Property, Equipment and Right of Use (‘Rou’) Assets, Net

9 Months Ended

Mar. 31, 2024

Property, Equipment and Right of Use (‘Rou’) Assets, Net [Abstract]

PROPERTY, EQUIPMENT AND RIGHT OF USE (‘ROU’) ASSETS, NET

4. PROPERTY, EQUIPMENT AND RIGHT OF USE (‘ROU’) ASSETS, NET

Property, equipment and ROU assets consisted of the following:

	March 31, 2024			June 30, 2023
Right-of-use assets (leases)	$	2,135,811		$	1,167,436
Equipment		429,090			440,902
Furnishing		40,409			40,409
Property and equipment	$	2,605,310		$	1,648,747
Less: accumulated depreciation and amortization		(1,234,341	)		(925,321	)
Property, equipment and ROU assets, net	$	1,370,969		$	723,426

Depreciation expense on computer equipment, lab equipment and furnishing for the three months ended March 31, 2024 and 2023, was $14,220 and $10,586, respectively, and was recorded in general and administrative expenses. Amortization expense related to the right-of-use assets for the three months ended March 31, 2024 and 2023, was $95,615 and $91,935, respectively, and was recorded in general and administrative expenses.

Depreciation expense on computer equipment, lab equipment and furnishing for the nine months ended March 31, 2024 and 2023, was $42,302 and $26,697, respectively, and was recorded in general and administrative expenses. Amortization expense related to the right-of-use assets for the nine months ended March 31, 2024 and 2023, was $287,824 and $296,239, respectively, and was recorded in general and administrative expenses.