Quarterly report [Sections 13 or 15(d)]

COMMITMENTS AND CONTINGENCIES (Tables)

v3.25.1
COMMITMENTS AND CONTINGENCIES (Tables)
 3 Months Ended
Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]  
SCHEDULE OF FINANCE LEASES

The Company’s leased properties as of September 30, 2024 are as follows:

 

Lease Date   Property Leased   Lease Term (months)     Commencement Date   Monthly Lease Payment(1)  
9/2/2022   Vehicle     60     9/10/2022   $ 1,200  
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 September 30, 2024 are as follows:

 

    Operating Leases     Finance Leases  
Years ending June 30,                
2025 (remaining nine months)   $ 664,000     $ 130,000  
2026     910,000       85,000  
2027     433,000       15,000  
2028     64,000       21,000  
2029     -       -  
Total future minimum lease payments     2,071,000       251,000  
Less: discount     (191,000 )     (20,000 )
Total lease liability     1,880,000       231,000  
Less: leases payable, current portion     (758,000 )     (160,000 )
Leases payable, noncurrent portion   $ 1,122,000     $ 71,000