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Leases
 12 Months Ended
Jun. 30, 2024
Notes and other explanatory information [abstract]  
Leases

Note 20. Leases

 

At the commencement of a lease contract, the Company assesses whether the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.

 

During the year ended June 30, 2024, the Company determined with reasonable certainty that it would exercise its extension option at its current premises for two additional years. As a result, the Company has reassessed the lease term and related balances, which are reflected in the table below:

 

   2024   2023 
   ($)   ($) 
(a) Right-of-use asset          
Right of use asset   613,691    400,829 
Less: Accumulated amortization   (358,228)   (243,290)
Balance at end of year   255,463    157,540 
           
Balance at beginning of year   157,540    276,907 
Modification   212,682    - 
Less: amortization for the period   (114,759)   (119,367)
Balance at end of the year   255,463    157,540 
(b) Lease liabilities          
           
Current lease liability   128,559    121,500 
Non-current lease liability   130,722    54,162 
Total lease liabilities   259,281    175,662 

 

 

Note 20. Leases - continued

 

The total of future lease payments (including those lease payments that are not included in the measurement of the lease liability, e.g. for short-term leases and leases of low-value items) are disclosed for each of the following periods.

 

  

2024

($)

  

2023

($)

 
  

2024

($)

  

2023

($)

 
Less than one year   135,680    127,361 
One to two years   46,240    28,214 
Two to five years   35,267    28,214 
Five years and over   -    - 
Total future lease payments   217,187    183,789