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Debts and Other Liabilities | 3 Months Ended
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Sep. 30, 2024
Debt Disclosure [Abstract] |
Debts and Other Liabilities | Note 9 - Debts and Other Liabilities
(1) | Promissory Notes
The Company received $750,000 in proceeds from several creditors, including $150,000 from related parties. Under the unsecured promissory notes, the principal shall be due and payable on the earlier to occur (i) the 9-month anniversary of the first advance under each promissory note; or (ii) the completion of an initial public offering by payee (“Maturity Date”), and the promissory note shall bear interest at a monthly rate of 1% based upon the amount outstanding as of any calculation date. Interest shall be payable monthly commencing on the 15th day of each calendar month following the date funds are first advanced. The maturity dates on these promissory notes were extended to March 31, 2021. The noteholders agreed to defer the repayment of the principal balance until the completion of a future Initial Public Offering. Schedule of Carrying Amount of Promissory Note
|  | September 30, 2024 |  |  | June 30, 2024 |
Promissory note issued on November 12, 2019 |  | $ | 500,000 |  |  | $ | 500,000 |
Promissory note issued on December 30, 2019, related party |  |  | 50,000 |  |  |  | 50,000 |
Total other debt |  | $ | 550,000 |  |  | $ | 550,000 |
A further note issued on February 6, 2020 in the amount of $100,000 was repaid in cash in September 2023.
(2) | Equipment Loan
In January 2023, the Company entered into an equipment loan for $30,744. The note accrues interest at a rate of 6.0% per annum and requires 48 equal monthly payments. As of September 30, 2024 and June 30, 2024, the principal balance of the promissory note was $19,005 and $20,929, respectively. In August 2023, the Company entered into an equipment loan for $35,580. The note accrues interest at a rate of 10.14% per annum and requires 48 equal monthly payments. As of September 30, 2024 and June 30, 2024, the principal balance of the promissory note was $25,789 and $27,723, respectively. In November 2023, the Company entered into an equipment loan for $14,610. The note accrues interest at a rate of 10.72% per annum and requires 48 equal monthly payments. As of September 30, 2024 and June 30, 2024, the principal balance of the promissory note was $11,788 and $12,582, respectively. In December 2023, the Company entered into an equipment loan for $11,920. The note accrues interest at a rate of 13.53% per annum and requires 36 equal monthly payments. As of September 30, 2024 and June 30, 2024, the principal balance of the promissory note was $8,978 and $9,853, respectively. In February 2024, the Company entered into an equipment loan for $35,612. The note accrues interest at a rate of 8% per annum and requires 36 equal monthly payments. The first payment will be on April 1, 2024. As of September 30, 2024 and June 30, 2024, the principal balance of the promissory note was $30249 and $32,950, respectively. In June 2024, the Company entered into an equipment loan for $48,966. The note accrues interest at a rate of 11.16% per annum and requires 48 equal monthly payments. The first payment will be on June 1, 2024. As of September 30, 2024 and June 30, 2024, the principal balance of the promissory note was $45,650 and $48,125, respectively. In July 2024, the Company entered into an equipment loan for $39,189. The note accrues interest at a rate of 11.15% per annum and requires 48 equal monthly payments. The first payment will be on July 1, 2024. As of September 30, 2024 and June 30, 2024, the principal balance of the promissory note was $45,650 and $0, respectively.
(3) | Bank Loan
On December 31, 2019, the Company acquired Integrity, assuming its two bank loans, which are secured by all business assets of the Company. Schedule of Bank Loans
|  | September 30, 2024 |  |  | June 30, 2024 |
Bank loan #1, monthly payment $803.69, due in 110 months, effective interest rate 6.44% |  | $ | 22,805 |  |  | $ | 24,447 |
Bank loan #2, monthly payment $5,672.86 start on November 23, 2020, due in 48 months |  |  | 6,699 |  |  |  | 21,495 |
Total bank loans |  | $ | 29,504 |  |  | $ | 45,942 |
Future maturities over the remaining term of total debt for (1) to (3) are as follows: Schedule of Future Maturities over Remaining Term of Debt
2025 (1) |  | $ | 603,366 |
2026 |  |  | 67,118 |
2027 |  |  | 60,664 |
2028 |  |  | 27,024 |
Long-term debt |  |  | 758,172 |
Less: current portion (1) |  |  | (619,002 | )
Long-term portion of debt |  | $ | 139,170 |
(1) | Includes $50,000 related party debt

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