LONG TERM LIABILITIES

9 Months Ended

Mar. 04, 2016

Debt Disclosure [Abstract]

Long Term Liabilities

NOTE 10 – LONG TERM LIABILITIES

The Company has two notes payable with a local bank. Debt outstanding as of March 4, 2016 and May 29, 2015 consisted of the following:

	March 4, 2016		May 29, 2015
Note payable maturing March 10, 2021 interest at 3.00%, principal and interest due monthly	$	4,608,092	$	4,944,233
Note payable maturing January 1, 2020 interest at 3.30%, principal and interest due monthly		1,706,680		2,068,484
Less current portion of long-term debt		(822,378)		(799,204)
Total long-term debt	$	5,492,394	$	6,213,513

In July 2015, a capital lease obligation of $98,586 was incurred when the Company entered into a 36-month lease for new server equipment. The balance of the obligation was $77,500 as of March 4, 2016.