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Other income - settlement
6 Months Ended
Dec. 31, 2023
Other Income and Expenses [Abstract]  
Other income - settlement

Note 14 – Other income - settlement

 

Settlement

 

In 2019, the Company engaged MCA Cure to negotiate settlements with two note holders, and paid MCA Cure a total of $97,625. In 2020, the Company discovered MCA Cure had not performed when bank accounts were levied for $33,705 and $18,705, being subsequently refunded, and engaged an attorney to recover funds. Currently the Company has a settlement agreement in place with Susquehanna Salt Loan and has hired an attorney to recover funds and damages from MCA Cure. In February 2022, a settlement was reached with MCA Cure for fees and attorney costs of $105,125, amortized at 1.5%, by which the Company would receive an initial payment of $10,000, and $6,500 monthly until the debt is satisfied, with stipulations for any potential default. See Note 10 for further update.

 

For the three and six months ended December 31, 2023 and 2022, the Company recorded $0 and $0 and $0 and $19,500 in other income related to this settlement agreement, respectively.