Leases

12 Months Ended

Jun. 30, 2022

Leases

Leases

10. Leases

Office Leases 

From July 1, 2018 to October 31, 2021, the Company paid monthly rent of $1,000 to Acuitas for its headquarter office at 2120 Colorado Avenue Suite 230, Santa Monica, CA 90404. Effective November 1, 2021, the Company relocated its headquarters to Nevada. The Company paid an annual rent of $2,200 for the address at 680 W Nye Lane, Suite 201, Carson City Nevada 897603. The rental agreement is for a one year term.

On June 1, 2021, the Company assumed a NeurMedix office lease that was extended to February 2022 at 6165 Greenwich Dr Suite 150, San Diego, CA 92122. The lease agreement required monthly payments of $8,782. On February 26, 2022 the Company’s San Diego office relocated to 5090 Shoreham Place, San Diego, CA 92122. (the “New Office”). The New Office lease term for 38 months, commenced on March 1, 2022. The monthly base rate of $4,175 begins June 1, 2022 with annual increases of three percent.

The operating lease cost recognized in in our statement of operations was approximately $89,400 and $10,000 for the fiscal years ended June 30, 2022 and 2021, respectively.

The following table provides balance sheet information related to leases as of June 30, 2022 and June 30, 2021: 

	June 30, 2022		June 30, 2021
Assets
Operating lease, right-of-use asset, net	$	118,254	$	—
Liabilities
Current portion of operating lease liabilities	$	38,884	$	—
Operating lease liabilities, net of current portion		87,414		—
Total operating lease liabilities	$	126,298	$	—

At June 30, 2022, the future estimated minimum lease payments under non-cancelable operating leases are as follows: 

Year ending June 30:
2023	$	50,600
2024		52,156
2025		44,636
Total minimum lease payments		147,392
Less amount representing interest		(21,094	)
Present value of future minimum lease payments		126,298
Less current portion of operating lease liabilities		(38,884	)
Operating lease liabilities, net of current portion	$	87,414

The weighted average remaining lease term and discount rate as of June 30, 2022 and 2021 were as follows: 

	June 30, 2022			June 30, 2021
Weighted average remaining lease term (Years)
Operating leases		2.8			—
Weighted average discount rate
Operating leases		10.75	%		—