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). This balance was paid in full prior to June 30, 2021
June 30, 2021
June 30, 2020
Line of Credit
$
$
3,897
Total borrowings
3,897
Less: current portion
(3,897
)
Long term debt
$
-
$
-
Interest expense for the years ended June 30, 2021 and 2020, totaled $1,012 and $463, respectively.