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OTHER NOTES PAYABLE
12 Months Ended
Jun. 30, 2013
Payables and Accruals [Abstract]  
Other Notes Payable And Line Of Credit [Text Block]
NOTE 10 – OTHER NOTES PAYABLE
 
The Partnership had a $2,500,000 unsecured revolving line of credit facility with a bank that was to mature on April 30, 2010. Effective April 29, 2010, the Partnership obtained a modification from the bank which converted its revolving line of credit facility to a term loan.
 
The modification provides that Justice will pay the $2,500,000 balance on its line of credit facility over a period of four years, to mature on April 30, 2014. This term loan calls for monthly principal and interest payments, calculated on a six-year amortization schedule, with interest only from May 1, 2010 to August 31, 2010. Pursuant to the modification, the annual floating interest rate was reduced by 0.5% to the WSJ Prime Rate plus 2.5% (with a minimum floor rate of 5.0% per annum). The modification provides for new financial covenants that include specific financial ratios and a return to minimum profitability after June 30, 2011. Management believes that the partnership has the ability to meet the specific covenants. The Partnership was in compliance with the covenants as of June 30, 2013 and 2012. The loan continues as unsecured. The Partnership made additional principal payments totaling $124,000 in fiscal year 2012. The outstanding balance was $1,167,000 and $1,702,000 as of June 30, 2013 and 2012 respectively; the interest rate was 5.75% as of June 30, 2013.
 
The Partnership has short-term financing agreements with a financial institution for the payment of its general, property, and workers’ compensation insurance. The notes payable under these financing agreements bear interest at 4% per annum and payable in equal monthly installments (principal and interest) through July 2013. The notes payable at June 30, 2013 and 2012, were $71,000 and $61,000, respectively.
 
As of June 30, 2013 and 2012, the Company had other notes payable and capital lease obligations outstanding of $370,000 and $309,000, respectively, which were included in Other Notes Payable.
 
During the year, Justice entered into a financing agreement with Ace Parking Management, Inc. to purchase equipment.  The note bears 11.5% interest and is payable in equal monthly installments (principal and interest) through April 2018.  As of June 30, 2013, the note payable balance was $219,000.