LONG-TERM DEBT, NOTES PAYABLE AND CAPITAL LEASES

12 Months Ended

Jun. 30, 2023

Long-term Debt Notes Payable And Capital Leases

LONG-TERM DEBT, NOTES PAYABLE AND CAPITAL LEASES

NOTE 10 - LONG-TERM DEBT, NOTES PAYABLE AND CAPITAL LEASES

Long-term debt, notes payable and capital leases consist of the following:

Long-term Debt, Notes Payable and Capital Leases
	2023		2022
Note payable requiring monthly payments of interest at a rate of 7% until May 2009 followed by 240 monthly payments of $4,472 through October 2026. The loan is collateralized by a building with a net book value of $344,995 as of June 30, 2023.	$	158,842	$	195,457
The revolving credit note was extended to November 15, 2023. The Company can borrow up to $10,000,000 and prepay the loan in whole or part in multiples of $100,000 at any time without penalty. The note bears interest at a rate of 8.5% per annum and is payable monthly. The loan is collateralized by substantially all of the Company’s assets. The loan also contains certain financial covenants that must be met on a periodic basis. The Company still has the ability to draw down on the line.		—		—
		158,842		195,457
Less: Current portion		43,767		40,078
	$	115,075	$	155,379

The maturities of debt over the next four years are as follows:

Maturities of Long-term Debt
Years Ending June 30,
	2024	$	43,767
	2025		47,002
	2026		50,448
	2027		17,625
		$	158,842