ESPEY MFG & ELECTRONICS CORP - 10-K filing on 2020-09-21

Line of Credit	12 Months Ended
Jun. 30, 2020
Debt Disclosure [Abstract]
Line of Credit	Note 16. Line of Credit At June 30, 2020, the Company has an uncommitted and unused Line of Credit with a financial institution. The agreement provides that the Company may borrow up to $3,000,000. The line provides for interest payments equal to the LIBOR Daily Floating Rate plus 2.00%. Any borrowing under the line of credit will be collateralized by accounts receivable. The line will be reviewed annually in November for renewal on December 1st. All outstanding balances are payable no later than the expiration date of the agreement, unless other terms are agreed to by the lender.

Line of Credit

12 Months Ended

Jun. 30, 2020

Note 16. Line of Credit

At June 30, 2020, the Company has an uncommitted and unused Line of Credit with a financial institution. The agreement provides that the Company may borrow up to $3,000,000. The line provides for interest payments equal to the LIBOR Daily Floating Rate plus 2.00%. Any borrowing under the line of credit will be collateralized by accounts receivable. The line will be reviewed annually in November for renewal on December 1st. All outstanding balances are payable no later than the expiration date of the agreement, unless other terms are agreed to by the lender.