v3.20.4

Lease Agreements

6 Months Ended

Dec. 31, 2020

Leases [Abstract]

Lease Agreements

Note 9 - Lease Agreements

The Company has financing lease liabilities for offices and warehouses with monthly installments of $12,449 (ranging from $1,083 to $3,524) including imputed interest (ranging from 0% to 2%), over 2-year terms plus extensions, expiring through July 2023.

Right-of-use assets:
	Operating right-of-use assets	$212,917
Operating lease liabilities:
	Current portion of long term payable	124,849
	Financing leases payable, less current portion	88,113
	Total financing lease liabilities	$212,962

As of December 31, 2020, financing lease maturities are as follows:

Period ending December 31,
2021	$124,849
2022	66,328
2023	21,785
	$212,962

As of December 31, 2020, the weighted average remaining lease term was 1.4 years.

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- References

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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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