ACCRUED LIABILITIES

12 Months Ended

Jun. 30, 2024

Payables and Accruals [Abstract]

ACCRUED LIABILITIES

NOTE 3 – ACCRUED LIABILITIES

Accrued liabilities consist of the following as of:

	June 30, 2024		June 30, 2023
Accrued payroll deductions owed to government entities	$	49,452	$	52,923
Accrued salaries and bonuses		875,000		375,000
Accrued vacation		164,884		141,590
Accrued commission for service providers		15,000		32,500
Accrued commission to a customer		247,592		247,592
Other accrued liabilities		73,218		6,556
Total	$	1,425,146	$	856,161

On November 10, 2022, the Company and OC Kim, its President, entered into an amendment of the employment letter agreement dated September 7, 2021. The amendment provides for the payment of an incentive bonus to Mr. Kim of $125,000 for each calendar quarter during the remaining four-year term of the employment letter, which will be total amount of $2M, with the first such bonus accrued on December 31, 2022. For the year ended June 30, 2024 and 2023, $500,000 and $375,000 bonus had been accrued, respectively, with $875,000 and $375,000 accrual bonus balances as of June 30, 2024 and 2023, respectively.

The Company accrued a commission of approximately $650,000 to a customer to provide a financial support for its sales program during the 2021 fiscal year. The accrued commission has been paid approximately $400,000 in the form of credit with the remaining balance of approximately $250,000 as of June 30, 2024.