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NOTE 3 - COMMITMENTS AND CONTINGENCIES: Minimum Lease Payments Under Operating Leases (Tables)
9 Months Ended
Mar. 31, 2021
Tables/Schedules  
Minimum Lease Payments Under Operating Leases

The following table reconciles future minimum operating lease payments to the discounted lease liability as of March 31, 2021:

 

Minimum Lease Payments Under Operating Leases

 

 

Office

 

Automotive

 

Total

Year ending June 30,

 

 

 

 

 

 

2021

$

               3,351

$

             1,573

$

        4,924

2022

 

             13,514

 

                   -   

 

      13,514

2023

 

             13,758

 

                   -   

 

      13,758

2024

 

             14,005

 

                   -   

 

      14,005

Thereafter

 

             28,772

 

                   -   

 

      28,772

 

 

 

 

 

 

 

Total Operating Lease Obligations

$

             73,400

$

             1,573

$

      74,973

 

 

 

 

 

 

 

Less: Amount representing imputed interest

$

              (3,836)

$

                  (4)

$

       (3,840)

Present Value of minimum lease payments

$

             69,564

$

             1,569

$

      71,133

 

 

 

 

 

 

 

Weighted average discount rate

 

2%

 

 

 

 

Weighted average remaining term

 

5.14

years