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LINE OF CREDIT
6 Months Ended
Dec. 31, 2015
Debt Disclosure [Abstract]  
LINE OF CREDIT

NOTE F - LINE OF CREDIT

 

The Company has a $250,000, due-on-demand line of credit with a financial institution, collateralized by the Company's inventory of $528,742 and net receivables of $372,107. The line of credit is renewable annually in April. Our Chief Executive Officer personally guaranteed the line of credit to the Company. At December 31, 2015 and June 30, 2015, the Company owed $55,000 and $80,000, respectively, on the line of credit. The line of credit extends terms of cash advances at a variable rate set equal to the prime rate at the time of advance. The interest rate can fluctuate according to the changes in its published prime rate.