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NOTES PAYABLE AND CAPITAL LEASE OBLIGATIONS
 12 Months Ended
Jun. 30, 2013
Debt Disclosure [Abstract]  
NOTE 9 - NOTES PAYABLE AND CAPITAL LEASE OBLIGATIONS

The Company had the following notes payable and capital lease obligations at June 30, 2013 and 2012:

 

Notes Payable:

 

   2013     2012  
Note payable to a bank, due in monthly installments of $40,104 with an annual interest rate of 4.25%.  This note is unsecured and matures September 1, 2013. (1)  

 

$

 119,567     $ 584,625  
Note payable to a bank, due in monthly installments of $10,355 bearing interest at 3.95% due July 15, 2014.  

 

$

 131,643     $ 247,986  
Note payable to a bank, due in monthly installments of $9,359 bearing interest at 4.9% due September 15, 2014   $ 137,380     $ 239,965  
Note payable to a bank, due in monthly installments of $10,286 bearing interest at 4.39% due September 20, 2014, this note is a conversion of a multi-advance note payable initially put in place on September 21, 2010, secured by related capital equipment purchases.   $ 150,655     $ 264,496  
Note payable to a bank, due in monthly installments of $7,860 bearing interest at 3.73% due February 9, 2017, this note is a conversion of a multi-advance note payable initially put in place on February 9, 2012, secured by related capital equipment purchases.    $ 322,818     $ 173,202  

 

Capital Lease Obligations:                
                 
Capital lease on computer equipment, due in monthly installments of $5,228, imputed interest rate of 4.0%.     -     $ 41,202  
      862,063       1,551,476  
Less current portion of capital lease obligations and notes payable     (551,421)       (839,905)  
    $ 310,642     $ 711,571  

 

 (1)  Refinanced effective August 1, 2010, with the maturity extended to September 1, 2013 and the monthly payment reduced to $40,104.

 

Maturities of notes payable and capital leases at June 30, 2013 are as follows:

 

Year ending June 30:      
2014   $ 551,421  
2015     158,479  
2016     90,097  
2017     62,066  

  

Capital Leases 

 

Amortization expense related to capitalized leases is included in depreciation expense and was $112,280 for the year ended June 30, 2012.  This accumulated amortization relates to $736,537 of equipment purchased under capital lease agreements. The Company no longer has any equipment under capital lease at June 30, 2013.