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EXCEL - IDEA: XBRL DOCUMENT - Flux Power Holdings, Inc.Financial_Report.xls
10-Q - FORM 10-Q - Flux Power Holdings, Inc.v327527_10q.htm
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v2.4.0.6
STOCKHOLDER NOTES PAYABLE
3 Months Ended
Sep. 30, 2012
Debt Disclosure [Abstract]  
STOCKHOLDER NOTES PAYABLE

NOTE 4 - STOCKHOLDER NOTES PAYABLE

 

In October 2011, we entered into a revolving promissory note agreement with a stockholder for $1,000,000. The revolving promissory note bears interest at 8%, is due on September 30, 2013, as amended, and is secured by substantially all of the assets of the Company. As of September 30, 2012 the balance outstanding payable on the note was $600,000.

 

On March 7, 2012, we entered into an additional note payable agreement with the same stockholder for $250,000. The note is due on March 7, 2014 and bears interest at 8% per annum. As of September 30, 2012 the balance outstanding payable on the note was $250,000.

 

On September 24, 2012, the Company entered into an Unrestricted Line of Credit with the same stockholder for $1,500,000. The revolving promissory note bears interest at 8% per annum, all principal and accrued interest are due and payable on September 24, 2014. There have been no borrowings on the Unrestricted Line of Credit as of September 30, 2012.