| Schedule of long-term debt | |
| |
|
|
|
|
| | |
2025 | |
|
|
2024 |
|
| Term Loan Note payable to Main Street Bank with monthly principal payments of $35,271, excluding six months in Fiscal 2025, plus interest at a fixed rate of 7.0% per annum. Secured by all assets of the Company, and subject to certain periodic reporting to the bank and other conditions including an annual minimum EBITDA plus stock-based compensation to debt service coverage ratio of 1.20:1 commencing with the fiscal year ending June 30, 2023. The Term Loan Note matures on October 15, 2028. | |
$ | 1,410,853 | |
|
$ |
1,609,524 |
|
| | |
| | |
|
|
|
|
| Permanent Working Capital Loan payable to Main Street Bank with monthly principal payments of $14,423, excluding six months in Fiscal 2025, plus interest at a fixed rate of 8.625% per annum. Secured by all assets of the Company, and subject to certain periodic reporting to the bank and other conditions including an annual minimum EBITDA plus stock-based compensation to debt service coverage ratio of 1.20:1 commencing with the fiscal year ending June 30, 2023. The Permanent Working Capital Loan matures on June 15, 2028. | |
| 519,231 | |
|
|
600,000 |
|
| | |
| | |
|
|
|
|
| Less current maturities | |
| (577,898 | ) |
|
|
(276,928 |
) |
| Less debt issuance costs, net of accumulated amortization of $29,756
and $14,360, respectively. | |
| (62,981 | ) |
|
|
(33,544 |
) |
| Long-term debt, net of current portion of debt issuance costs | |
$ | 1,289,205 | |
|
$ |
1,899,052 |
|