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Line of Credit
6 Months Ended
Dec. 31, 2018
Line of Credit Facility [Abstract]  
Line of Credit

Note 3 - Line of Credit:

 

The Company increased its bank line of credit agreement from $750,000 to $1,250,000 in December 2018. The line of credit bears interest at prime plus 0.5% (6.0% as of December 31, 2018 and 5.5% as of June 30, 2018) and expires in December 2019. The line of credit is collateralized by all assets of the business, certain property owned by a family member of a stockholder, equity investments of two stockholders, personal guarantees of two stockholders, and a key man life insurance policy. A minimum average bank balance of $50,000 is required as part of the line of credit agreement.  In addition, a 20% curtailment of the outstanding balance will occur during 2019. The outstanding balance was $1,011,275 and $547,603 at December 30, 2018 and June 30, 2018, respectively.