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LEASES

12 Months Ended

Jun. 30, 2022

(11) LEASES

The Company has operating leases for office and laboratory space, which expire on June 30, 2025 and October 31, 2023, respectively. The Company also has operating leases for copier equipment that expire March 31, 2023 and phone equipment that expires on June 30, 2023.

The components of operating lease cost are as follows:

Operating lease cost	Year ended June 30, 2022		Year ended June 30, 2021
Operating lease cost	$	294,293	$	287,440
Variable lease cost		114,418		108,023
Total operating lease cost	$	408,711	$	395,463

The components of finance lease cost are as follows:

Finance lease cost	Year ended June 30, 2022		Year ended June 30, 2021
Right-of-use asset amortization	$	56,463	$	-
Interest expense		8,812		-
Total finance lease cost	$	65,275	$	-

Supplemental lease term and discount rate information related to leases was as follows:

	June 30, 2022			June 30, 2021
Weighted-average remaining lease term (years) operating leases		2.6			3.5
Weighted-average remaining lease term (years) finance leases		2.4			-
Weighted-average discount rate operating leases		5.50	%		5.50	%
Weighted-average discount rate finance leases		5.29	%		-

Supplemental cash flow information related to leases was as follows:

	Year Ended June 30, 2022		Year Ended June 30, 2021
Cash paid for the amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	410,007	$	394,926
Operating cash flows for finance leases		8,812		-
Financing cash flows for finance leases		56,463		-
	$	475,282	$	394,926

Supplemental non-cash information on lease liabilities arising from obtaining right-of-use assets:
Right-of-use assets obtained in exchange for new operating lease obligation	$	-	$	365,881
Right-of-use assets obtained in exchange for new finance lease obligations	$	309,791	$	-

The following table summarizes the maturity of the Company’s lease liabilities as of June 30, 2022:

Operating leases:
Year Ending June 30
2023	$	409,438
2024		323,003
2025		265,037
Less imputed interest		(96,956	)
Total	$	900,522

Finance leases:
Year Ending June 30
2023	$	111,899
2024		111,899
2025		46,625
Less imputed interest		(17,095	)
Total	$	253,328