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Lease Obligations | 12 Months Ended
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Jun. 30, 2018
Leases [Abstract] |
Lease Obligations |
| Note 6. | Lease Obligations
On December 30, 2016, the Company entered into a 48 month non-cancellable lease for its office facilities that will require monthly payments ranging from $10,350 to $11,475 through January 2021. In accounting for the lease, the Company adopted ASU 2016-02, Leases which requires a lessee to record a right-of-use asset and a corresponding lease liability at the inception of the lease initially measured at the present value of the lease payments. The Company classified the lease as an operating lease and determined that the fair value of the lease assets and liability at the inception of the lease was $463,000 using a discount rate of 3.75%. During the twelve months ended June 30, 2018, the Company made payments of $110,888 towards the lease liability. As of June 30, 2018 and 2017, lease liability amounted to $328,299 and $439,187, respectively. ASU 2016-02 requires recognition in the statement of operations of a single lease cost, calculated so that the cost of the lease is allocated over the lease term, generally on a straight-line basis. Rent expense, including real estate taxes, for the years ended June 30, 2018 and 2017 was $142,742 and $121,565, respectively. The right of use asset at June 30, 2017 was $417,917. During the years ended June 30, 2018 and 2017, the Company reflected amortization of right of use asset of $110,593 and $45,105 related to this lease, respectively, resulting in a net asset balance of $307,324 as of June 30, 2018. Future minimum lease payments under the leases are as follows:
Years Ending June 30, |  | Amount |
2019 |  | $ | 130,469 |
2020 |  |  | 135,035 |
2021 |  |  | 80,356 |
Total payments |  |  | 345,860 |
Less: Amount representing interest |  |  | 17,561 |
Present value of net minimum lease payments |  |  | 328,299 |
Less: Current portion |  |  | 119,786 |
Non-current portion |  | $ | 208,513 |

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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://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -URI http://asc.fasb.org/topic&trid=2208923 + Details
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