Note 10 - Notes Payable

3 Months Ended

Sep. 30, 2023

Notes to Financial Statements

Debt Disclosure [Text Block]

NOTE 10 – NOTES PAYABLE

As of September 30, 2023, the Company had the following loan agreements outstanding, summarized as follows:

Original debt	Accrued interest as of September 30, 2023		Cumulative total balance settled through cash			Balance due as of September 30, 2023		Interest rate			Inception	Original due date
$	$		$			$
352,400		211,585		(20,000	)		543,985		10	%	August 2017	May 2017*
80,000		111,700		(82,100	)		109,600	$2,300 per month until repaid			November 2019	August 2020*
90,000		88,000		-			178,000	$2,000 per month until repaid			November 2019	August 2020*
3,000,000		59,836		-			3,059,836		8	%	July 1, 2023	July 8, 2024**
3,522,400		471,121		(102,100	)		3,891,421

* As of September 30, 2024, these loans were in default and are due on demand.

** on July 8, 2024, this note became in default and became due on demand.

*** This interest relates to the multiple notes that were replaced by the $3,000,000 promissory note on July 1, 2023. 

As of June 30, 2023, the Company had the following loan agreements outstanding, summarized as follows:

Original debt	Interest expense for the year ended June 30, 2023		Accrued interest as of June 30 30, 2023		Cumulative total balance settled through cash			Balance due as of June 30, 2023		Interest rate			Inception	Original due date
$	$		$		$			$
352,400		33,240		203,275		(20,000	)		535,675		10	%	August 2017	May 2017
80,000		27,600		104,800		(79,800	)		105,000	$2,300 per month until repaid			November 2019	August 2020
90,000		19,200		83,200		-			173,200	$2,000 per month until repaid			November 2019	August 2020
204,500		13,222		24,148		-			228,648		8	%	Multiple	Multiple****
726,523		93,262		415,423		(99,800	)		1,042,523

****The Company has entered into multiple promissory notes with one lender on an as needed basis. Each note bears interest at 8% and are due 10 months after issuance. As of June 30, 2023, the notes are all in default and due on demand.