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NOTE 3 - COMMITMENTS AND CONTINGENCIES: Minimum Lease Payments Under Operating Leases (Tables)
9 Months Ended
Mar. 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 June 30, 2019:

 

Minimum Lease Payments Under Operating Leases

 

 

Office

 

Automobile

 

Total

Year ending June 30,

 

 

 

 

 

 

2020

$

3,073 

 

1,181  

 

4,254  

2021

 

12,291 

 

 

 

12,291  

2022

 

12,291 

 

 

 

12,291  

2023

 

12,291 

 

 

 

12,291  

2024

 

12,291 

 

 

 

12,291  

Thereafter

 

24,582 

 

 

 

24,582  

Total Operating Lease Obligations

$

76,819 

 

1,181  

 

78,000  

 

 

 

 

 

 

 

Less: Amount representing imputed interest

$

(4,632)

 

(3) 

 

(4,635) 

Present Value of minimum lease payments

$

72,187 

 

1,178  

 

73,365  

 

 

 

 

 

 

 

 

Weighted average discount rate

 

2%

 

 

 

 

Weighted average remaining term

 

6.16

 

years