NOTES PAYABLE

9 Months Ended

Mar. 31, 2021

Notes Payable [Abstract]

NOTE 6 - NOTES PAYABLE

NOTE 6 - NOTES PAYABLE:

During 2006, the Company issued a promissory note (“Note”) for $650,000, payable to the Borkwood Development Ltd, a previous shareholder of the Company (“Seller”), payable and amortized monthly and carrying an interest at 5% per year. The Company has the right to prepay the note at any time with a notice of 14 days. To secure the payment of principal and interest the Sellers will receive a perfect lien and security interest in the Shares in the company ANV until the note with accrued interest is paid in full, and, in the case that the Note has not been repaid within 12 months from the day of closing the Sellers have the right to convert the debt to common stock of Advanced Oxygen Technologies, Inc. in an amount of non-diluted shares calculated on the conversion Date, equal to the lesser of : a) Six hundred and Fifty thousand $(650,000) or the Purchase Price minus the principal payments made by the buyer, whichever is greater, divided by the previous ten day closing price of AOXY as quoted on the national exchange, or b) Fifteen million shares, whichever is lesser. The Note has been extended until July 1, 2021, prior to period end and interest waived through the period ending June 30, 2021. Due to the extension, the note is not in default and therefore not convertible as of March 31, 2021. As of March 31, 2021, the unpaid balance was $127,029.

The Company has a note payable with a bank. The original amount of the note was kr 1,132,000 Danish Krone (kr). The note is secured by the subsidiary’s real estate, with a 2.00% interest rate and 2.75 years remaining on the term. The balance on the note as of March 31, 2021 was $50,433. During the period ended March 31, 2021, the Company paid $14,085 in principal payments and $2,087 in interest.

The Company’s commitments and contingencies are $131,710 for 2021. See below table for the years 2021 through 2024 with total principal payments due on outstanding notes payable of $177,463. The amounts stated reflect the Company’s commitments in the currencies that those commitments were made, and the amounts are an estimate of what the US dollar amount would be if the currency rates did not change.

Year	Amount
2021	$	131,710
2022		18,959
2023		19,341
2024		7,452
Total	$	177,463
Less: Long-term portion of notes payable		(32,487	)
Notes payable, current portion	$	144,975

The amounts stated in this note reflect the Company’s commitments in the currencies that those commitments were made and the amounts are an estimate of what the US dollar amount would be if the currency rates did not change going forward.