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LINES OF CREDIT
12 Months Ended
Jun. 30, 2020
Line of Credit Facility [Abstract]  
LINES OF CREDIT

On January 9, 2020, the Company and U.S. Bank entered into an amendment (the “Amendment”) to the outstanding Stand-Alone Revolving Note (the “Revolving Note”), preferred accompanying addendum. Pursuant to the Amendment, the parties agreed to (i) extend the maturity date to December 31, 2020 and (ii) increase the interest rate in the event of a default to 5% per annum.

 

The line of credit, as amended, is scheduled to mature on December 31, 2020. The balance on the line of credit at June 30, 2020 and June 30, 2019 was $4,660,000.