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Leases

3 Months Ended

Sep. 30, 2022

Leases

Leases

10. Leases

Office Lease

Effective November 1, 2021, the Company relocated its headquarters to Nevada. The Company paid an annual rent of $2,200 for the address at 680 W Nye Lane, Suite 201, Carson City Nevada 897603. The rental agreement is for a one year term.

On February 26, 2022, the Company’s San Diego office relocated to 5090 Shoreham Place, San Diego, CA 92122. The office lease term for 38 months, commenced on March 1, 2022. The monthly base rate of $4,175 begins June 1, 2022, with annual increases of three percent.

The operating lease cost recognized in in our statement of operations was approximately $12,800 and $25,400 for the three months ended September 30, 2022 and 2021, respectively.

The following table provides balance sheet information related to leases as of September 30, 2022 and June 30, 2022:

Schedule of balance sheet information related to leases
		September 30, 2022				June 30, 2022
Assets
Operating lease, right-of-use asset, net		$	109,271			$	118,254
Liabilities
Current portion of operating lease liabilities		$	40,317			$	38,884
Operating lease liabilities, net of current portion			76,768				87,414
Total operating lease liabilities		$	117,085			$	126,298

At September 30, 2022, the future estimated minimum lease payments under non-cancelable operating leases are as follows:

Schedule of future estimated minimum lease payments under non-cancelable operating leases
Year ending June 30, 2023 (Remaining 9 months)		$	38,075
2024			52,156
2025			44,636
Total minimum lease payments			134,867
Less amount representing interest			(17,782	)
Present value of future minimum lease payments			117,085
Less current portion of operating lease liabilities			(40,317	)
Operating lease liabilities, net of current portion		$	76,768

The weighted average remaining lease term and discount rate as of September 30, 2022 and June 30, 2022 were as follows:

Schedule of weighted average remaining lease term and discount rate
		September 30, 2022				June 30, 2022
Weighted average remaining lease term (Years)
Operating leases			2.5				2.8
Weighted average discount rate
Operating leases			10.75	%			10.75	%

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- References

No definition available.

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- Definition

The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-URI https://asc.fasb.org/subtopic&trid=77888251

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