LEASES (Tables)
|
12 Months Ended |
Jun. 30, 2023 |
|---|
| 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 |
|
| |
|
June
30, 2023 |
|
|
June
30, 2022 |
|
| Assets |
|
|
|
|
|
|
|
|
| Operating
lease assets, net |
|
$ |
1,151,575 |
|
|
$ |
969,163 |
|
| |
|
|
|
|
|
|
|
|
| Liabilities |
|
|
|
|
|
|
|
|
| Current |
|
|
|
|
|
|
|
|
| Operating |
|
$ |
505,237 |
|
|
$ |
548,678 |
|
| Operating, Current |
|
$ |
505,237 |
|
|
$ |
548,678 |
|
| Non-current |
|
|
|
|
|
|
|
|
| Operating |
|
|
652,194 |
|
|
|
447,260 |
|
| Operating, Non Current |
|
$ |
505,237 |
|
|
$ |
548,678 |
|
| Total Lease Liabilities |
|
$ |
1,157,431 |
|
|
$ |
995,938 |
|
|
| SCHEDULE OF COMPONENTS OF LEASE COST |
The
components of lease cost were as follows:
SCHEDULE OF COMPONENTS OF LEASE COST
| |
|
2023 |
|
|
2022 |
|
| |
|
For the Years |
|
| |
|
Ended
June 30, |
|
| |
|
2023 |
|
|
2022 |
|
| |
|
|
|
|
|
|
| Amortization of finance lease assets |
|
$ |
10,904 |
|
|
$ |
72,340 |
|
| Interest on finance lease obligation |
|
|
4,966 |
|
|
|
22,010 |
|
| Operating lease cost |
|
|
446,627 |
|
|
|
652,911 |
|
| Short term lease cost |
|
|
184,526 |
|
|
|
258,227 |
|
| Sub lease income |
|
|
(31,998 |
) |
|
|
(35,356 |
) |
| Total lease cost |
|
$ |
615,025 |
|
|
$ |
970,132 |
|
|
| 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 |
|
| |
|
June
30, 2023 |
|
|
June
30, 2022 |
|
| |
|
|
|
|
|
|
| Weighted
average remaining lease term - Operating leases |
|
|
3.09
Years |
|
|
|
3.34
Years |
|
| |
|
|
|
|
|
|
|
|
| Weighted average discount
rate - Operating leases |
|
|
4.0 |
% |
|
|
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
| |
|
2023 |
|
|
2022 |
|
| |
|
For the Years |
|
| |
|
Ended
June 30 |
|
| |
|
2023 |
|
|
2022 |
|
| |
|
|
|
|
|
|
| Operating
cash flows related to operating leases |
|
$ |
457,592 |
|
|
$ |
893,196 |
|
| |
|
|
|
|
|
|
|
|
| Operating cash flows
related to finance leases |
|
$ |
5,075 |
|
|
$ |
3,577 |
|
| |
|
|
|
|
|
|
|
|
| Financing cash flows
related finance leases |
|
$ |
32,536 |
|
|
$ |
55,476 |
|
|
| SCHEDULE OF MATURITIES OF OPERATING LEASE LIABILITIES |
Maturities
of operating lease liabilities were as follows as of June 30, 2023:
SCHEDULE OF MATURITIES OF OPERATING LEASE LIABILITIES
| |
|
Amount |
|
| Within year
1 |
|
$ |
543,355 |
|
| Within year 2 |
|
|
432,322 |
|
| Within year 3 |
|
|
178,422 |
|
| Within year 4 |
|
|
63,477 |
|
| Within year 5 |
|
|
460 |
|
| Thereafter |
|
|
460 |
|
| Total Lease Payments |
|
|
1,218,496 |
|
| Less: Imputed interest |
|
|
(61,065 |
) |
| Present Value of lease liabilities |
|
|
1,157,431 |
|
| Less: Current portion |
|
|
(505,237 |
) |
| Non-Current portion |
|
$ |
652,194 |
|
|