Long-term Debt (Notes)

12 Months Ended

Jun. 30, 2023

Long-Term Debt, Unclassified [Abstract]

Long-term debt

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 was classified as current as of June 30, 2022. The full amount of the PPP loan and accrued interest were forgiven on August 13, 2021, and reported as other income during the year ended June 30, 2022.

Economic Injury Disaster ("EIDL") loan

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 $150,000 EIDL loan. The annual interest rate is 3.75%. The payment term is 30 years and the monthly payment is $731 from July 1, 2021. The EIDL loan is secured by the tangible and intangible personal property of the Company. The EIDL loan is secured by the tangible and intangible personal property of the Company.

The future annual principal amounts and accrued interest to be paid as of June 30, 2023 are as follows:



Year ending June 30,	EIDL Loan Payment
2024	$	3,105
2025	3,202
2026	3,324
2027	3,744
2028	3,594
Thereafter	132,571
Total	$	149,540