Long term debt (Notes)

9 Months Ended

Mar. 31, 2023

Paycheck Protection Program ("PPP") loan

On April 27, 2020, the Company entered into a PPP loan for $500,000 in connection with the CARES Act related to COVID-19. The full amount of the PPP loan and accrued interest were forgiven on August 13, 2021 and was included in other income in the unaudited condensed consolidated statement of operations for the nine-month period ended March 31, 2022.

Economic Injury Disaster Loan ("EIDL")

EIDL is designed to provide economic relief to businesses that are currently experiencing a temporary loss of revenue due to the Coronavirus (COVID-19) pandemic. EIDL proceeds can be used to cover a wide array of working capital and normal operating expenses, such as continuation to health care benefits, rent, utilities, and fixed debt payments. The Company received a $150,000 EIDL loan. The annual interest rate is 3.75%. The payment term is 30 years and the monthly payment of $731 started on July 1st, 2021. The EIDL loan is secured by the tangible and intangible personal property of the Company.

The future annual principal amounts to be paid as of March 31, 2023 are as follows:



Year ending June 30,	EIDL Payment
2023 (remainder of FY 2023)	$	753
2024	3,084
2025	3,202
2026	3,324
2027	3,451
Thereafter	136,145
Total	$	149,959