LONG-TERM DEBT

9 Months Ended

Mar. 31, 2015

Debt Disclosure [Abstract]

LONG-TERM DEBT

5. LONG-TERM DEBT

Long-term debt consists of the following:

	March 31, 2015		June 30, 2014
	(unaudited)
Capital lease obligations	$	374,633	$	414,525
Loan agreements		1,750,546		8,251
		2,125,179		422,776
Less current portion		416,695		172,911
	$	1,708,484	$	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.

In February 2015, under the QS Sale Agreement (Notes 1 and 2) related to the Company’s QuickStart Program, the Company recorded a financing obligation of $1,752,717, which represented the proceeds received in exchange for assigning to the leasing company its rights to all of the future lease payments under certain existing QuickStart leases between the Company and its customers. Monthly installments in the range of $4,618 to $37,213 will be made through July 2020 at an interest rate of 9.45%.