LEASES (Tables)
|
6 Months Ended |
Dec. 31, 2022 |
|---|
| Leases |
|
| SCHEDULE OF BALANCE SHEET INFORMATION RELATED TO LEASE |
Supplemental
balance sheet information related to leases was as follows:
SCHEDULE OF BALANCE SHEET INFORMATION RELATED TO LEASE
| |
|
As of |
|
|
As of |
|
| |
|
December 31, 2022 |
|
|
June 30, 2022 |
|
| Assets |
|
|
|
|
|
|
|
|
| Operating lease assets, net |
|
$ |
1,246,778 |
|
|
$ |
969,163 |
|
| |
|
|
|
|
|
|
|
|
| Liabilities |
|
|
|
|
|
|
|
|
| Current |
|
|
|
|
|
|
|
|
| Operating |
|
$ |
499,455 |
|
|
$ |
548,678 |
|
| Operating, Current |
|
$ |
499,455 |
|
|
$ |
548,678 |
|
| Non-current |
|
|
|
|
|
|
|
|
| Operating |
|
|
789,621 |
|
|
|
447,260 |
|
| Operating, Current |
|
|
789,621 |
|
|
|
447,260 |
|
| Total Lease Liabilities |
|
$ |
1,289,076 |
|
|
$ |
995,938 |
|
|
| SCHEDULE OF COMPONENTS OF LEASE COST |
The components
of lease cost were as follows:
SCHEDULE OF COMPONENTS OF LEASE COST
| |
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
| |
|
For the Three Months |
|
|
For the Six Months |
|
| |
|
Ended December 31, |
|
|
Ended December 31, |
|
| |
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Amortization of finance lease assets |
|
$ |
3,099 |
|
|
$ |
21,895 |
|
|
$ |
5,995 |
|
|
$ |
42,928 |
|
| Interest on finance lease obligation |
|
|
1,552 |
|
|
|
3,212 |
|
|
|
3,359 |
|
|
|
8,148 |
|
| Operating lease cost |
|
|
113,079 |
|
|
|
97,827 |
|
|
|
231,601 |
|
|
|
380,778 |
|
| Short term lease cost |
|
|
37,986 |
|
|
|
38,781 |
|
|
|
104,622 |
|
|
|
38,781 |
|
| Sub lease income |
|
|
(7,786 |
) |
|
|
(8,950 |
) |
|
|
(15,598 |
) |
|
|
(18,105 |
) |
| Total lease cost |
|
$ |
147,930 |
|
|
$ |
152,765 |
|
|
$ |
329,979 |
|
|
$ |
452,530 |
|
|
| SCHEDULE OF LEASE TERM AND DISCOUNT RATE |
Lease term and
discount rate were as follows:
SCHEDULE OF LEASE TERM AND DISCOUNT RATE
| |
|
As of |
|
|
As of |
|
| |
|
December 31, 2022 |
|
|
June 30, 2022 |
|
| |
|
|
|
|
|
|
| Weighted average remaining lease term - Operating leases |
|
|
3.31 Years |
|
|
|
3.34 Years |
|
| |
|
|
|
|
|
|
|
|
| Weighted average discount rate - Operating leases |
|
|
3.6 |
% |
|
|
4.2 |
% |
|
| SCHEDULE OF SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION RELATED TO LEASES |
Supplemental
disclosures of cash flow information related to leases were as follows:
SCHEDULE OF SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION RELATED TO LEASES
| |
|
|
1 |
|
|
|
2 |
|
| |
|
For the Six Months |
|
| |
|
Ended December 31 |
|
| |
|
2022 |
|
|
2021 |
|
| |
|
|
|
|
|
|
| Operating cash flows related to operating leases |
|
$ |
236,311 |
|
|
$ |
369,175 |
|
| |
|
|
|
|
|
|
|
|
| Operating cash flows related to finance leases |
|
$ |
3,358 |
|
|
$ |
3,531 |
|
| |
|
|
|
|
|
|
|
|
| Financing cash flows related finance leases |
|
$ |
16,230 |
|
|
$ |
54,844 |
|
|
| SCHEDULE OF MATURITIES OF OPERATING LEASE LIABILITIES |
Maturities of
operating lease liabilities were as follows as of December 31, 2022:
SCHEDULE OF MATURITIES OF OPERATING LEASE LIABILITIES
| |
|
Amount |
|
| Within year 1 |
|
$ |
534,010 |
|
| Within year 2 |
|
|
373,602 |
|
| Within year 3 |
|
|
324,306 |
|
| Within year 4 |
|
|
120,543 |
|
| Within year 5 |
|
|
583 |
|
| Thereafter |
|
|
874 |
|
| Total Lease Payments |
|
|
1,353,918 |
|
| Less: Imputed interest |
|
|
(64,842 |
) |
| Present Value of lease liabilities |
|
|
1,289,076 |
|
| Less: Current portion |
|
|
(499,455 |
) |
| Non-Current portion |
|
$ |
789,621 |
|
|