XML 24 R13.htm IDEA: XBRL DOCUMENT v3.24.3
ACCRUED LIABILITIES
 3 Months Ended
Sep. 30, 2024
Payables and Accruals [Abstract]  
ACCRUED LIABILITIES

NOTE 5 – ACCRUED LIABILITIES

 

Accrued liabilities consist of the following as of:

        
   September 30, 2024   June 30, 2024 
Accrued payroll deductions owed to government entities  $51,264   $49,452 
Accrued salaries and bonuses (1)   1,000,000    875,000 
Accrued vacation   180,007    164,884 
Accrued commission to a service provider   7,500    15,000 
Accrued commission to a customer (2) (3)   453,230    247,592 
Other accrued liabilities   73,369    73,218 
Total  $1,765,370   $1,425,146 

 

(1)On November 10, 2022, the Company and OC Kim, its President, entered into an amendment of the employment agreement dated September 7, 2021. The amendment provides for the payment of an incentive to Mr. Kim of $125,000 for each calendar quarter during the remaining four-year term of the employment agreement, which will be total amount of $2M, with the first such bonus accrued on December 31, 2022. An incentive of $125,000 has been accrued for each of the three months ended September 30, 2024, and 2023, with $1,000,000 and $875,000 accrued bonus as of September 30, 2024, and June 30, 2024, respectively. As of September 30, 2024, no payment for the accrued bonuses has been made by the Company.
  
(2)We accrued a commission of approximately $650,000 to a customer to provide a financial support for its sales program during the 2021 fiscal year. Of the amount accrued, total payments were made of approximately $400,000 in the form of credit memos. The remaining balance of approximately $250,000 as of June 30, 2024, was eliminated/written-off during the three months ended September 30, 2024 because it was confirmed that the liability no longer existed.
  
(3)We accrued a commission of approximately $450,000 to a customer to provide a financial support for the marketing and promotion programs of our products for the three months ended September 30, 2024.