XML 31 R16.htm IDEA: XBRL DOCUMENT

LEASES

12 Months Ended

Jun. 30, 2023

(10) LEASES

The Company has operating leases for office and laboratory space, which expire on June 30, 2025 and October 31, 2026, respectively.

The components of operating lease cost are as follows:

The components of finance lease cost are as follows:

Finance lease cost	Year ended June 30, 2023		Year ended June 30, 2022
Right-of-use asset amortization	$	100,922	$	56,463
Interest expense		10,975		8,812
Total finance lease cost	$	111,897	$	65,275

Supplemental lease term and discount rate information related to leases was as follows:

	June 30, 2023			June 30, 2022
Weighted-average remaining lease term (years) operating leases		2.3			2.6
Weighted-average remaining lease term (years) finance leases		1.4			2.4
Weighted-average discount rate operating leases		5.50	%		5.50	%
Weighted-average discount rate finance leases		5.29	%		5.29	%

Supplemental cash flow information related to leases was as follows:

	Year Ended June 30, 2023		Year Ended June 30, 2022
Cash paid for the amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	406,319	$	410,007
Operating cash flows for finance leases		10,975		8,812
Financing cash flows for finance leases		100,922		56,463
	$	518,216	$	475,282

Supplemental non-cash information on lease liabilities arising from obtaining right-of-use assets:
Right-of-use assets obtained in exchange for new operating lease obligation	$	368,975	$	-
Right-of-use assets obtained in exchange for new finance lease obligations	$	-	$	309,791

The following table summarizes the maturity of the Company’s lease liabilities as of June 30, 2023: