Quarterly report pursuant to Section 13 or 15(d)

Short and Long Term Borrowings

Short and Long Term Borrowings
3 Months Ended
Sep. 30, 2018
Debt Disclosure [Abstract]  
Short and long term Borrowings
10. Short and long term Borrowings On November 24, 2010, the Company entered into a Small Business Working Capital Loan with a well-established Bank. The loan is personally guaranteed by the Company’s Chief Executive Officer, which is further guaranteed for 90% by the United States Small Business Administration (SBA). 
      The term of the loan is seven years until full amortization and currently carries an 9.75% interest rate, which is based upon Wall Street Journal (“WSJ”) Prime 5.00 % Plus 4.75% and is adjusted quarterly. Monthly principal payments are required during this 84 month period.


      September 30,
    June 30,
  Bank loan   $ 400     $ 1,000  
  Total borrowings     400       1,000  
  Less: current portion     (400 )     (1,000 )
  Long term debt   $ -     $ -  


      There was no interest expense incurred for the three months ended September 30, 2018 and 2017, respectively.