LONG-TERM DEBT

6 Months Ended

Dec. 31, 2014

5. LONG-TERM DEBT

Long-term debt consists of the following:


	December 31,		June 30,
	2014		2014
	(unaudited)
Capital lease obligations	$	419,001	$	414,525
Loan agreements		46,336		8,251
		465,337		422,776
Less current portion		203,621		172,911
	$	261,716	$	249,865

During August 2014, the Company financed a portion of the premiums for various insurance policies totaling $103,125, due in nine monthly payments through April 2015 at an interest rate of 5.27%.

In October 2014, the Company entered into a capital lease for network equipment totaling $107,903 due in twelve quarterly installments of $9,831 through August 2017.