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Lease right-of-use assets and lease liabilities | 12 Months Ended
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Jun. 30, 2024
Lease Right-of-use Assets And Lease Liabilities |
Lease right-of-use assets and lease liabilities | 8. Lease right-of-use assets and lease liabilities Operating leases The Company leases office space in Taren Point, NSW, Australia. The lease commenced July 15, 2018 and ended on July 14, 2023, at which time the Company extended the lease, which commenced on July 15, 2023 and ends on July 14, 2026. The initial monthly lease payments are $25,000 AUD and the monthly payments of the lease extension are $36,667 AUD and are subject to annual escalation rate of 3%. Operating lease right-of-use assets and liabilities are recognized at the present value of the future lease payments at the lease commencement date. The interest rate used to determine the present value is the Company’s incremental borrowing rate, estimated to be 3.70%, as the interest rate implicit in most of the Company leases is not readily determinable. Operating lease expense is recognized on a straight-line basis over the lease term. During the years ended June 30, 2024 and 2023, the Company recorded $284,169 and $198,914, respectively, as operating lease expense on the consolidated statements of operations and comprehensive loss. Operating right-of- use assets are summarized below: Schedule of Operating Right of use Assets and Operating Lease Liabilities
|  | June 30, 2024 |  |  | June 30, 2023 |
Office lease |  | $ | 836,697 |  |  | $ | 1,541,390 |
Less accumulated amortization |  |  | (278,899 | ) |  |  | (935,596 | )
Right-of-use, net |  | $ | 557,798 |  |  | $ | 605,794 |
Operating lease liabilities are summarized below:
|  | June 30, 2024 |  |  | June 30, 2023 |
Operating lease liabilities |  |  |  |  |  |  |  |
Office lease |  | $ | 580,353 |  |  | $ | 685,077 |
Less: current portion |  |  | 278,432 |  |  |  | 212,062 |
Long term portion |  | $ | 301,921 |  |  | $ | 473,015 |
Schedule of Maturity of Operating Lease Liabilities
|  | June 30, 2024 |
Year ending June 30, 2025 |  | $ | 301,127 |
Year ending June 30, 2026 |  |  | 310,160 |
Total future minimum lease payments |  |  | 611,287 |
Less imputed interest |  |  | (30,934 | )
PV of Payments |  | $ | 580,353 |
FITELL CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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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 -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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