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LONG-TERM DEBT, NOTES PAYABLE AND CAPITAL LEASES | 12 Months Ended
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Jun. 30, 2024
Long-term Debt Notes Payable And Capital Leases |
LONG-TERM DEBT, NOTES PAYABLE AND CAPITAL LEASES | NOTE 10 - LONG-TERM DEBT, NOTES PAYABLE AND CAPITAL LEASES Long-term debt, notes payable and capital leases consist of the following:
Schedule of long-term debt, notes payable and capital leases |  |  |  |
|  | 2024 |  | 2023
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 $310,827 as of June 30, 2024. |  | $ | 113,940 |  |  | $ | 158,842 |
The revolving credit note was extended to November 14, 2024. 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 8.5% 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. |  |  | — |  |  |  | — |
|  |  | 113,940 |  |  |  | 158,842 |
Less: Current portion |  |  | 47,002 |  |  |  | 43,767 |
|  | $ | 66,938 |  |  | $ | 115,075 |
The maturities of debt over the next three years are as follows:
Schedule of maturities of long-term debt |  |
Years Ending June 30, |  |
2025 |  | $ | 47,002 |
2026 |  |  | 50,448 |
2027 |  |  | 16,490 |
Long-Term Debt Over Five Years and Thereafter |  | $ | 113,940 |

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