Lease Obligations	12 Months Ended
Jun. 30, 2021
Lease Obligations
Lease Obligations	Note 5. 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 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, 2021, the Company made payments of $79,326 towards the lease liability. As of June 30, 2021 and 2020, lease liability amounted to $0 and $79,326, 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, 2021 and 2020 was $39,658 and $111,746, respectively. The right of use asset at June 30, 2020 was $72,331. During the years ended June 30, 2021 and 2020, the Company reflected amortization of right of use asset of $72,331 and $119,914 related to this lease, respectively, resulting in a net asset balance of $0 as of June 30, 2021.

Lease Obligations

12 Months Ended

Jun. 30, 2021

Note 5. 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 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, 2021, the Company made payments of $79,326 towards the lease liability. As of June 30, 2021 and 2020, lease liability amounted to $0 and $79,326, 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, 2021 and 2020 was $39,658 and $111,746, respectively. The right of use asset at June 30, 2020 was $72,331. During the years ended June 30, 2021 and 2020, the Company reflected amortization of right of use asset of $72,331 and $119,914 related to this lease, respectively, resulting in a net asset balance of $0 as of June 30, 2021.