PROPERTY AND EQUIPMENT:

9 Months Ended

Mar. 31, 2023

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT:

3.  PROPERTY AND EQUIPMENT:

Property and equipment consist of the following:

	March 31, 2023			June 30, 2022
Computers and office equipment		15,156			13,598
Initial Project: construction in process		5,784,494			2,892,222
Property and equipment, gross		5,799,650			2,905,820
Less accumulated depreciation		(11,447	)		(10,262	)
Property and equipment, net	$	5,788,203		$	2,895,558

The 3G1 project (“Initial Project”) began in July of 2021, with a lease signed on land October 1, 2021 (Note 9). Once the lease commenced the Company moved into construction phase. The balance for the Initial Project construction in process includes $149,342 for capitalized interest and $135,648 in non-cash compensation as of March 31, 2023.

Management has reviewed the remaining property and equipment for impairment as of March 31, 2023 and believes that no impairment exists.

Depreciation expense was $461 and $252 for the three months ended March 31, 2023 and 2022, respectively and $1,185 and $832 for the nine months ended March 31, 2023 and 2022, respectively.