NOTES PAYABLE

12 Months Ended

Jun. 30, 2022

NOTES PAYABLE

NOTES PAYABLE

NOTE 3       NOTES PAYABLE

The Company’s long-term debt at June 30, 2022 and 2021 consists of:

		June 30,		June 30,
Payee	Terms	2022		2021
Nodaway Valley Bank	$350,000 line-of-credit agreement expiring on January 4, 2023, 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.	$	120,000	$	120,000
Toyota Credit	$444 monthly payments, interest of 6.49%; matured May 2022, secured by a vehicle.		—		4,730
	Total		120,000		124,730
	Less Current Portion		120,000		124,730
	Long-Term Portion	$	—	$	—

During fiscal year 2020, the Company received a Small Business Administration Paycheck Protection Program (PPP) Promissory Note totaling $171,500. This loan was fully forgiven during December 2020 and a gain on extinguishment of debt has been recognized as other income.