Note E - Line of Credit

6 Months Ended

Dec. 31, 2019

Notes to Financial Statements

Debt Disclosure [Text Block]

NOTE E - LINE OF CREDIT

In fiscal

2018,

the Company held a

$250,000,

due-on-demand line of credit with a financial institution. The line of credit was

not

renewed in

April 2018.

In fiscal

2019,

the Company entered into a new line of credit with a limit of

$250,000

from a different financial institution. The line of credit is collateralized by all accounts and general intangibles, matures on

October 9, 2020,

accrues interest at the prime rate and is guaranteed by Justice Anderson, President and Chief Executive Officer. At

December 31, 2019,

the Company owed

$0

on this line of credit.