NOTE 8 - LONG-TERM DEBT

The Company’s long-term debt consisted of the following:

	September 30, 2017		June 30, 2017


Note payable to Wisconsin Economic 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.	$	188,089	$	257,959

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.		453,819		468,297

Equipment finance obligation under sale-leaseback, interest payable in quarterly installments ranging between $1,510 and $2,555 at an imputed interest rate of approximately 2.44% over 20 years ending March 31, 2036.		331,827		331,827

Long-term debt		973,735		1,058,083
Less: current maturities of long-term debt		(641,908)		(726,256)
Long-term debt, net of current maturities	$	331,827	$	331,827

Maximum aggregate annual principal payments as of September 30, 2017 are as follows: