Term Loan

12 Months Ended

Jun. 30, 2020

Term Loan

Term Loan

8.Term Loan

In fiscal year 2019, we entered into an 18-month, $1,600,000 term loan with a commercial bank to finance part of a land purchase for the purpose of entitling and reselling the land.  The term loan had a 5.25% interest rate with interest-only payments due monthly and was fully repaid during the fiscal year ended June 30, 2020. As of June 30, 2020, we have capitalized $57,000 of interest from this loan as part of the land cost.