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NOTES PAYABLE | 12 Months Ended
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Jun. 30, 2021
Notes Payable [Abstract] |
NOTES PAYABLE | The Company had the following notes payable obligations at June 30:
Notes Payable: |  | 2021 |  |  | 2020 |
Note payable to a bank, due in monthly installments of $29,097 bearing interest at 4.99% due April 1, 2023 secured by related capital equipment |  | $ | - |  |  | $ | 920,754 |
Unsecured Paycheck Protection Program loans which carries an interest rate of 1%. Principle payments begin on November 23, 2020 in the amount of $61,429. |  |  | - |  |  |  | 1,109,350 |
|  | $ | - |  |  | $ | 2,030,104 |
Less current portion notes payable |  |  | - |  |  |  | (790,108 | )
|  | $ | - |  |  | $ | 1,239,996 |
Paycheck Protection Loan. On December 19, 2020, the SBA authorized full forgiveness in the amount of approximately $1.1 million under the PPP Loan, whereby the Company will not need to make any payments on the PPP Loan that U.S. Bank National Association facilitates as an SBA lender. U.S. Bank National Association has applied the forgiveness amount the SBA authorized, plus all accrued interest, to the Company’s PPP Loan. The requirements under this program are established by the SBA. All requests for PPP Loan forgiveness are subject to SBA eligibility.

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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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -URI http://asc.fasb.org/topic&trid=2208923 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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- References No definition available. + Details
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