Note 8. Related Party (Notes)

3 Months Ended

Sep. 30, 2017

Related Party Transaction [Line Items]

Related Party Transactions Disclosure [Text Block]

8. Related Party Transactions

During the fiscal year ended June 30, 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. DePiano advanced the Company  $275,000 during fiscal year ended June 30, 2016, $270,000 during fiscal year ended June 30, 2017 and $100,000 during the quarter ended September 30, 2017. Interest on the transaction was 1.25% per month, which was equal to the best price offered by the Company’s usual factoring agent. The transactions excluded fees typically charged by the factoring agent and provided much needed liquidity to the Company. Related party interest expense for the three-month periods ended September 30, 2017 and 2016 was $23,112 and $10,313, 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 $645,000 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. As of September 30, 2017 and June 30, 2017, interest expense of $76,340 and $53,227, respectively, was accrued.