LEASES

9 Months Ended

Mar. 31, 2024

LEASES

LEASES

NOTE 4. LEASES

The Company maintains an operating lease for its office space. The lease has a remaining term of 10 months. The Company determines if an arrangement is a lease at inception. As the rate implicit in each lease is not readily determinable, the Company uses its incremental borrowing rate based on information available at commencement to determine the present value of the lease payments. Right-of-use assets and lease liabilities are recognized at commencement date based on the present value of lease payments over the lease term. Leases with an initial term of 12 months or less (“short-term leases”) are not recorded on the balance sheet and are recognized on a straight-line basis over the lease term. The amount of right-of-use assets and lease liabilities were $11,652 and $11,468 as of March 31, 2024 and $8,011 and $8,127, respectively as of June 30, 2023. Aggregate lease expense for the nine months ended March 31, 2024, and 2023 was $10,500 and $10,650, respectively.

				Remaining
				Term in
	Operating Lease			Years
2024		12,000
2025		-
Total lease payments		12,000
Less: imputed interest		(532	)
Present value of lease liability		11,468			0.83