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NOTE PAYABLE
 6 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
NOTE PAYABLE

NOTE 7. NOTE PAYABLE

 

As a result of the acquisition of IFP in October 2022, the Company assumed a note payable due to a distributor of IFP. The unpaid principal balance of the loan will accrue interest at a rate of 0.97% per annum. The balance is reduced by:

 

  ● Payments of 10% of the Company’s monthly worldwide gross revenue received in the preceding month;
  ● 50% of sales by the Company to the distributor.

 

The classification of the notes payables is based on sales forecast prepared by the management.