Lines of Credit |
9 Months Ended |
|---|---|
Mar. 31, 2021 | |
| Line of Credit Facility [Abstract] | |
| Lines of Credit | Note 5 - Lines of Credit
The Company has an available $1,000,000 and $1,250,000 line of credit at March 31, 2021 and June 30, 2020, respectively, bearing interest at prime plus 0.5% (3.75% at March 31, 2021 and 4.25% at June 30, 2020). The line of credit was renewed in October 2020 at a reduced available credit line, change in collateral, and a new expiration date of October 29, 2021. The renewed line of credit is collateralized by certain real estate owned by a family member of a stockholder, 50,000,000 shares of the Company's common stock par value $0.0001 per share (the "Common Stock") and the personal stock of two stockholders, and a key man life insurance policy. A minimum average bank balance of $50,000 was required on the line of credit agreement at June 30, 2020, but this requirement was removed in October 2020. The outstanding balance is $991,598 and $1,236,598 at March 31, 2021 and June 30, 2020, respectively.
The Company has a $1,000,000 available credit line under an accounts receivable factoring agreement through July 30, 2022. No amounts were outstanding as of March 31, 2021. See Note 13. |