Quarterly report pursuant to Section 13 or 15(d)

Short and Long Term Borrowings

Short and Long Term Borrowings
6 Months Ended
Dec. 31, 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. This note was satisfied during the second quarter ended December 31, 2018.


      December 31,
    June 30,
  Bank loan   $      -     $ 1,000  
  Total borrowings     -       1,000  
  Less: current portion     -       (1,000 )
  Long term debt   $ -     $ -  


      There was no interest expense incurred for the six months ended December 31, 2018 and 2017, respectively.