PROPERTY AND EQUIPMENT:

6 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT:

3.       PROPERTY AND EQUIPMENT:

Property and equipment consist of the following:

	December 31, 2023			June 30, 2023
Computers and office equipment		15,156			15,156
Initial Project: construction in process		9,108,312			6,847,760
Property and equipment, gross		9,123,468			6,862,916
Less accumulated depreciation		(12,828	)		(11,907	)
Property and equipment, net	$	9,110,640		$	6,851,009

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 $238,540 and $98,104 for capitalized interest and $135,648 and $135,648 in non-cash compensation as of December 31, 2023 and 2022, respectively. On January 1, 2024 the Initial Project was deemed to have been ‘placed in service’ (Note 10).

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

Depreciation expense was $460 and $394 for the three months ended December 31, 2023 and 2022, respectively and $921 and $724 for the six months ended December 31, 2023 and 2022, respectively.