Quarterly report pursuant to Section 13 or 15(d)

Line of Credit

v3.20.4
Line of Credit
 6 Months Ended
Dec. 31, 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 December 31, 2020, nine 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.

 

    Dec. 30,
2020		     June 30,
2020		  
Line of Credit   $ 1,692     $ 3,897  
Total borrowings     1,692       3,897  
Less: current portion     1,692       3,897  
Long term debt   $ -     $ -  

 

      Interest expense for the six months ended December 31, 2020 and 2019, totaled $675 and $0, respectively and interest expense for the three months ended December 31, 2020 and 2019, totaled $338 and $0, respectively.