XML 36 R20.htm IDEA: XBRL DOCUMENT
v3.25.0.1

SUBSEQUENT EVENTS | 6 Months Ended
--- | ---
Dec. 31, 2024
Subsequent Events [Abstract] |
SUBSEQUENT EVENTS | NOTE 11 — SUBSEQUENT EVENTS From January 10, 2025, to January 24, 2025, the Company issued Promissory Notes in the aggregate principal amount of $900,000. The Notes bear an interest rate of 10% per annum and mature on June 30, 2025, (the “Maturity Date”). The Company is required to pay principal and interest on the Maturity Date. On February 7, 2025, the Company entered into a credit agreement with a third party with a total capacity of up to $4,000,000. The credit agreement matures on the earlier of February 6, 2030 or in the event of a default in which the lender accelerates the maturity of the loan. Any borrowings under the loan bear interest at 10% per annum and are payable at maturity. In the event any borrowing remains unpaid at when the borrowing becomes due, the interest rate increases to 15% per annum. All principal and interest are due at maturity, the agreement does not require periodic payments nor are there any prepayment penalties for any borrowings under the credit agreement. Additionally, for each borrowing under the credit agreement, the lender will receive warrants equal to the quotient of the principal borrowed divided by the value of an American call option determined by the use of a Black-Scholes option pricing model as of the borrowing date. Any warrants issued will have an exercise price equal to the closing price of the Company’s common stock as quoted per NASDAQ and will have a 5-year term. On February 7, 2025, the Company entered into a credit agreement with a third party with a total capacity of up to $4,000,000. The credit agreement matures on the earlier of February 6, 2030 or in the event of a default in which the lender accelerates the maturity of the loan. Any borrowings under the loan bear interest at 10% per annum and is payable at maturity. In the event any borrowings remain unpaid at when the borrowings become due, the interest rate increases to 15% per annum. All principal and interest is due at maturity, the agreement does not require periodic payments nor are there any prepayment penalties for any borrowings under the credit agreement. Additionally, for each borrowing under the credit agreement, the lender will receive warrants equal to the quotient of the principal borrowed divided by the value of an American call option determined by the use of a Black-Scholes option pricing model as of the borrowing date. Any warrants issued will have an exercise price equal to the closing price of the Company’s common stock as quoted per NASDAQ and will have a 5 year term.

X
- References No definition available. + Details
Name: | us-gaap_SubsequentEventsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 -Topic 855 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/855/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483399/855-10-50-2 + Details
Name: | us-gaap_SubsequentEventsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration