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NOTE 10 - LONG-TERM DEBT, NOTES PAYABLE AND CAPITAL LEASES | 12 Months Ended
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Jun. 30, 2018
Debt Disclosure [Abstract] |
NOTE 10 - LONG-TERM DEBT, NOTES PAYABLE AND CAPITAL LEASES | FONAR CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, 2018, 2017 and 2016 NOTE 10 - LONG-TERM DEBT, NOTES PAYABLE AND CAPITAL LEASES Long-term debt, notes payable and capital leases consist of the following:
|  | 2018 |  | 2017
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 $515,834 as of June 30, 2018. |  | $ | 336,781 |  |  | $ | 365,406 |
The revolving credit note was extended to September 2018. The Company can prepay the loan in whole or part in multiples of $100,000 at any time without penalty. The note bears interest at a rate of 4% per annum and is payable monthly. The loan is collateralized by substantially all of the Company’s assets. The loan also contains certain financial covenants that must be met on a periodic basis. The note was paid in full September 2, 2014. The Company still has the ability to draw down on the line. |  |  | — |  |  |  | — |
Note payable requiring 12 consecutive interest only payments commencing at the inception of the loan followed by 48 consecutive monthly payments, commencing May 1, 2014. The note bears interest at a rate of 4.75% per annum and is payable monthly. The loan is collateralized by substantially all of the Company’s assets. The loan also contains certain financial covenants that must be met on a periodic basis. |  |  | — |  |  |  | 143,676 |
Other (including capital leases for property and equipment). |  |  | 7,586 |  |  |  | 7,769 |
|  |  | 344,367 |  |  |  | 516,851 |
Less: Current portion |  |  | 38,332 |  |  |  | 180,090 |
|  | $ | 306,035 |  |  | $ | 336,761 |
The maturities of long-term debt over the next five years and thereafter are as follows:
Years Ending June 30, |  |
| 2019 |  |  | $ | 38,332 |
| 2020 |  |  |  | 32,944 |
| 2021 |  |  |  | 35,416 |
| 2022 |  |  |  | 38,013 |
| 2023 |  |  |  | 40,820 |
| Thereafter |  |  |  | 158,842 |
|  |  |  | $ | 344,367 |

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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://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -URI http://asc.fasb.org/topic&trid=2208923 Reference 2: http://www.xbrl.org/2003/role/presentationRef -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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