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Note 7 - Credit Facility
 12 Months Ended
Jun. 30, 2019
Notes to Financial Statements  
Debt Disclosure [Text Block]
7.
CREDIT FACILITY
 
On
May 
12,
2010,
the Company entered into a secured credit facility
 ("JPMorgan Credit Agreement") w
i
th JPMorgan Chase Bank, N.A. ("JPMorgan").  
The JPMorgan Credit Agreement provided for an
$8,000,000
revolving secured credit facility with interest rates either ranging from
0.0%
to
0.75%
over JPMorgan's most recently publicly announced prime rate or
2.0%
to
3.0%
over LIBOR, depending on the Company’s leverage ratio.  The Company pays a fee of
0.3%
to
0.45%
for unused amounts committed in the credit facility.  On
June 29, 2017,
the JPMorgan Credit Agreement was amended to reduce the facility to
$4,000,000
and to eliminate the financial covenants. On
May 9, 2018,
the JPMorgan Credit Agreement was amended to extend the expiration to
July 31, 2019.
In addition to the revolving loans, the JPMorgan Credit Agreement also provides that the Company
may,
from time to time, request JPMorgan to issue letters of credit for the benefit of the Company up to a sublimit of
$2,000,000
and subject to certain other limitations.  The loans
may
be used only for general corporate purposes of the Company.  The JPMorgan Credit Agreement contained certain affirmative and negative covenants customary for financings of this type.  The negative covenants include restrictions on other indebtedness, liens, fundamental changes, certain investments, asset sales, sale and leaseback transactions and transactions with affiliates, among other restrictions.  The Company and
JPMorgan also entered into the Pledge and Security Agreement dated
May 
12,
2010,
under which the Company granted 
JPMorgan
 a security interest in substantially all of the Company’s assets in connection with the Company’s obligations under the JPMorgan Credit Agreement. As of 
June 30,  
2018
, there were
no
outstanding borrowings on the facility.  
The Company’s credit facility with JPMorgan was terminated on
May 14, 2019 
and there were
no
outstanding borrowings on the facility as of that date.
 
On
May 
14,
2019,
the Company entered into a secured credit facility
("Credit Agreement
") with Town Bank (“Lender”) for a
two
-year term expiring on
May 14, 2021. 
The Credit Agreement provides for an
$5,000,000
revolving secured credit facility with interest rates of
1.50%
over LIBOR. The Credit Agreement also provides for letters of credit for the benefit of the Company of up to a sublimit of
$1,000,000
.  There are
no
unused line fees in the credit facility.  The Company and the Lender also entered into a General Business Security Agreement dated
May 
14,
2019
 under which the Company granted the Lender a security interest in substantially all of the Company’s assets in connection with the Company’s obligations under the Credit Agreement.  The Credit Agreement contains certain affirmative and negative covenants customary for financings of this type. The negative covenants include restrictions on other indebtedness, liens,
fundamental changes, certain investments, disposition of assets, mergers and liquidations
, among other restrictions.  The Company is currently in compliance with all covenants related to the Credit Agreement. As of 
June 30, 2019
there were
no
outstanding borrowings on the facility.
  
 
The Company incurs interest expense primarily related to its secured credit facility. Interest expense was 
$5,218
 for the year
ended 
June 30, 
2018
. There was
no
interest expense for the year ended
June 30, 
2019
.