NOTE 10 – DEBT

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

	December 31, 2016		June 30, 2016
Current maturities of long-term debt	$	336,837	$	332,707
Long-term debt		888,507		1,057,720
Total	$	1,225,344	$	1,390,427

Bank loans, notes payable, and other debt consisted of the following as of:

	December 31, 2016		June 30, 2016

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 by a specified number of employees, and the interest rate is increased in certain cases for failure to meet this requirement.	$	396,684	$	534,009

Bank loan payable in fixed monthly installments 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 remaining principal and interest due at maturity on June 1, 2018; collateralized by the building and land.		496,834		524,592

Equipment finance obligation, interest payable in quarterly installments ranging between $1,510 and $2,555 at an imputed interest rate of approximately 2.44% over 20 years. See Note 15 for discussion of sale-leaseback transaction.		331,826		331,826

	$	1,225,344	$	1,390,427

Maximum aggregate annual principal payments for fiscal periods subsequent to December 31, 2016 are as follows: