XML 37 R17.htm IDEA: XBRL DOCUMENT v3.25.2
DEBT
12 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
DEBT

NOTE 6. DEBT

 

Note Payable

 

On March 26, 2021, the Company entered into a promissory note agreement with a third party for a total principal of $125,000. The Company will pay 2.5% per annum, compounded annually until the total principal is paid in full. The note has no maturity date and no default interest rate. During the year ended June 30, 2024, the Company repaid a total of $74,500, $67,026 and $7,474 of principal and accrued interest. As of June 30, 2025, and June 30, 2024, the balance owed on the note was $57,974. Accrued interest on the note was $1,815 and $358 as of June 30, 2025, and June 30, 2024, respectively.

 

On July 30, 2024, the Company entered into a promissory note agreement for a total principal of $99,996. The Company will pay 2.5% per annum, until the total principal is paid in full. The note has no maturity date and a default interest rate of 18%. As of June 30, 2025, the balance owed on the note was $99,996. Accrued interest on the note was $2,294 as of June 30, 2025. In December 2024, the noteholder elected to receive shares in settlement of the principal balance. The Company agreed to issue 16,666 shares of common stock to settle the note payable in January 2025 but those shares have not yet been issued.

 

On June 13, 2025, the Company entered into a promissory note agreement for a total principal of $100,000. The Company will pay 8.0% per annum, until the total principal is paid in full. The note matures on January 2, 2026 and has no default interest rate. As of June 30, 2025, the balance owed on the note was $100,000. Accrued interest on the note was $373 as of June 30, 2025.

 

Note Payable – related party

 

During the year ended June 30, 2024, the Company entered into three promissory note agreements with a related party for a total principal of $205,000. The Company will pay 2.5% per annum, until the total principal is paid in full. The note has no maturity date and no default interest rate. During the years ended June 30, 2025 and June 30, 2024, the Company repaid $105,000 and $100,000, respectively. As of June 30, 2025 and June 30, 2024, the balance owed on the note was $0 and $105,000. Accrued interest on the note was $0 and $260 as of June 30, 2025 and June 30, 2024, respectively.

 

On October 1, 2024, the Company entered into a promissory note agreement with a significant shareholder for a total principal of $50,000. The Company will pay 10.00% per annum, until the total principal is paid in full. The note has a maturity date of November 1, 2024 and a default interest rate of 18%. During the year ended June 30, 2025, the Company repaid a total of $50,000 on the promissory note agreement and $573 of accrued interest. As of June 30, 2025, the balance owed on the note was $0.