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Long-Term Debt
12 Months Ended
Jun. 30, 2022
Debt Disclosure [Abstract]  
Long-Term Debt

9. LONG-TERM DEBT

Long-term debt consisted of the following:

 

 

 

June 30,

 

 

 

2022

 

 

2021

 

Capital lease obligations

 

 

54

 

 

$

89

 

CARES Act Paycheck Protection Plan Loans

 

 

0

 

 

 

2,972

 

Total

 

 

54

 

 

 

3,061

 

Less current maturities

 

 

(40

)

 

 

(3,009

)

 

 

$

14

 

 

$

52

 

 

CARES Act Paycheck Protection Plan Loans— The CARES Act was enacted by the U.S. government on March 27, 2020. As part of the CARES Act, the PPP loan program was established and administered by the SBA. In April and May 2020, subsidiaries of the Company received approximately $3,234 of PPP loans through its regular bank. Forgiveness of PPP loans was generally available if the loans were used to pay wages, rent, utilities and interest on certain debt during the 24-week period following receipt of the loan proceeds, subject to other federally-established terms and conditions. As of June 30, 2022, all our PPP loans were forgiven by the SBA. During the last quarter of our fiscal year  ended June 30, 2021, $264 of our PPP loans and related accrued interest were forgiven by the SBA and $264 was recorded as income. In the fiscal year ended June 30, 2022, the remaining outstanding $2,972 of PPP loans and $38 of related accrued interest was forgiven by the SBA. The SBA has requested certain information with regards to one of the forgiven PPP loans which we are in the process of supplying.

Debt Commitments —Annual required payments of debt and contractual commitments for interest on long-term debt are shown in the following table. The PPP loans of $2,972 included in debt below were forgiven by the SBA in July and August 2021 under the terms of the loan program. The interest rate on variable interest debt is calculated at the interest rate at June 30, 2021.

 

 

 

Debt

 

 

Interest

 

2023

 

$

40

 

 

$

3

 

2024

 

 

14

 

 

 

0

 

2025

 

 

0

 

 

 

0

 

2026

 

 

0

 

 

 

0

 

2027

 

 

0

 

 

 

0

 

2028 and after

 

 

0

 

 

 

0

 

Total

 

$

54

 

 

$

3