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 | |
|