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NOTE 11 - LONG-TERM DEBT, NOTES PAYABLE AND CAPITAL LEASES | 12 Months Ended
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Jun. 30, 2021
Leases [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:
Long-term debt, notes payable and capital leases |  |  |  |  |  |  |  |
|  | 2021 |  | 2020
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 $413,330 as of June 30, 2021. |  | $ | 232,696 |  |  | $ | 273,031 |
Note payable received under the Paycheck Protection Program (‘PPP’) which was established as part of the Coronavirus Aid, Relief and Economic Security Act (“Cares Act’) that provides for loans to qualifying businesses for amounts up to 2.5 times of the average monthly payroll expenses. The loans and accrued interest are forgivable after 24 weeks as long as the proceeds are used for eligible purposes, including payroll, benefits, rent and utilities and maintains certain payroll levels. The unforgiven portion of the PPP loan is payable over 5 five years at an interest rate of 1%, with a deferral of payments for the first six months. The proceeds from the note payable were received on June 30, 2020. This note was forgiven in August 2021. |  |  | 700,764 |  |  |  | 700,764 |
The revolving credit note was extended to August 2021. The Company can borrow up to $10,000,000 and 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 4.0% 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 Company still has the ability to draw down on the line. See Note 21. |  |  | — |  |  |  | — |
|  |  | 933,460 |  |  |  | 973,795 |
Less: Current portion |  |  | 173,206 |  |  |  | 108,379 |
|  | $ | 760,254 |  |  | $ | 865,416 |
The maturities of debt over the next five years and thereafter are as follows:
Maturities Of Long-Term Debt |  |  |  |  |
Years Ending June 30, |  |  |  |  |
2022 |  |  | $ | 173,206 |
2023 |  |  |  | 180,972 |
2024 |  |  |  | 183,919 |
2025 |  |  |  | 187,155 |
2026 |  |  |  | 190,601 |
Thereafter |  |  |  | 17,607 |
Long-Term Debt Over Five Years and Thereafter |  |  | $ | 933,460 |

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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/otherTransitionRef -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/otherTransitionRef -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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