Annual report pursuant to Section 13 and 15(d)

LEASES (Tables)

v3.24.3
LEASES (Tables)
 12 Months Ended
Jun. 30, 2024
Leases  
SCHEDULE OF BALANCE SHEET INFORMATION RELATED TO LEASE

Supplemental balance sheet information related to leases was as follows:

 

    As of     As of  
    June 30, 2024     June 30, 2023  
Assets            
Operating lease assets, net   $ 1,328,624     $ 1,151,575  
                 
Liabilities                
Current                
Operating   $ 608,202     $ 505,237  
Non-current                
Operating     688,749       652,194  
Total Lease Liabilities   $ 1,296,951     $ 1,157,431  
SCHEDULE OF COMPONENTS OF LEASE COST

The components of lease cost were as follows:

 

    2024     2023  
    For the Years  
    Ended June 30,  
    2024     2023  
             
Amortization of finance lease assets   $ 15,061     $ 10,904  
Interest on finance lease obligation     6,206       4,966  
Operating lease cost     403,438       446,627  
Short term lease cost     297,014       184,526  
Sub lease income     (33,417 )     (31,998 )
Total lease cost   $ 688,302     $ 615,025  
SCHEDULE OF LEASE TERM AND DISCOUNT RATE

Lease term and discount rate were as follows:

 

    As of     As of  
    June 30, 2024     June 30, 2023  
             
Weighted average remaining lease term - Operating leases     1.99 Years       3.09 Years  
                 
Weighted average discount rate - Operating leases     4.5 %     4.0 %
SCHEDULE OF SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION RELATED TO LEASES

Supplemental disclosures of cash flow information related to leases were as follows:

 

    2024     2023  
    For the Years  
    Ended June 30,  
    2024     2023  
             
Operating cash flows related to operating leases   $ 322,953     $ 457,592  
                 
Operating cash flows related to finance leases   $ 6,203     $ 5,075  
                 
Financing cash flows related finance leases   $ 25,477     $ 32,536  
SCHEDULE OF MATURITIES OF OPERATING LEASE LIABILITIES

Maturities of operating lease liabilities were as follows as of June 30, 2024:

 

    Amount  
Within year 1   $ 664,131  
Within year 2     422,077  
Within year 3     205,912  
Within year 4     108,550  
Within year 5     474  
Total Lease Payments     1,401,144  
Less: Imputed interest     (104,193 )
Present Value of lease liabilities     1,296,951  
Less: Current portion     (608,202 )
Non-Current portion   $ 688,749