Quarterly report pursuant to Section 13 or 15(d)

Short and Long Term Borrowings

v3.8.0.1
Short and Long Term Borrowings
9 Months Ended
Mar. 31, 2018
Notes Payable\Short and Long Term Borrowings [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 carried an 8.25% interest rate, through the Third Quarter of our 2018 fiscal year. Monthly principal payments are required during this 84 month period.

 

      March 31,
2018
    June 30,
2017
 
  Bank loan   $ 1,600     $ 3,096  
  Total borrowings     1,600       3,096  
  Less: current portion     (1,600 )     (3,096 )
  Long term debt   $ -     $ -  

 

      Interest expense for the nine months ended March 31, 2018 and 2017, totaled $0 and $529, respectively.