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Lease Obligations
6 Months Ended
Dec. 31, 2023
Lease Obligations [Abstract]  
LEASE OBLIGATIONS
9. LEASE OBLIGATIONS

 

The Company is committed to minimum lease payments as follows:

 

Maturity Analysis  December 31,
2023
 
     
Year 1  $441,004 
Year 2   361,385 
Year 3   372,227 
Year 4   125,292 
Year 5   
-
 
More than five years   
-
 
Total undiscounted lease liabilities(1)   1,299,908 
Less: imputed interest   (132,934)
Present value of lease liabilities   1,166,974 
      
Less: Current portion of lease liabilities   (364,190)
Non-current portion of lease liabilities   802,784 

 

(1) Excludes estimated variable operating costs of $92,964 and $78,500 on an annual basis through to April 30, 2024 and August 31, 2024, respectively.

 

On October 5, 2023, BayMedica amended its lease located at 458 Carlton Court, Suite C, South San Francisco, California. The Company agreed to extend its lease to May 14, 2027. The Company is obligated to pay $1,095,104 over the three-year period unless terminated before the end of the period. The Company used an incremental borrowing rate of 6.15% and recognized a right-of-use asset and corresponding operating lease liability of $968,376.