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LONG-TERM DEBT | 3 Months Ended
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Sep. 30, 2015
Debt Disclosure [Abstract] |
LONG-TERM DEBT | 8. LONG-TERM DEBT CAPITAL LEASES The company periodically enters into capital lease obligations to finance certain office and network equipment for use in its daily operations. During the three-month period ended September 30, 2015 the company entered into capital lease obligations of $35 thousand. The interest rates on these obligations were approximately 5.60%. The value of the acquired equipment is included in property and equipment and amortized accordingly. OTHER LOAN AGREEMENTS The company periodically enters into other loan agreements to finance the purchase of various assets as needed, including computer equipment, insurance premiums, network equipment and software for use in its operations. During the three-month period ended September 30, 2015, the company entered into loan agreements for $103 thousand. The interest rates on these obligations were approximately 5.27%. The value of these financed insurance premiums acquired is included in prepaid expenses and other assets and expensed accordingly. ASSIGNMENT OF QUICKSTART LEASES In February and May 2015, the Company assigned its interest in certain finance receivables (various sixty-month QuickStart leases) to third-party finance companies in exchange for cash and the assumption of financing obligations in the aggregate of $1.8 million and $304 thousand, respectively. These assignment transactions contain recourse provisions for the Company which requires the proceeds from the assignment to be treated as long-term debt. The financing obligations range in rate from 9.41% to 9.45%. The balance of long-term debt as of September 30, 2015 and June 30, 2015 are shown in the table below.
($ in thousands) |  | September 30, 2015 |  |  | June 30, 2015 |
|  | (unaudited) |  |  |  |
Capital lease obligations |  | $ | 332 |  |  | $ | 338 |
Other loan agreements |  |  | 92 |  |  |  | - |
Lease financing obligations |  |  | 1,917 |  |  |  | 1,994 |
|  |  | 2,341 |  |  |  | 2,332 |
Less current portion |  |  | 583 |  |  |  | 478 |
|  | $ | 1,758 |  |  | $ | 1,854 |
The maturities of long-term debt for each of the fiscal years following September 30, 2015 are as follows:
($ in thousands) |  |  |  |  |
2016 (remaining nine months) |  |  | $ | 460 |
2017 |  |  |  | 513 |
2018 |  |  |  | 500 |
2019 |  |  |  | 487 |
2020 |  |  |  | 374 |
Thereafter |  |  |  | 7 |
|  |  | $ | 2,341 |

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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 + Details
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