LOANS AND PROMISSORY NOTES

6 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

LOANS AND PROMISSORY NOTES

NOTE 7 – LOANS AND PROMISSORY NOTES

A. SHORT TERM NOTES PAYABLE:

In the course of its business, the Company has obtained short-term loans from individuals and institutional investors.

As of December 31, 2024, Short-term Notes and Loans Payable consist of $5,278,398 which includes $3,357,966 contingency liabilities due to amendments and extensions of short-term notes, $43,750 in PPP loan, and $105,482 in Merchant Cash Advance loans. The interest rates on these notes vary.

B. CONVERTIBLE PROMISSORY NOTES OUTSTANDING AS OF DECEMBER 31, 2024

As of December 31, 2024, the Company had a net balance of $5,000 in convertible promissory notes with an institutional investor.