LONG-TERM DEBT

9 Months Ended

Mar. 31, 2014

5. LONG-TERM DEBT

Long-term debt consists of the following:


	March 31,		June 30,
	2014		2013
	(unaudited)
Capital lease obligations	$	531,525	$	345,925
Loan agreement		35,261		23,981
		566,786		369,906
Less current portion		249,915		247,152
	$	316,871	$	122,754

During July 2013, the Company entered into a capital lease for office equipment totaling $22,036 due in 24 monthly installments of $1,033 through July 2015.

During August 2013, the Company financed a portion of the premiums for various insurance policies totaling $101,850, due in nine monthly payments through April 2014 at an interest rate of 5.27%.

In February 2014, the Company entered into a capital lease for network equipment totaling $195,725 due in 48 monthly installments of $4,972 through January 2018.

In March 2014, the Company entered into a capital lease for leasehold improvements and office furniture totaling $144,312 due in sixty monthly installments of $2,998 through April 2019.