Quarterly report pursuant to Section 13 or 15(d)

Line of Credit

v3.20.2
Line of Credit
3 Months Ended
Sep. 30, 2020
Line of Credit [Abstract]  
Line of Credit

11. Line of Credit   On March 19, 2020, the Company secured a $200,000 line of credit with Celtic Bank Corporation. This LOC has a "Flex Credit" component of calculating interest, which means the interest rate on any draws taken against the LOC is set at the time of said draw. As of the date of this filing, the Company has made one draw against the credit line for a gross amount of $5,000 (including proceeds and draw fees). As of September 30, 2020, six payments had been made against this draw of approximately $368 each. Such payments will continue to be automatically deducted from the corporate checking account until the draw and all fees have been paid in full. The Company may or may not choose to use this line of credit for additional financing needs.

 

    Sept. 30,
2020
    June 30,
2020
 
Line of Credit   $ 2,794     $ 3,897  
Total borrowings     2,794       3,897  
Less: current portion     2,794       3,897  
Long term debt   $ -     $ -  

 

      Interest expense for the three months ended September 30, 2020 and 2019, totaled $337 and $0, respectively.