, NOTES PAYABLE AND CAPITAL LEASES

 

Long-term debt, notes payable and capital leases consist of the following:

 

   June 30,
   2014  2013
 
Note payable requiring monthly payments of interest at a rate of 7% until May 2009 followed by 240 monthly payments of $4,472 through October 2026. The loan is collateralized by a building with a net book value of $652,505 as of June 30, 2014.
  $439,983   $461,648 
 
The revolving credit note is due by March 5, 2016. The Company can prepay the loan in whole or part in multiples of $100,000 at any time without penalty. The note bears interest at a rate of 4% per annum and is payable monthly. The loan is collateralized by substantially all of the Company’s assets. The loan also contains certain financial covenants that must be met on a periodic basis.
   300,000    2,400,000 
 
The term loan is payable with interest only for 6 consecutive months commencing at the inception of the loan followed by 60 consecutive monthly installments, commencing October 1, 2013. The term loan bears interest at 4.75% per annum and is payable monthly. The loan is collateralized by substantially all of the Company’s assets. The loan also contains certain financial covenants that must be met on a periodic basis.
   9,349,994    11,000,000 
 
Note payable requiring 12 consecutive interest only payments commencing at the inception of the loan followed by 48 consecutive monthly payments, commencing May 1, 2014. The note bears interest at a rate of 4.75% per annum and is payable monthly. The loan is collateralized by substantially all of the Company’s assets. The loan also contains certain financial covenants that must be met on a periodic basis.
   660,911    689,646 
 
Other (including capital leases for property and equipment).
   621,758    1,221,480 
    11,372,646    15,772,774 
Less: Current portion   2,890,816    2,885,769 
   $8,481,830   $12,887,005 

 

  

The maturities of long-term debt over the next five years and thereafter are as follows:

 

Years Ending June 30,   
 2015   $2,890,816 
 2016    2,782,561 
 2017    2,440,108 
 2018    2,372,330 
 2019    580,891 
 Thereafter    305,940 
     $11,372,646