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ACCRUED LIABILITIES (Tables) | 6 Months Ended
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Dec. 31, 2024
Payables and Accruals [Abstract] |
Schedule of accrued liabilities |
Schedule of accrued liabilities |  |  |  |  |  |
|  | December 31, 2024 |  |  | June 30, 2024 |
Accrued payroll deductions owed to government entities |  | $ | 53,337 |  |  | $ | 49,452 |
Accrued salaries and bonuses (1) |  |  | 1,150,001 |  |  |  | 875,000 |
Accrued vacation |  |  | 131,960 |  |  |  | 164,884 |
Accrued commission to a service provider |  |  | – |  |  |  | 15,000 |
Accrued commission to a customer (2) (3) |  |  | 594,408 |  |  |  | 247,592 |
Other accrued liabilities (4) |  |  | 73,218 |  |  |  | 73,218 |
Total |  | $ | 2,002,924 |  |  | $ | 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 $250,000 has been accrued for each of the six months ended December 31, 2024, and 2023, with $1,125,000 and $875,000 accrued bonus as of December 31, 2024, and June 30, 2024, respectively. As of December 31, 2024, no payment for the accrued bonuses has been made by the Company. The Company also awarded and accrued a bonus of $25,001 to OC Kim, its President, for the increased sales for the six months ended December 31, 2024, and payment of the accrued bonus of $25,001 was made by the Company in January 2025.
(2) | We accrued a commission of approximately $650,000 to a customer to provide 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 as of September 30, 2024 because it was confirmed that the liability no longer existed.
(3) | We accrued a commission of $141,178 and $594,408 to a customer to provide financial support for the marketing and promotion programs of our products for the three and six months ended December 31, 2024, respectively.
(4) | On or about December 7, 2023, we received an invoice from our prior landlord, Hunsaker & Associates, requesting payment of additional rent on our completed and expired lease of office space located at 9707 Waples Street, San Diego, CA as of December 31, 2023. This invoice of $142,978 purports to represent charges for variable cost increases during the prior 7 years of the lease, which was discounted by $46,274 and adjusted down to $96,704 for the three months ended June 30, 2024. We are currently reviewing these charges and will be requesting further validation of these charges, in accordance with our rights granted under the lease. For the year ended June 30, 2024, we recorded an additional rent expense of $96,704 and an accrued liability of $72,048 reflecting this pending invoice and a credit of $24,656 for our deposit on the leasehold property.

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- Definition Tabular disclosure of the (a) carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business (accounts payable); (b) other payables; and (c) accrued liabilities. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). An alternative caption includes accrued expenses. + References No definition available. + Details
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