Line of Credit |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||
Line Of Credit [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||
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). As of March 31, 2021 nine payments had been made against this draw of approximately $368 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.
Interest expense for the nine months ended March 31, 2021 and 2020, totaled $xx and $xx, respectively and interest expense for the three months ended March 31, 2021 and 2020, totaled $xx and $xx, respectively. |