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8. Loan Payable, Bank
12 Months Ended
Jun. 30, 2014
Debt Disclosure [Abstract]  
8. Loan Payable, Bank

In June 2014, the Company obtained a line of credit with Bank of America Merrill Lynch which provides for maximum borrowings of up to $700,000, bearing interest currently at 3.155% per annum (based on 3.00 percentage points over the LIBOR Index) and secured by a pledge of collateral consisting of the inventory, accounts, chattel paper, and equipment and fixtures of the Company. Outstanding amounts are due and payable by November 30, 2015 with a requirement that the Company is to reduce the outstanding principal balance to zero during the 30 day period ending on the anniversary date of the Note. This line of credit replaced a $700,000 line of credit with JP Morgan Chase Bank, N.A. The Company did not have any amounts outstanding under the lines at June 30, 2014 and 2013.