Annual report pursuant to Section 13 and 15(d)

Short and Long Term Borrowings

Short and Long Term Borrowings
12 Months Ended
Jun. 30, 2019
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.


    June 30,
    June 30,
Bank Loan   $ 0     $ 1,000  
Total borrowings     0       1,000  
Less: current portion     0     (1,000 )
Long term debt   $ -     $ -  


      Interest expense for the years ended June 30, 2019 and 2018, totaled $0 and $714, respectively. This liability was satisfied during the 2018 fiscal year.