Annual report pursuant to Section 13 and 15(d)

COMMITMENTS AND CONTINGENCIES (Tables)

v3.24.4
COMMITMENTS AND CONTINGENCIES (Tables)
 12 Months Ended
Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]  
SCHEDULE OF FINANCE LEASES

The Company has finance leases outstanding as of June 30, 2024 as follows:

SCHEDULE OF FINANCE LEASES 

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

Future minimum lease payments as of June 30, 2024 are as follows:

 SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS 

    Operating Leases     Finance Leases  
Years ending June 30,                
2025   $ 882,000     $ 172,000  
2026     910,000       85,000  
2027     433,000       15,000  
2028     64,000       21,000  
2029     -       -  
Total future minimum lease payments     2,289,000       293,000  
Less: discount     (234,000 )     (25,000 )
Total lease liability     2,055,000       268,000  
Less: leases payable, current portion     (734,000 )     (156,000 )
Leases payable, noncurrent portion   $ 1,321,000     $ 112,000