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Lease Commitments | 3 Months Ended
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Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract] |
Lease Commitments | Note 11 – Lease Commitments Finance Leases In July 2023, the Company entered into an equipment lease for $340,048. The related finance liability has an implied interest rate of 11.16% per annum and requires 5 equal annually payments on September 1, 2023. As of September 30, 2024 and June 30, 2024, the balance of the finance liability was $198,233 and $272,669, respectively. The present value of future minimum lease payments due at September 30, 2024, was as follows: Schedule of Future Minimum Capital Lease Payments
2025 |  |  | - |
2026 |  |  | 81,459 |
2027 |  |  | 81,459 |
Thereafter |  |  | 81,458 |
Total minimum payments |  |  | 244,377 |
Less: amount representing interest |  |  | (46,144 | )
Present value of minimum payments |  | $ | 198,233 |
Less: current portion |  |  | (58,887 | )
Long term portion |  | $ | 139,346 |
Operating Leases The Company leases its instructional facilities under non-cancelable operating leases expiring at various dates through 2026. In most cases, the facility leases require the Company to pay various operating expenses of the facilities in addition to base monthly lease payments. In certain cases, the Company has options available under its leases to renew, and certain leases contain ordinary rental escalations on the space. Rent expense for the certain leases described above is recorded evenly over each lease term. The difference between rent expense recorded and the amount paid is reflected as deferred rent on the accompanying balance sheets for those leases with rent escalation clauses. Because the rate implicit in each lease is not readily determinable, the Company uses its incremental borrowing rate to determine the present value of the lease payments. The Company has elected the practical expedient to use the risk-free rate as its incremental borrowing rate. June 30, 2024 are as follows: Schedule of Future Minimum Operating Lease Payments
2025 |  | $ | 1,786,450 |
2026 |  |  | 2,084,138 |
2027 |  |  | 1,155,836 |
2028 |  |  | 830,612 |
2029 |  |  | 847,224 |
After 2029 |  |  | 2,719,747 |
Total future minimum operating lease payments |  |  | 9,424,007 |
Less: imputed interest |  |  | (837,235 | )
Total |  |  | 8,586,772 |
Current portion of operating lease |  |  | 2,190,714 |
Long term portion of operating lease |  | $ | 6,396,058 |
Total rent expense and related taxes and operating expenses under operating leases for the three months ended September 30, 2024 and 2023 were $999,115 and $867,624, respectively. Supplemental balance sheet information related to leases was as follows: Schedule of Balance Sheet Information Related to Leases
|  | September 30, 2024 |  |  | June 30, 2024 |
Operating lease right-of-use assets |  | $ | 8,370,928 |  |  | $ | 3,575,369 |
Operating lease liability - current |  | $ | 2,190,714 |  |  | $ | 1,868,560 |
Operating lease liability – non-current |  |  | 6,396,058 |  |  |  | 1,947,620 |
Total operating lease liability |  | $ | 8,586,772 |  |  | $ | 3,816,180 |
Other supplemental information: Schedule of Other supplemental Information
|  | 2024 |  |  | 2023 |
|  | For the three months ended September 30, |
|  | 2024 |  |  | 2023 |
Cash paid for operating lease |  | $ | 782,273 |  |  | $ | 543,993 |

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- Definition The entire disclosure for significant arrangements with third parties, which includes operating lease arrangements and arrangements in which the entity has agreed to expend funds to procure goods or services, or has agreed to commit resources to supply goods or services, and operating lease arrangements. Descriptions may include identification of the specific goods and services, period of time covered, minimum quantities and amounts, and cancellation rights. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 440 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/440/tableOfContent + Details
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