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LONG-TERM DEBT
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9 Months Ended | ||||||||||
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Mar. 31, 2012
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| Notes to Financial Statements | |||||||||||
| LONG-TERM DEBT |
NOTE 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 months repayment term. The note balances at March 31, 2012 and June 30, 2011, were $10,583 and $13,629, respectively. Principal payments for the nine months ended March 31, 2012 and 2011 were $3,046 and $2,619, respectively. Interest expense for the corresponding periods was $455 and $582.
As of March 31, 2012, maturities of the long-term debt for the next four fiscal years were as follows:
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