Annual report pursuant to Section 13 and 15(d)

Short and Long Term Borrowings

Short and Long Term Borrowings
12 Months Ended
Jun. 30, 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 currently carries an 8.25% 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.


      2016     2015  
  Bank Loan   $ 6,513     $ 10,176  
  Total borrowings     6,513       10,176  
  Less: current portion     (4,291 )     (4,007 )
  Long term debt   $ 2,222     $ 6,169  


      Interest expense for the years ended June 30, 2016 and 2015, totaled $1,267 and $743, respectively.