Quarterly report pursuant to Section 13 or 15(d)

Short and Long Term Borrowings

v3.3.1.900
Short and Long Term Borrowings
6 Months Ended
Dec. 31, 2015
Short and Long Term Borrowings [Abstract]  
Short and long term Borrowings
8. 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 8% interest rate, which is based upon Wall Street Journal (“WSJ”) Prime 3.75 % Plus 4.75% and is adjusted quarterly. Monthly principal payments are required during this 84 month period.

 

      December 31,
2015
    June 30,
2015
 
  Bank loan   $ 8,619     $ 10,176  
  Total borrowings     8,619       10,176  
  Less: current portion     (4,137 )     (4,007 )
  Long term debt   $ 4,482     $ 6,169  

 

      Interest expense for the six months ended December 31, 2015 and 2014, totaled $617 and $346, respectively.