Lease Obligations

9 Months Ended

Mar. 31, 2024

Lease Obligations [Abstract]

LEASE OBLIGATIONS

9. LEASE OBLIGATIONS

The Company is committed to minimum lease payments as follows:

Maturity Analysis	March 31, 2024
Year 1	$	388,703
Year 2		364,043
Year 3		374,965
Year 4		31,325
Year 5		-
More than five years		-
Total undiscounted lease liabilities(1)		1,159,035
Less: imputed interest		(88,254	)
Present value of lease liabilities		1,070,781
Less: Current portion of lease liabilities		(345,545	)
Non-current portion of lease liabilities		725,236

⁽¹⁾ Excludes estimated variable operating costs of $92,964 and $78,500 on an annual basis through to April 30, 2024 and August 31, 2024, respectively.

On October 5, 2023, BayMedica amended its lease located at 458 Carlton Court, Suite C, South San Francisco, California, in order to extend its lease to May 14, 2027. The Company is obligated to pay $1,095,104 over the three-year period unless terminated before the end of the period. The Company used an incremental borrowing rate of 6.15% and recognized a right-of-use asset and corresponding operating lease liability of $968,376.