NOTE PAYABLE AND LINES-OF-CREDIT

6 Months Ended

Dec. 31, 2022

NOTE PAYABLE AND LINES-OF-CREDIT

LINE OF CREDIT

NOTE 3       NOTE PAYABLE AND LINES-OF-CREDIT

The Company’s debt consists of:

		December 31,		June 30,
Payee	Terms	2022		2022
Nodaway Valley Bank	$150,100 line-of-credit agreement expiring on January 4, 2023, with an interest rate of 5.75%. The line of credit is collateralized by substantially all assets of the Company.	$	—	$	—
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
Ford Motor Credit Company, LLC	$1,126 monthly payments, interest of 2.90%; final payment due November 2026, secured by a vehicle		50,900		—
	Total		50,900		120,000
	Less Current Portion		13,164		120,000
	Long-Term Portion	$	37,736	$	—

Subsequent to the quarter ended December 31, 2022, the two line-of-credit agreements above were combined for a total borrowing base of $500,000 with a variable interest rate at prime but not less than 5%, maturing on January 4, 2024.

Future minimum payments for the twelve months ending December 31 are:

December 31,	Amount
2023	$	13,164
2024		12,581
2025		12,951
2026		12,204
Total	$	50,900