• Filing Date: 2018-05-15
  • Form Type: 10-Q
  • Description: Quarterly report
v3.8.0.1
LINE OF CREDIT AND LONG-TERM DEBT (Details Narrative)
2 Months Ended 3 Months Ended 9 Months Ended
Feb. 01, 2017
USD ($)
Dec. 31, 2017
USD ($)
Mar. 31, 2018
USD ($)
Nov. 05, 2017
USD ($)
Mar. 01, 2018
lease
Line of Credit Facility [Line Items]          
Long-term debt   $ 20,979,202 $ 21,265,736    
Encina Business Credit SPV, LLC | Revolving line of credit          
Line of Credit Facility [Line Items]          
Long-term debt   4,591,527 4,239,388    
Encina Business Credit, LLC | Term loan          
Line of Credit Facility [Line Items]          
Line of credit, debt covenant, minimum average borrowing availability in any 30 day period   1,500,000.0 2,500,000.0 $ 2,500,000.0  
Long-term debt   14,750,000 16,025,000    
Texas Citizens Bank | Term loan          
Line of Credit Facility [Line Items]          
Long-term debt   834,283 633,894    
Various institutions | Insurance premiums financed          
Line of Credit Facility [Line Items]          
Long-term debt   803,392 337,833    
Well Fargo Equipment Lease          
Line of Credit Facility [Line Items]          
Number of capital leases assumed | lease         1
Monthly lease payments     $ 908    
Capital lease term     3 years    
Well Fargo Equipment Lease | Capital Lease          
Line of Credit Facility [Line Items]          
Long-term debt   $ 0 $ 29,621    
Maximum | Various institutions | Insurance premiums financed          
Line of Credit Facility [Line Items]          
Debt instrument, stated rate (percent)     4.52%    
Minimum | Various institutions | Insurance premiums financed          
Line of Credit Facility [Line Items]          
Debt instrument, stated rate (percent)     4.00%    
Existing Credit Obligations          
Line of Credit Facility [Line Items]          
Repayments of debt $ 11,282,537        
Texas Citizens Bank Loan | Term loan          
Line of Credit Facility [Line Items]          
Effective interest rate     5.50%    
Line of Credit | EBC Credit Agreement          
Line of Credit Facility [Line Items]          
Line of credit, maximum borrowing capacity $ 20,000,000        
Line of credit outstanding as percent of operating plant facilities and related machinery and equipment (percent) 50.00%        
Line of credit, period for dividends included in calculation of interest rate tier     12 months    
Debt instrument, interest rate, incremental increase per event of default (percent)     2.00%    
Debit instrument, quarterly principal payment     $ 75,000    
Line of credit, debt covenant, maximum annual capital expenditures allowed     3,000,000    
Line of credit, debt covenant, minimum average borrowing availability in any 30 day period     2,500,000.0    
Line of credit, debt covenant, event of default under any agreement, debt amount minimum     500,000    
Line of credit, debt covenant, event of default, minimum legal judgment amount, Minimum     $ 500,000    
Line of credit, debt covenant, event of default, change in stock ownership by executive officers, minimum (percent)     15.00%    
Line of credit, debt covenant, event of default, change in ownership, minimum (percent)     30.00%    
Line of credit, debt covenant, event of default, period during which a majority of duly elected board members cease to serve     12 months    
Line of Credit | EBC Credit Agreement | London Interbank Offered Rate (LIBOR)          
Line of Credit Facility [Line Items]          
Debt instrument, stated rate (percent)     1.66%    
Variable rate, basis spread     6.50%    
Line of Credit | EBC Credit Agreement | Maximum          
Line of Credit Facility [Line Items]          
Line of credit, average availability included in calculation of interest rate tier     $ 2,500,000    
Line of Credit | EBC Credit Agreement | Minimum          
Line of Credit Facility [Line Items]          
Line of credit, average availability included in calculation of interest rate tier     2,500,000    
Line of credit, voluntary repayment amount     $ 100,000    
Line of Credit | EBC Credit Agreement | Tier One          
Line of Credit Facility [Line Items]          
Debt instrument, stated rate (percent)     12.00%    
Line of Credit | EBC Credit Agreement | Tier One | Minimum          
Line of Credit Facility [Line Items]          
Debt covenant ratio     1    
Line of Credit | EBC Credit Agreement | Tier Two          
Line of Credit Facility [Line Items]          
Debt instrument, stated rate (percent)     13.00%    
Line of Credit | EBC Credit Agreement | Tier Two | Maximum          
Line of Credit Facility [Line Items]          
Debt covenant ratio     1.45    
Line of Credit | EBC Credit Agreement | Tier Two | Minimum          
Line of Credit Facility [Line Items]          
Debt covenant ratio     1    
Line of Credit | EBC Credit Agreement | Tier Three          
Line of Credit Facility [Line Items]          
Debt instrument, stated rate (percent)     14.00%    
Line of Credit | EBC Credit Agreement | Tier Three | Minimum          
Line of Credit Facility [Line Items]          
Debt covenant ratio     1.45    
Revolving line of credit | Encina Business Credit SPV, LLC          
Line of Credit Facility [Line Items]          
Line of credit, maximum borrowing capacity $ 10,000,000   $ 5,760,612    
Line of credit, debt covenant, maximum annual capital expenditures allowed     3,000,000    
Line of credit, debt covenant, minimum average borrowing availability in any 30 day period     $ 2,500,000.0    
Revolving line of credit | London Interbank Offered Rate (LIBOR) | Encina Business Credit SPV, LLC          
Line of Credit Facility [Line Items]          
Variable rate, basis spread     1.00%    
Revolving line of credit | One Month LIBOR | Encina Business Credit SPV, LLC          
Line of Credit Facility [Line Items]          
Debt instrument, stated rate (percent)     1.66%    
Debt instrument, interest rate, incremental increase per event of default (percent)     2.00%    
Variable rate, basis spread     6.50%    
Revolving line of credit | Federal Funds Rate | Encina Business Credit SPV, LLC          
Line of Credit Facility [Line Items]          
Debt instrument, stated rate (percent)     0.50%    
Revolving line of credit | Minimum | One Month LIBOR | Encina Business Credit SPV, LLC          
Line of Credit Facility [Line Items]          
Debt instrument, stated rate (percent)     0.25%    
Revolving line of credit | Tier One | Encina Business Credit SPV, LLC          
Line of Credit Facility [Line Items]          
Line of credit, eligible inventory included in calculation of maximum allowable outstanding balance (percent)     85.00%    
Revolving line of credit | Tier Two | Encina Business Credit SPV, LLC          
Line of Credit Facility [Line Items]          
Line of credit, eligible inventory included in calculation of maximum allowable outstanding balance (percent)     65.00%    
Line of credit, eligible inventory included in calculation of maximum allowable outstanding balance, ceiling     $ 4,000,000    
Line of credit, eligible receivables included in calculation of maximum allowable outstanding balance, percent     85.00%