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LONG-TERM DEBT | 12 Months Ended
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Jun. 30, 2012
Debt Disclosure [Abstract] |
LONG-TERM DEBT | 7. LONG-TERM DEBT Long-term debt consists of the following:
|  | June 30, |
|  | 2012 |  |  | 2011 |
Capital lease obligations |  | $ | 426,007 |  |  | $ | 84,043 |
Loan agreement |  |  | 302,323 |  |  |  | 169,018 |
|  |  | 728,330 |  |  |  | 253,061 |
Less current portion |  |  | 466,056 |  |  |  | 155,428 |
|  | $ | 262,274 |  |  | $ | 97,633 |
The maturities of long-term debt as of June 30, 2012 are as follows:
2013 |  | $ | 466,055 |
2014 |  |  | 209,476 |
2015 |  |  | 52,799 |
|  | $ | 728,330 |
During March 2007, the Company entered into a capital lease agreement in connection with office equipment for approximately $146,000, due in sixty equal monthly payments of $2,965 through March 2012. During May 2007, the Company entered into a capital lease agreement in connection with office equipment for approximately $305,000, due in 36 equal monthly payments of $9,456 through April 2010. During July 2007, the Company entered into loan agreements for $239,740 with a financial institution bearing interest at 12% collateralized by $274,494 of the Finance Receivables. The Company agreed to make 32 monthly payments of $9,104, which include interest and principal, from the proceeds received from the Finance Receivables. During November 2007, the Company entered into a long-term debt agreement for $93,000 with a financial institution bearing interest at 8.25%, collateralized by the assets of the Company, which requires 84 monthly payments of $1,467, including interest and principal. This loan was satisfied in June 2012. During February, March, and April 2008, the Company entered into various capital leases for network equipment totaling approximately $199,000, due in 36 monthly installments at interest rates from 3.78% to 12.35%. During November 2008, the Company entered into various capital leases for network equipment and maintenance contracts on the equipment totaling $462,041, due in 24 to 36 monthly installments at interest rates from 3.75% to 12.35%. During May 2009, the Company financed a software license agreement totaling approximately $56,000, due in four quarterly installments, at an interest rate of 9%. During July 2009, the Company financed a portion of the premiums for various insurance policies totaling $85,991 due in nine monthly installments at an interest rate of 5.1%. In the same month, the Company also entered into a capital lease for office equipment totaling $24,836, due in 46 monthly installments of $677. During March 2010, the Company financed the purchase of computer equipment totaling $195,000 due in 36 monthly installments at an interest rate of 4.95%. An amount of restricted cash equal to the outstanding principal balance of the loan serves as security for this loan. Accordingly, $51,492 of restricted cash is classified with current other assets on the Consolidated Balance Sheet at June 30, 2012 and $65,754 and $51,492 of restricted cash is classified as current and non-current other assets, respectively, on the Consolidated Balance Sheet at June 30, 2011. During May 2010, the company financed software licenses totaling $77,730, due in twelve monthly installments at an interest rate of 3.3%. During July 2010, the Company financed a portion of the premiums for various insurance policies totaling $94,331 due in nine monthly installments at an interest rate of 4.93%. During July 2011, the Company financed a portion of the premiums for various insurance policies totaling $90,372 due in nine equal monthly payments at an interest rate of 5.57%. During August 2011, the Company entered into a capital lease for network equipment totaling approximately $496,000, due in 36 monthly payments of $14,145 through August 2014. During November 2011, the Company financed computer equipment for network equipment totaling approximately $46,000, due in twelve equal quarterly installment payments at an interest rate of 6.47%. During April 2012, the Company entered into a capital lease for network equipment totaling approximately $62,000, due in 36 monthly payments of $1,785 through February 2015. During June 2012, the Company financed software licenses totaling approximately $212,000, due in four equal quarterly installment payments at an interest rate of 11.09%.

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- Definition The entire disclosure for long-term debt. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 22 -Article 5 + Details
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