v3.10.0.1
Line of Credit
3 Months Ended
Sep. 30, 2018
Line of Credit Facility [Abstract]  
Line of Credit

Note 3 - Line of Credit:

 

The Company has a $750,000 line of credit agreement with a bank. The line of credit bears interest at prime plus 1% (6.25% as of September 30, 2018 and 5.5% as of June 30, 2018) and expires in December 2018. The line of credit is collateralized by all assets of the business, plus certain property owned by a family member of a stockholder and the personal guarantee of a stockholder, along with a key man life insurance policy. The outstanding balance was $547,603 at September 30, 2018 and June 30, 2018.