Unsecured Notes Payable

6 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

Unsecured Notes Payable

NOTE 9. UNSECURED NOTES PAYABLE

Unsecured notes payable at December 31, 2019 and June 30, 2019 consisted of the following:

	December 31, 2019		June 30, 2019
Current debt:	(in thousands)
20% Unsecured note, bi-weekly principal and interest, due April 26, 2020 (1)	$	99	$	247
20% Unsecured note, bi-weekly principal and interest, due September 13, 2019 (2)		̶		62
20% Unsecured note, bi-weekly principal and interest, due March 1, 2020 (3)		62		214
20% Unsecured note, bi-weekly principal and interest, due September 18, 2020 (4)		225		̶
Total current debt		386		523
Long-term debt:
20% Unsecured note, interest only, due May 1, 2021 (5)		200		200
20% Unsecured note, interest only, due October 31, 2021 (6)		100		100
20% Unsecured note, interest only, due July 31, 2021 (7)		100		100
Total long-term debt		400		400
Total unsecured notes payable	$	786	$	923

(1) Unsecured note payable for $300,000 to two individual shareholders with interest at 20%, principal and interest paid bi-weekly, maturing April 26, 2020. $72,279 from the proceeds of this unsecured note payable was used to retire the balance of the unsecured note payable maturing July 26, 2019. Personally guaranteed by principal stockholder.

(2) Unsecured note payable for $300,000 to two individual shareholders with interest at 20%, principal and interest paid bi-weekly, maturing September 13, 2019. $37,743 from the proceeds of this unsecured note payable was used to retire the balance of the unsecured note maturing October 26, 2018. This note was fully paid on September 13, 2019. Personally guaranteed by principal stockholder.

(3) Unsecured note payable for $300,000 to two individual shareholders with interest at 20%, principal and interest paid bi-weekly, maturing March 1, 2020. Personally guaranteed by principal stockholder.

(4) Unsecured note payable for $300,000 to two individual shareholders with interest at 20%, principal and interest paid bi-weekly, maturing September 18, 2020. Personally guaranteed by principal stockholder.

(5) Unsecured note payable for $200,000 to an individual, with interest payable monthly at 20%, principal due in full on May 1, 2013; extended to May 1, 2019; then extended to May 1, 2021. Personally guaranteed by principal stockholder.

(6) Unsecured note payable for $100,000 to an individual with interest at 20% payable monthly; principal originally due in full on October 31, 2014; extended to October 31, 2019; then extended to October 31, 2021. Personally guaranteed by principal stockholder.

(7) Unsecured note payable for $100,000 to an individual, with interest at 20% payable monthly; principal due in full on July 31, 2013; extended to July 31, 2019; then extended by the holder to July 31, 2021. Personally guaranteed by principal stockholder.