v3.20.4

Lease Agreements

3 Months Ended

12 Months Ended

Sep. 30, 2020

Jun. 30, 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 2022.

Right-of-use assets:
	Operating right-of-use assets	$249,299
Operating lease liabilities:
	Current portion of long term payable	135,099
	Financing leases payable, less current portion	114,200
	Total financing lease liabilities	$249,299

As of September 30, 2020, financing lease maturities are as follows:

Period ending September 30,
2021	$135,099
2022	81,523
2022	32,677
	$249,299

As of September 30, 2020, the weighted average remaining lease term was 1.67 years.

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 has financing lease liabilities for offices and warehouses with monthly installments of $19,173 (ranging from $1,083 to $4,806) over 2 year terms, expiring through July 2022.

Right of use assets
Operating right of use assets	$		223,982
Operating lease liabilities
Current portion of long term notes payable			114,288
Notes payable, less current portion			109,694
Total operating lease liabilities		$	223,982

As of June 30, 2020, operating lease maturities are as follows:

Period ending June 30,
2021	$	114,288
2022		109,694
	$	223,982

As of June 30, 2020, the weighted average remaining lease term was 1.75 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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