LONG-TERM DEBT

12 Months Ended

Jun. 30, 2014

8. LONG-TERM DEBT

Long-term debt consists of the following:


	June 30,		June 30,
	2014		2013

Capital lease obligations	$	414,525	$	345,925
Loan agreements		8,251		23,981
		422,776		369,906
Less current portion		172,911		247,152
	$	249,865	$	122,754

The maturities of long-term debt as of June 30, 2014 are as follows:


2015	$	172,911
2016		91,003
2017		80,251
2018		56,282
Thereafter		22,329
	$	422,776

CAPITAL LEASES

During July 2009, the Company entered into a capital lease for office equipment totaling $24,836, due in 46 monthly installments of $677. This was satisfied in June 2013.

During August 2011, the Company entered into a capital lease for network equipment totaling approximately $496,000, due in 36 monthly payments of $14,145 through August 2014.

During April 2012, the Company entered into a capital lease for network equipment totaling approximately $62,000, due in 36 monthly payments of $1,785 through February 2015.

During January 2013, the Company entered into a capital lease for network equipment totaling approximately $45,000, due in 37 monthly payments of $1,501 through December 2015.

During March 2013, the Company entered into a capital lease for equipment to support customer service totaling approximately $15,000, due in 36 monthly payments of $464 through January 2016.

During March 2013, the Company entered into a capital lease for network equipment totaling approximately $24,000, due in three annual installments of $8,686 through April 2015.

During April 2013, the Company entered into a capital lease for equipment totaling approximately $32,000, due in twelve quarterly installments of $2,915 through December 2015.

During June 2013, the Company entered into a capital lease for office equipment totaling approximately $16,000, due in 48 monthly installments of $456 through June 2017.

During July 2013, the Company entered into a capital lease for office equipment totaling approximately $22,000 due in 24 monthly installments of $1,033 through July 2015.

In February 2014, the Company entered into a capital lease for network equipment totaling approximately $196,000 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 approximately $103,000 due in sixty monthly installments of $2,149 through May 2019.

In April 2014, the Company entered into a capital lease for office equipment totaling approximately $4,000 due in 36 monthly installments of $135 through April 2017.

LOAN AGREEMENTS

During March 2010, the Company financed the purchase of computer equipment totaling $195,000 due in 36 monthly installments at an interest rate of 4.95%. This loan was satisfied in March 2013.

During July 2011, the Company financed a portion of the premiums for various insurance policies totaling $90,372 due in nine equal monthly payments at an interest rate of 5.57%. During July 2012, the Company financed a portion of the premiums for various insurance policies totaling $128,062, due in ten monthly payments of $13,103 through May 2013 at an interest rate of 5.02%. During August 2013, the Company financed a portion of the premiums for various insurance policies totaling $101,850, due in nine monthly payments of $11,567 through April 2014 at an interest rate of 5.27%.

During November 2011, the Company financed network equipment totaling approximately $46,000, due in twelve equal quarterly installment payments of $4,226 through October 2014 at an interest rate of 6.47%.

During June 2012, the Company financed software licenses totaling approximately $212,000, due in four equal quarterly installment payments at an interest rate of 11.09%.