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Long-Term Debt

9 Months Ended

Mar. 31, 2012

4. Long-Term Debt

Long-term debt consists of the following:

	March 31,		June 30,
	2012		2011
	(unaudited)
Capital lease obligations	$	402,375	$	84,043
Loan agreement		165,660		169,018
		568,035		253,061
Less current portion		267,869		155,428
	$	300,166	$	97,633

During July 2011, the Company financed a portion of the premiums for various insurance policies totaling $90,372 due in nine equal monthly installment payments of $10,283 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 thirty-six monthly payments of $14,145 through August 2014 at an interest rate of 6.8%.

During November 2011, the Company financed computer equipment for network equipment totaling approximately $46,000, due in twelve equal quarterly installment payments of $4,226 at an interest rate of 6.47%.