Annual report pursuant to Section 13 and 15(d)

Short and Long Term Borrowings

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Short and Long Term Borrowings
12 Months Ended
Jun. 30, 2018
Debt Disclosure [Abstract]  
Short and long term Borrowings
10. 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 9.75% interest rate, which is based upon Wall Street Journal (“WSJ”) Prime 5.00 % Plus 4.75% and is adjusted quarterly. Monthly principal payments are required during this 84 month period.

 

      June 30, 2018     June 30, 2017  
  Bank Loan   $ 1,000     $ 3,096  
  Total borrowings     1,000       3,096  
  Less: current portion     (1,000 )     (3,096 )
  Long term debt   $ -     $ -  

  

      Interest expense for the years ended June 30, 2018 and 2017, totaled $714 and $223, respectively.