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LONG-TERM DEBT
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6 Months Ended | |||||||||||||||||||||||||
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Dec. 31, 2011
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| Notes to Financial Statements | ||||||||||||||||||||||||||
| 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 months repayment term. The note balances at December 31, 2011 and June 30, 2011, were $11,613 and $13,629, respectively. Principal payments for the six months ended December 31, 2011 and 2010 were $2,016 and $1,930, respectively. Interest expense for the corresponding periods was $317 and $404.
As of December 31, 2011, maturities of the long-term debt for the next four fiscal years were as follows:
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