PROPERTY AND EQUIPMENT

12 Months Ended

Jun. 30, 2023

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT

3.  PROPERTY AND EQUIPMENT:

Property and equipment consist of the following:

	June 30, 2023			June 30, 2022
Computers and office equipment		15,156			13,598
Initial Project: construction in process		6,847,760			2,892,222
Property and equipment, gross		6,862,916			2,905,820
Less accumulated depreciation		(11,907	)		(10,262	)
Property and equipment, net	$	6,851,009		$	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 $211,984 for capitalized interest and $135,648 in non-cash compensation as of June 30, 2023.

Management has reviewed the remaining property and equipment for impairment as of June 30, 2023 and believes that no impairment exists.

Depreciation expense was $1,645 and $1,161 for the years ended June 30, 2023 and 2022, respectively.