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Lease right-of-use assets and lease liabilities
 12 Months Ended
Jun. 30, 2025
Leases [Abstract]  
Lease right-of-use assets and lease liabilities

 

10.

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, 2025 and 2024, the Company recorded $303,869 and $284,169, respectively, as operating lease expense on the consolidated statements of operations and comprehensive loss.

 

Operating right-of- use assets are summarized below:

 

   June 30, 2025   June 30, 2024 
Office lease  $836,697   $836,697 
Less accumulated amortization   (549,375)   (278,899)
Right-of-use, net  $287,322   $557,798 

 

Operating lease liabilities are summarized below:

 

   June 30, 2025   June 30, 2024 
Office lease  $298,560   $580,353 
Less: current portion   286,378    278,432 
Long term portion  $12,182   $301,921 

 

 Schedule of Maturity of Operating Lease Liabilities

   June 30, 2025 
Year ending June 30, 2026  $306,707 
Total future minimum lease payments   306,707 
Less imputed interest   (8,147)
PV of Payments  $298,560