From the 10K
NOTE 4 - LOANS PAYABLE - SHAREHOLDERS:
Loans payable - shareholders consists of unsecured, interest free
loans in the amount of $129,894 and $328,463 at June 30, 1996 and
1995, respectively. These loans have no fixed repayment terms.
NOTE 5 - LONG-TERM DEBT:
At June 30, 1996 the principal amounts due are as follows:
<TABLE>
<S> <C>
Loan payable in eighteen monthly instalments of $5,982 including
interest at 18% per annum, maturing in February 1998. The first
payment was due August 1996. This loan is secured by machinery and
equipment. $ 85,030
Loan in the original amount of $200,000 with payments of interest
only at prime plus 2% per annum for the first seventeen months and a
final balloon payment and all unpaid interest plus the original
principal amount due October 1997. This loan is secured by machinery
and equipment. 200,000
Loan in the original amount of $183,200 as part of the acquisition of
H&D Fashions (see Note 1g) $15,200 payable in January 1996, with the
remaining balance paid in monthly installments. Final payment was due
December, 1996. This loan is unsecured.
93,800
-------
378,830
Less: current maturities 141,012
-------
$237,818
=======
</TABLE>
At June 30, 1996, the annual scheduled principal payments of
long-term debt are $141,012 and $ 237,818 for each of the next two
years, respectively.
Note I believe the date for the $200,000 is incorrect,I think it is Mar 98,I'll look..DD |
