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NOTE 3 - COMMITMENTS AND CONTINGENCIES: Minimum Lease Payments Under Operating Leases (Tables)
6 Months Ended
Dec. 31, 2020
Tables/Schedules  
Minimum Lease Payments Under Operating Leases

The following table reconciles future minimum operating lease payments to the discounted lease liability as of December 31, 2020:

 

Minimum Lease Payments Under Operating Leases

 

 

Office

 

Automotive

 

Total

Year ending June 30,

 

 

 

 

 

 

2021

$

          6,969

$

           4,093

$

    11,062

2022

 

       14,063

 

                 -   

 

    14,063

2023

 

       14,316

 

                 -   

 

    14,316

2024

 

       14,573

 

                 -   

 

    14,573

Thereafter

 

       29,939

 

                 -   

 

    29,939

 

 

 

 

 

 

 

Total Operating Lease Obligations

$

       79,860

$

           4,093

$

    83,953

 

 

 

 

 

 

 

Less: Amount representing imputed interest

$

        (4,362)

$

              (20)

$

    (4,382)

Present Value of minimum lease payments

$

       75,498

$

           4,073

$

    79,571

 

 

 

 

 

 

 

Weighted average discount rate

 

2%

 

 

 

 

Weighted average remaining term

 

5.24

years