NOTES PAYABLE AND LINE OF CREDIT

3 Months Ended

Sep. 30, 2020

NOTES PAYABLE AND LINE OF CREDIT

NOTES PAYABLE AND LINE OF CREDIT

NOTE 3       NOTES PAYABLE  AND LINE OF CREDIT

The Company’s long-term debt consists of:

		September 30,		June 30,
Payee	Terms	2020		2020
Nodaway Valley Bank	$350,000 line-of-credit agreement  expiring on January 4, 2021, with  a variable interest rate at prime but not less than 5%. The line-of-credit is collateralized by substantially all assets of the Company. Management anticipates renewal of the line-of-credit agreement at similar terms upon expiration.	$	210,000	$	—
Ford Credit	$705 monthly payments, interest  of 5.8%; final payment due October 2021, secured by a vehicle.		8,858		10,824
Toyota Credit	$444 monthly payments, interest  of 6.49%; final payment due May  2022, secured by a vehicle.		8,400		9,585
Nodaway Valley Bank	Small Business Administration Paycheck Protection Program (PPP) Promissory Note, interest of 1%, beginning November 10, 2020 monthly payments of $9,652 including interest are due; final payment due April 10, 2022, under the terms of the PPP program, this loan has the potential to be partially or fully forgiven after certain conditions and requirements are satisfied.		171,500		171,500
Total			398,758		191,909
Less Current Portion			298,515		88,318
Long-Term Portion		$	100,243	$	103,591

Future minimum payments for the twelve months ending September 30 are:

September 30,
2021	$	298,515
2022		100,243
Total	$	398,758