Lines of Credit |
3 Months Ended |
|---|---|
Sep. 30, 2021 | |
| Line of Credit Facility [Abstract] | |
| Lines of Credit |
Note 3 - Lines 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 September 30, 2021 and June 30, 2021, respectively) which expires October 29, 2021. However, the bank provided a 30-day grace period extension. 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. In addition, a 20% curtailment of the outstanding balance may occur anytime prior to maturity. The outstanding balance was $986,599 and $991,598 at September 30, 2021 and June 30, 2021, respectively. The Company has up to $1,000,000 available credit line under an accounts receivable factoring agreement through July 30, 2022. Total available credit under the factoring agreement was $844,328 and $1,000,000 as of September 30, 2021 and June 30, 2021, repectively. See Note 11. |