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SUBSEQUENT EVENT | 12 Months Ended
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Jun. 30, 2020
Subsequent Events [Abstract] |
SUBSEQUENT EVENT | 13. SUBSEQUENT EVENT As reported in our Current Report filed with the SEC on September 8, 2020, we executed a Standard Offer, Agreement and Escrow Instructions For Purchase of Real Estate (the “Purchase Agreement”) for the purchase of an approximate 25,230 square foot industrial building located at 14401 Franklin Avenue, Tustin CA 92780 on September 2, 2020. The aggregate purchase price is $6,509,340. The initial deposit in the amount of $75,000 was made on September 3, 2020. Pursuant to the terms of the Purchase Agreement, we have 30 days to obtain financing of up to 90% of the purchase price. The deposit is refundable to us during the up to 30-day due diligence period. We plan to use this facility to expand our operations to satisfy requirements of our expected future growth.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6842918&loc=SL6314017-165662 + Details
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