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NOTE 3 - COMMITMENTS AND CONTINGENCIES: Minimum Lease Payments Under Operating Leases (Tables)
3 Months Ended
Sep. 30, 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 September 30, 2020:

 

Minimum Lease Payments Under Operating Leases

 

 

Office

 

Automotive

 

Total

Year ending June 30,

 

 

 

 

 

2021

$

            9,959

$

            6,278

$

          16,237

2022

 

          13,477

 

                  -   

 

          13,477

2023

 

          13,720

 

                  -   

 

          13,720

2024

 

          13,967

 

                  -   

 

          13,967

Thereafter

 

          28,692

 

                  -   

 

          28,692

 

 

 

 

 

 

 

Total Operating Lease Obligations

$

          79,815

$

            6,278

$

          86,093

 

 

 

 

 

 

 

Less: Amount representing imputed interest

$

          (4,552)

$

               (47)

$

          (4,599)

Present Value of minimum lease payments

$

          75,263

$

            6,231

$

          81,494

 

 

 

 

 

 

 

 

Weighted average discount rate

 

2%

 

 

 

Weighted average remaining term

 

5.59 years