Term Loan

12 Months Ended

Jun. 30, 2019

Term Loan

Term Loan

8.Term Loan

In fiscal year 2019, we entered into an 18-month, $1,600,000 term loan with a commercial bank to finance part of a land purchase for the purpose of developing and reselling the land.  The term loan has a 5.25% interest rate with interest-only payments due monthly.  All principal and any unpaid interest are due in full upon maturity in November 2020.  As of June 30, 2019, we have capitalized $4,000 of interest from this loan as part of the land cost.