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Cash
12 Months Ended
Jun. 30, 2022
Cash and Cash Equivalents [Abstract]  
Cash

7. Cash

 

Cash and cash equivalents consist of amounts held as bank deposits and highly liquid debt instruments purchased with an original maturity of three months or less.

 

From time to time, we may maintain bank balances in interest bearing accounts in excess of the $250,000 currently insured by the Federal Deposit Insurance Corporation for interest bearing accounts (there is currently no insurance limit for deposits in noninterest bearing accounts). We have not experienced any losses with respect to cash. Management believes our Company is not exposed to any significant credit risk with respect to its cash.

 

 

As of June 30, 2022 and 2021, the Company held cash in the amount of $161,014 and $1,396,944, respectively, including cash in hands in the amount of $50,112 and $74,481, respectively.