8. BANK LOANS AND NOTES PAYABLE

6 Months Ended

Dec. 31, 2014

Debt Disclosure [Abstract]

BANK LOANS AND NOTES PAYABLE

The Company’s debt consisted of the following as of:

	December 31, 2014		June 30, 2014
Bank loans and notes payable-current	$	356,065	$	351,142
Bank loans and notes payable-long term		1,866,222		2,045,127
Total	$	2,222,287	$	2,396,269

Bank loans and notes payable consisted of the following as of:

	December 31, 2014		June 30, 2014
Note payable to Wisconsin Econcomic Development Corporation payable in    monthly installments of $23,685, including interest at 2%, with the final    payment due May 1, 2018; 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.  See note (a) below.	$	937,861	$	1,069,793
Bank loan payable in fixed monthly payments of $6,800 of principal and interest    at a rate of 0.25% below prime, as defined, subject to a floor of 5% with any    principal due at maturity on June 1, 2018; collateralized by the building and land.		599,655		624,760
Note payable in fixed monthly installments of $6,610 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.		684,771		701,716
	$	2,222,287	$	2,396,269

(a)   As of April 2013, the Wisconsin Economic Development Corporation granted the Company a 12-month deferral of the required installment payments of $22,800.  On March 1, 2014, fifty equal monthly installments of $23,685 commenced through April 1, 2018 with the final installment due on May 1, 2018.

Maximum aggregate annual principal payments for fiscal periods subsequent to December 31, 2014 are as follows:

2015	$	176,811
2016		361,042
2017		371,383
2018		761,037
2019		42,917
2020 and thereafter		509,097
	$	2,222,287