XML 23 R42.htm IDEA: XBRL DOCUMENT v2.4.0.6
8. BANK LOANS AND NOTES PAYABLE (Details 1) (USD $)
Dec. 31, 2012
Jun. 30, 2012
Bank Loans And Notes Payable Details 1    
Note payable to the seller of Tier Electronics LLC payable in annual installments of 450,000 on January 21, 2013 and January 21, 2014. Interest accrues at a rate of 8% and is payable monthly. The promissory note is collateralized by the Company’s membership interest in its wholly-owned subsidiary Tier Electronics LLC. $ 900,000 $ 900,000
Note payable to Wisconsin Department of Commerce payable in monthly installments of $22,800, including interest at 2%, with the final payment due May 1, 2017; collateralized by equipment purchased with the loan proceeds and substantially all assets of the Company not otherwise collateralized. The Company is required to maintain and increase a specified number of employees, and the interest rate is increased in certain cases for failure to meet this requirement. 1,154,842 1,279,367
Bank loan payable in fixed monthly payments of $6,800 of principal and interest at a rate of .25% below prime, as defined, subject to a floor of 5% as of June 30, 2012 and 2011 with any principal due at maturity on June 1, 2018; collateralized by the building and land. 696,873 719,528
Note payable in fixed monthly installments of $6,716 of principal and interest at a rate of 5.5% with any principal due at maturity on May 1, 2028; collateralized by the building and land. 749,818 764,981
Bank loan payable in monthly installments of $21,000 of principal and interest at a rate equal to prime, as defined, subject to a floor of 4.25% with any principal due at maturity on December 1, 2013; collateralized by specific equipment. 152,932 274,084
Total $ 3,654,465 $ 3,937,960