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NOTES PAYABLE | 12 Months Ended
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Jun. 30, 2015
Debt Disclosure [Abstract] |
NOTE 9 - NOTES PAYABLE | The Company had the following notes payable obligations at June 30, 2015 and 2014:
Notes Payable: |  | 2015 |  |  | 2014 |
Note payable to a bank, due in monthly installments of $10,355 bearing interest at 3.95% due July 15, 2014. This note was retired effective July 15, 2014. |  |  | - |  |  |  | 10,490 |
Note payable to a bank, due in monthly installments of $9,359 bearing interest at 4.9% due September 15, 2014. This note was retired effective September 15, 2014. |  |  | - |  |  |  | 29,508 |
Note payable to a bank, due in monthly installments of $10,286 bearing interest at 4.39% due September 20, 2014, this note is a conversion of a multi-advance note payable initially put in place on September 21, 2010, secured by related capital equipment purchases. This note was retired effective September 20, 2014. |  |  | - |  |  |  | 31,570 |
Note payable to a bank, due in monthly installments of $7,860 bearing interest at 3.73% due February 9, 2017, this note is a conversion of a multi-advance note payable initially put in place on February 19, 2012, secured by related capital equipment purchases. |  |  | 152,530 |  |  |  | 239,293 |
Note payable to a bank, due in monthly installments of $7,860 bearing interest at 4.17% due August 26, 2018, this note is a conversion of a multi-advance note payable initially put in place on August 26, 2013, secured by related capital equipment purchases. |  |  | 272,191 |  |  |  | 338,287 |
Note payable to a bank, due in monthly installments of $4,932 bearing interest at 4.91% due March 18, 2018, secured by related capital equipment purchases. |  |  | 151,772 |  |  |  | - |
|  |  | 576,493 |  |  |  | 649,148 |
Less current portion notes payable |  |  | (227,301 | ) |  |  | (226,900 | )
|  | $ | 349,192 |  |  | $ | 422,248 |
Maturities of notes payable and capital leases at June 30, 2015 are as follows:
Year ending June 30: |  |  |  |  |  |
2016 |  | $ | 227,292 |  |  | $ | 174,095 |
2017 |  | $ | 205,999 |  |  | $ | 150,047 |
2018 |  | $ | 135,333 |  |  | $ | 91,385 |
2019 |  | $ | 7,873 |  |  | $ | 6,721 |
2020 |  | $ | - |  |  | $ | - |

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- Definition The entire disclosure for debt and capital lease obligations can be reported. Information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. Also includes descriptions and amounts of capital leasing arrangements that consist of direct financing, sales type and leveraged leases. Disclosure may include the effect on the balance sheet and the income statement resulting from a change in lease classification for leases that at inception would have been classified differently had guidance been in effect at the inception of the original lease. + References No definition available. + Details
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- References No definition available. + Details
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