v3.21.2

Lease Agreements

12 Months Ended

Jun. 30, 2021

Leases [Abstract]

Lease Agreements

Note 7 – Lease Agreements

Financing Lease Agreements

The Company leases vehicles under financing lease agreements (Note 4) requiring monthly payments totaling $813 (ranging from $263 to $461), including interest (ranging from 4.5% to 4.75%), over 5-year terms expiring through July 2020.

The Company leases offices and warehouses under financing lease agreements with monthly installments of $24,091 (ranging from $245 to $9,664) over 2-year terms, expiring through December 2024.

Right of use assets:
Operating right of use assets		$	208,051
Operating lease liabilities:
Current portion of long term notes payable			152,824
Notes payable, less current portion			55,227
Total operating lease liabilities		$	208,051

F-22

As of June 30, 2021, operating lease maturities are as follows:

Period ending June 30,
2022		$	152,824
2023			50,817
2024			2,940
2025			1,470
		$	208,051

As of June 30, 2021, the weighted average remaining lease term was 1.46 years.

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- References

No definition available.

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- Definition

The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 840
-URI http://asc.fasb.org/topic&trid=2208923

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