DEBT	9 Months Ended
Mar. 31, 2022
Debt Disclosure [Abstract]
Debt Disclosure [Text Block]	NOTE 5 – DEBT A former board member, Silas O. Kines, was the principal owner of Forklift Tire of Florida and K-2 Industrial Tire, Inc. In accordance with the Commission Agreement with Forklift Tire of Florida, dated February 2, 2011, between Amerityre Corporation and K-2 Industrial Tire, Inc., K-2 is due a five percent (5%) commission on all forklift tire sales. In exchange for the forklift models transferred to Amerityre under that agreement, the first $96,000 in commission payments will be used to extinguish the long-term liability recorded on the transaction. As of March 31, 2022, $2,000 and $60,878 (June 30, 2021, $2,000 and $61,326) were recorded for the current and long-term portion, respectively, of the related liability. In April 2020, the Company secured a loan from the Small Business Administration Paycheck Protection Program. The loan amount was $149,570 and had a term of 2 years at 1% interest. In November 2020, the Company received full forgiveness by the Small Business Administration. In February 2020, the Company secured a $50,000 line of credit with a local community bank. The Company drew down from this line of credit for the first time in February 2022 due to a late customer payment. The amount borrowed was paid back in full in March 2022. As of March 31, 2022, the Company also negotiated to increase the line from $50,000 to $100,000 and reduce the floor rate of variable interest from 5.75% to 4.50%. This variable interest is indexed to the Wall Street Journal West Coast Edition Prime Rate.

DEBT

9 Months Ended

Mar. 31, 2022

NOTE 5 – DEBT

A former board member, Silas O. Kines, was the principal owner of Forklift Tire of Florida and K-2 Industrial Tire, Inc. In accordance with the Commission Agreement with Forklift Tire of Florida, dated February 2, 2011, between Amerityre Corporation and K-2 Industrial Tire, Inc., K-2 is due a five percent (5%) commission on all forklift tire sales. In exchange for the forklift models transferred to Amerityre under that agreement, the first $96,000 in commission payments will be used to extinguish the long-term liability recorded on the transaction. As of March 31, 2022, $2,000 and $60,878 (June 30, 2021, $2,000 and $61,326) were recorded for the current and long-term portion, respectively, of the related liability.

In April 2020, the Company secured a loan from the Small Business Administration Paycheck Protection Program. The loan amount was $149,570 and had a term of 2 years at 1% interest. In November 2020, the Company received full forgiveness by the Small Business Administration.

In February 2020, the Company secured a $50,000 line of credit with a local community bank. The Company drew down from this line of credit for the first time in February 2022 due to a late customer payment. The amount borrowed was paid back in full in March 2022. As of March 31, 2022, the Company also negotiated to increase the line from $50,000 to $100,000 and reduce the floor rate of variable interest from 5.75% to 4.50%. This variable interest is indexed to the Wall Street Journal West Coast Edition Prime Rate.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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+ Details

AMERITYRE CORP 10-Q