MARGIN LOANS

6 Months Ended

Dec. 31, 2021

MARGIN LOANS [Abstract]

MARGIN LOANS

NOTE 7 – MARGIN LOANS

The Company has a brokerage account through which it buys and sells publicly traded securities. The provisions of the account allow the Company to borrow on certain securities held in the account and to purchase additional securities based on the account equity (including cash). Amounts borrowed are collateralized by the securities held in the account and bear interest at a negotiated rate payable monthly. Securities pledged to secure margin balances cannot be specifically identified as a portion of all securities held in a brokerage account are used as collateral. As of December 31, 2021, the Company had no margin credit available for cash withdrawal; however, it had the ability to purchase up to $5,210,642 in additional securities. As of June 30, 2021, the Company had no margin credit available for cash withdrawal or the ability to purchase in additional securities. As of December 31, 2021, and June 30, 2021, there was no amount outstanding under this short-term credit line.