Line of Credit |
12 Months Ended |
|---|---|
Jun. 30, 2021 | |
| Line of Credit Facility [Abstract] | |
| Line of Credit |
Note 3 – Line of Credit The Company has a $1,000,000 line of credit bearing interest at prime plus 0.5% (3.75% and 4.25% at June 30, 2021 and 2020, respectively) which expires October 29, 2021. The line of credit is collateralized by certain real estate owned by stockholders and a family member of a stockholder, 7,026,894 shares of the Company's common stock owned by two stockholders, personal guarantees of two stockholders, and a key man life insurance policy. At June 30, 2020, the maximum borrowings was $1,250,000 and a minimum average bank balance of $50,000 was required as security on the line of credit. In addition, a 20% curtailment of the outstanding balance may occur in 2021. No such restrictions or conditions existed as of June 30, 2021. The outstanding balance was $991,598 and $1,236,598 at June 30, 2021 and 2020, respectively. |