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NOTE 11 - LONG-TERM DEBT, NOTES PAYABLE AND CAPITAL LEASES | 12 Months Ended
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Jun. 30, 2012
Debt Disclosure [Abstract] |
NOTE 11 - LONG-TERM DEBT, NOTES PAYABLE AND CAPITAL LEASES | NOTE 11 - LONG-TERM DEBT, NOTES PAYABLE AND CAPITAL LEASES Long-term debt, notes payable and capital leases consist of the following:
|  | June 30,
|  | 2012 |  | 2011
Capital lease requiring monthly payments of $13,623, including interest at a rate of 10.51% per annum through July 2010. The lease was restructured in July 2008, requiring twelve monthly payments of $6,923 followed by 31 monthly payments of $9,585 through January 2012, including interest at a rate of 11.82%. The lease is collateralized by the related equipment. |  | $ | — |  |  | $ | 73,390 |
Notes payable of $580,000 requiring aggregate monthly payments of $20,106, including interest at a rate of 15% per annum through June 2013. Amount due to a related party as of June 30, 2012 is $30,725. |  |  | 214,355 |  |  |  | 399,024 |
Note payable requiring monthly payments of interest at a rate of 7% until May 2009 followed by 240 monthly payments of $4,472 through October 2026. The loan is collateralized by a building with a net book value of $720,841 as of June 30, 2012. |  |  | 481,615 |  |  |  | 500,411 |
Note payable requiring monthly payments of $12,150, including interest at a rate of 5% per annum through January 2014, seven monthly payments of $31,000 commencing February 2014 and a final payment of $5,091 in September 2014. |  |  | 423,280 |  |  |  | 544,555 |
Note payable requiring monthly payments of $8,325, including interest at a rate of 10% per annum through April 2012. |  |  | — |  |  |  | 72,341 |
Note payable from the Fair Haven acquisition requires three monthly payments of $15,000, twelve monthly payments of $20,000 and six monthly payments of $25,000, including interest at a rate of 8.58% per annum through November 2011 then 6 payments of $25,000. The loan is collateralized by equipment which, as of June 30, 2012, has been fully depreciated. |  |  | 42,500 |  |  |  | 257,246 |
Note payable from the Fair Haven acquisition requires monthly payments of $21,000, including interest at a rate of 4.5% per annum through February 2011 and a final payment of $533,783 in March 2011. The loan is collateralized by equipment which, as of June 30, 2012, has been fully depreciated. The Company expects to have this loan paid in full by December 2012. |  | $ | 187,707 |  |  | $ | 510,771 |
Note payable from the Fair Haven acquisition requires monthly payments of $18,850, including interest at a rate of 11.2% per annum through January 2014. The loan is collateralized by equipment with a net book value of $343,148 as of June 30, 2012. |  |  | 326,890 |  |  |  | 533,502 |
Note payable of $400,000 entered into for the purchase of 34.2% interest in a management company requiring payments of $100,000 on January 2, 2012 and $300,000 on January 2, 2013 including interest at a rate of 10% per annum through January 2013. The lender has a security interest in Imperial’s members interest until the note has been paid in full. |  |  | 300,000 |  |  |  | 400,000 |
Note payable requiring monthly principal installments of $4,100 and interest computed on the unpaid principal amount at a rate of 5% per annum through April 2017. The note is secured by certain assets of the Company. |  |  | 237,800 |  |  |  | — |
Other (including capital leases for property and equipment). |  |  | 416,750 |  |  |  | 480,882 |
|  |  | 2,630,897 |  |  |  | 3,772,122 |
Less: Current portion |  |  | 1,853,623 |  |  |  | 2,025,836 |
|  | $ | 777,274 |  |  | $ | 1,746,286 |
The maturities of long-term debt over the next five years and thereafter are as follows:
Years Ending June 30, |  |
| 2013 |  |  | $ | 1,853,623 |
| 2014 |  |  |  | 197,962 |
| 2015 |  |  |  | 72,372 |
| 2016 |  |  |  | 73,991 |
| 2017 |  |  |  | 67,688 |
| Thereafter |  |  |  | 365,261 |
|  |  |  | $ | 2,630,897 |

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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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- Details
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