Quarterly report pursuant to Section 13 or 15(d)

Line of Credit

v3.20.1
Line of Credit
9 Months Ended
Mar. 31, 2020
Debt Disclosure [Abstract]  
Line of Credit

11. Line of Credit   On March 19, 2020, the Company secured a $200,000 line of credit with Celtic Bank Corporation.  This LOC has a "Flex Credit" component of calculating interest, which means the interest rate on any draws taken against the LOC is set at the time of said draw.  As of the date of this filing, the Company has made one draw against the credit line for a gross amount of $5,000 (including proceeds and draw fees).  Two payments have been made against this draw of approximately $480 each.  Such payments will continue to be automatically deducted from the corporate checking account until the draw and all fees have been paid in full.  The Company may or may not choose to use this line of credit for additional financing needs.