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Related Party Transactions
12 Months Ended
Jun. 30, 2017
Related Party Transactions [Abstract]  
Related Party Transactions
11. Related Party Transactions

During the year ended June 30, 2016 and 2017, Richard J. DePiano, Sr., the Company’s Chairman, participated in an accounts receivable factoring program that was implemented by the Company. Under the program, Mr. Mr. DePiano advanced the Company $270,000 and $275,000, respectively during the year ended June 30, 2017 and 2016. The total balance outstanding as of June 30, 2017 and 2016 was $545,000 and $275,000 respectively. Interest on the transactions are 1.25% per month, which was equal to the best price offered by the Company’s usual factoring agent. The transaction excluded fees typically charged by the factoring agent and provided much needed liquidity to the Company. Related party interest expense for the year ended June 30, 2017 and 2016 was $67,348 and $11,400, respectively. Repayment is due upon the Company receiving payment from the underlying receivables purchased by Mr. DePiano. In the near term Mr. DePiano will roll-over the original $545,000 investment as the receivables are collected and additional receivables will be assigned as collateral until such time as the Company no longer needs the liquidity.