NOTE 10 - LONG-TERM DEBT, NOTES PAYABLE AND CAPITAL LEASES Long-Term Debt, Notes Payable And Capital Leases - (Details) - USD ($) |
12 Months Ended | |
---|---|---|
Jun. 30, 2017 |
Jun. 30, 2016 |
|
Long Term Debt, Notes Payable and Capital Leases | $ 516,851 | $ 4,506,929 |
Current portion of Long Term Debt, Notes Payable and Capital Leases | 180,090 | 2,447,693 |
Long Term Debt, Notes Payable and Capital Leases less Current Portion | 336,761 | 2,059,236 |
Long Term Note 1 | ||
Long Term Debt, Notes Payable and Capital Leases | $ 365,406 | 392,096 |
Long Term Debt, Notes Payable and Capital Leases Description | 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 $550,002 as of June 30, 2017. | |
Long Term Note 2 | ||
Long Term Debt, Notes Payable and Capital Leases Description | The revolving credit note was extended to September 2018. 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. The note was paid in full September 2, 2014. The Company still has the ability to draw down on the line. | |
Long Term Note 3 | ||
Long Term Debt, Notes Payable and Capital Leases | 3,749,978 | |
Long Term Debt, Notes Payable and Capital Leases Description | 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. | |
Long Term Note 4 | ||
Long Term Debt, Notes Payable and Capital Leases | $ 143,676 | 316,088 |
Long Term Debt, Notes Payable and Capital Leases Description | 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. | |
Long Term Note 5 | ||
Long Term Debt, Notes Payable and Capital Leases | $ 7,769 | $ 48,767 |
Long Term Debt, Notes Payable and Capital Leases Description | Other (including capital leases for property and equipment). |