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8. Long Term Debt
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12 Months Ended |
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Jun. 30, 2012
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| Debt Disclosure [Abstract] | |
| 8. Long Term Debt |
In September of 2009 the Company borrowed $20,326 in order to purchase a truck. The note is secured by the truck, and bears 4.9% interest, with a 60 month repayment term. The note balances at June 30, 2012 and 2011, were $9,185 and $13,629, respectively. Principal payments for the fiscal years ended June 30, 2012 and 2011, were 4,444 and $3,577, respectively. Interest expenses for the corresponding periods were $613 and $702.
Subsequent to fiscal year end, on July 1, 2012, the truck was sold to a franchisee for the remainder of liability. |