NOTE 5 - FINANCE LEASE RIGHT-OF-USE ASSET

12 Months Ended

Jun. 30, 2022

Notes

NOTE 5 - FINANCE LEASE RIGHT-OF-USE ASSET

NOTE 5 – FINANCE LEASE RIGHT-OF-USE ASSET  

The right-of-use property (“ROU”) consists of the following at June 30, 2022 and 2021, as follows:

	June 30,
	2022		2021
ROU asset	$	-	$	44,505
Less: accumulated amortization	-		27,407
Financial lease right-of-use asset, net	$	-	$	17,098

Amortization expense on the ROU asset for the years ended June 30, 2022 and 2021 was $6,090 and $18,271, respectively. At the end of the right-to-use lease, the purchase option was exercised and the balance of the ROU asset of $11,008 was added to the acquired mill property basis.