| Schedule of Long-term Notes Payable |
The Company's long term notes payable obligations to unrelated parties are as follows as of September 30, 2018 and June 30, 2018:
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| | September 30, 2018
| | June 30, 2018
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The Company has a $375,000 note payable with a bank. The note bears interest at 2.10% and matures in December 2018. The note is guaranteed by a stockholder and collateralized by a certificate of deposit owned by a related party. In May 2018, 50,000 shares of stock were issued to the related party in exchange for a $100,000 reduction in the short-term note balance.
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$ 275,000 | |
$ 275,000 |
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Note payable to an individual executed March 2018 assumed in acquisition (Note 11) in which the note accrues interest on the original principal balance at a rate of 6.25% annually. Interest is paid annually with principal due March 2021.
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75,000
| | 75,000
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Mortgage payable assumed in acquisition; interest payable at 4.75% monthly payments of $34,435 through December 31, 2016. The note payable was modified during the year ended December 31, 2017. After the modification, the interest rate was modified to 2.5% annually with monthly payment of $15,223 through July 15, 2020, and a balloon payment at maturity. The mortgage payable is secured by the building and land as well as guarantees by related parties. (Note 11)
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4,493,501
| | 4,512,710
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Note payable to a financial institution for acquisition of vehicle with monthly installment of $153 maturing June 2022.
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5,760
| | 6,150
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Capital leases with a related party for 3 delivery vehicles with monthly installments from $253 to $461, including 4% to 4.75% interest, maturing over 5-year terms expiring between April 2019 and July 2020.
| 14,053
| | 17,668
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Total Non-Related Party Notes Payable
| 4,863,314
| | 4,886,528
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Current Portion of Non-Related Party Notes Payable
| 349,271
| | 362,181
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Long-term Portion of Non-Related Party Notes Payable
| $ 4,514,043
| | $ 4,524,347
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| Schedule of Minimum Future Principal Payments |
Future minimum principal payments on the non-related party long term notes payable are as follows:
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Period ending September 30,
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2019
| $ 349,271
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2020
| 4,434,893
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2021
| 78,488
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2022
| 662
| | | $ 4,863,314
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| Schedule of Short-term Notes Payable |
The Company's short term notes payable obligations to unrelated parties assumed in the acquisition (Note 11) are as follows as of September 30, 2018 and June 30, 2018:
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| | September 30, 2018
| | June 30, 2018
|
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Note payable to individual and bears interest at a rate of 8% interest annually and is due on demand.
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$ 20,000
| | $ 20,000
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Note payable to individual and bears interest at a rate of 8% interest annually and is due on demand.
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10,000
| | 10,000
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Note payable to an individual in which the note accrues interest on the original principal balance at a rate of 6.25% interest annually and due on demand.
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60,000
| | 60,000
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Note payable to an individual in which the note accrues interest on the original principal balance at a rate of 6.25% interest annually and was scheduled to mature in August 2018. The term was extended for another year.
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25,000
| | 25,000
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Note payable to an individual in which the note accrues interest on the original principal balance at a rate of 6.25% interest annually and is scheduled to mature in December 2018.
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25,000
| | 25,000
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Note payable to an individual in which the note accrues interest on the original principal balance at a rate of 10% interest annually and is due on demand.
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7,500
| | 25,000
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Total Short Term Non-Related Party Notes Payable
| $ 147,500
| | $ 165,000
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