Quarterly report pursuant to Section 13 or 15(d)

COMMITMENTS AND CONTINGENCIES (Tables)

v3.23.3
COMMITMENTS AND CONTINGENCIES (Tables)
 3 Months Ended
Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]  
SCHEDULE OF FINANCE LEASES

The Company’s leased properties as of September 30, 2023 are as follows:

 

Lease Date   Property Leased   Lease Term (months)     Commencement Date   Monthly Lease Payment(1)  
                     
9/2/2022   Vehicle     60     9/10/2022   $ 1,100  
10/17/2022   Manufacturing equipment     36     10/17/2022   $ 5,500  
1/24/2023   Manufacturing equipment     36     1/24/2023   $ 6,700  
3/2/2023   Manufacturing equipment     36     3/2/2023   $ 1,000  

 

(1) Excludes sales tax and other fees.
SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS

The Future Minimum Lease Payments as of September 30, 2023 are as follows:

    Operating Leases    

Finance

Leases

  
Year Ending June 30,            
2024 (remaining nine months)   $ 644,000     $ 130,000  
2025     883,000       173,000  
2026     910,000       85,000  
2027     433,000       15,000  
Thereafter     64,000       21,000  
Total Future Minimum Lease Payments     2,934,000       424,000  
                 
Less: discount     (387,000 )     (48,000 )
Total lease liability   $ 2,547,000     $ 376,000