Quarterly report pursuant to Section 13 or 15(d)

Short and Long Term Borrowings

Short and Long Term Borrowings
9 Months Ended
Mar. 31, 2016
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 carried an 8% interest rate, through Second Quarter of our 2016 fiscal year.  Beginning in the third quarter of our 2016 fiscal year, the interest rate adjusted up to 8.25%. Monthly principal payments are required during this 84 month period.


      March 31,
    June 30,
  Bank loan   $ 7,602     $ 10,176  
  Total borrowings     7,602       10,176  
  Less: current portion     (4,221 )     (4,007 )
  Long term debt   $ 3,381     $ 6,169  


    Interest expense for the nine months ended March 31, 2016 and 2015, totaled $928 and $515, respectively.