Notes Payable to Bank - EIDL Loan

12 Months Ended

Jun. 30, 2025

Notes Payable to Bank - EIDL Loan

Notes Payable to Bank - EIDL Loan

Note 7 — Notes Payable to Bank – EIDL Loan

Notes payable to bank – EIDL loan consisted of the following:

	June 30, 2025		June 30, 2024
3.75% SBA EIDL Note Payable		504,031		448,823
Less current portion of notes payable to bank – EIDL loan		-		-
Notes payable to bank – EIDL loan, less current portion	$	504,031	$	448,823

During the year ended June 30, 2020, the Company executed the standard loan documents required for securing a loan (the “EIDL Loan”) from the United States Small Business Administration (the “SBA”) under its Economic Injury Disaster Loan (“EIDL”) assistance program in light of the impact of the COVID-19 pandemic on the Company’s business. The principal amount of the EIDL Loan is $500,000, with proceeds to be used for working capital purposes. Interest on the EIDL Loan accrues at the rate of 3.75% per annum and installment payments, including principal and interest, are due monthly beginning twelve months from the date of the EIDL Loan in the amount of $2,437. The balance of principal and interest is payable thirty years from the date of the promissory note and included as long-term debt on the balance sheet.

Total interest expense on notes payable to bank was $18,901 and $17,927 for the years ended June 30, 2025 and 2024, respectively.