XML 31 R22.htm IDEA: XBRL DOCUMENT v3.21.2
2. Summary of Significant Accounting Policies (Tables)
12 Months Ended
Jun. 30, 2021
Accounting Policies [Abstract]  
Schedule of property and equipment, estimated useful life

Depreciation and amortization expense is recognized using the straight-line method over the estimated useful life of each asset, as follows:

 

    Estimated Useful Life
Computer and office equipment   3 - 5 years
Machinery and equipment   5 years
Leasehold improvements   Shorter of lease term or useful life
Schedule of disaggregated revenue

The following table presents the Company's revenue disaggregated by revenue source:

 

   Year Ended 
   June 30, 
   2021   2020 
Product sales - third parties  $1,053,720   $466,946 
Product sales - related party   62,607    124,427 
Service revenue - third parties   2,020,307    487,642 
Service revenue - related party   270,050    99,139 
Total revenue  $3,406,684   $1,178,154 
Schedule of receivables and contract liabilities

The following table provides information about receivables and contract liabilities from contracts with customers:

 

   June 30, 
   2021   2020 
Accounts receivable, net  $265,812   $229,167 
Accounts receivable, net - related parties   69,952    99,357 
Deferred revenue   219,999    176,291 
Schedule of cost of revenue

The following table is a breakdown of cost of revenue:

 

   June 30, 
   2021   2020 
Product sales  $1,331,329   $268,526 
Service revenue   1,140,637    357,390 
Total cost of revenue  $2,471,966   $625,916 
Reconciliation of common shares outstanding basic to diluted

The following table reconciles basic shares outstanding to fully diluted shares outstanding for the year ended June 30, 2021:

 

   Year Ended 
   June 30, 2021 
Weighted average number of common shares outstanding - Basic   70,318,073 
Potentially dilutive common stock equivalents (convertible note payable - related party and accrued interest)   58,628,294 
Weighted average number of common shares outstanding - Diluted   128,946,367