OPERATING LEASES - LESSEE

3 Months Ended

Sep. 30, 2024

Operating Leases - Lessee

OPERATING LEASES - LESSEE

10. OPERATING LEASES - LESSEE

The Company has an operating lease for office space, with a term of 5 years. As of September 30, 2024, the Company did not have any additional material operating leases that were entered into, but not yet commenced.

The maturity schedule of future minimum lease payments under operating leases and the reconciliation to the operating lease liabilities reported on the

Consolidated Balance Sheets was as follows:

	September 30,
	2024
Remaining nine months ending June 30, 2025	$	66,946
2026		90,588
2027		92,220
Thereafter		31,113
Total operating lease payments		280,867
Present value adjustment		(26,887	)
Total operating lease liabilities	$	253,980

As of September 30, 2024, the total operating lease liability amount of $253,980 consists of current and long-term portion of operating lease liabilities of $89,261 and $164,720 respectively.

Operating lease costs were $21,963 and $87,850.64 for the three months ended September 30, 2024 and the year ended June 30, 2024, respectively.

The following table summarizes the weighted-average remaining lease term and weighted-average discount rate related to the Company’s operating leases as of September 30, 2024:

	September 30, 2024
Weighted-average remaining lease term, years		3.1
Weighted-average discount rate, %		7.0	%