Office Leases 

The Company pays an annual rent of $2,200 for its headquarters at 680 W Nye Lane, Suite 201, Carson City Nevada 89703. The rental agreement was for a one-year term, commenced on October 1, 2022 and has been subsequently renewed at each annual maturity date at the same rate.

The Company’s San Diego office lease at 5090 Shoreham Place Suite 206, San Diego, CA 92122 was amended on February 12, 2024 for a larger space. The current monthly base rate for the office space is $10,375, with annual increases of four percent. The term of the lease is 60 months.

Total operating lease expense for the years ended June 30, 2026 and 2025 of approximately $133,000 and $127,000, respectively, were included in the accompanying statements of operations as a component of general and administrative expenses.

The right-of-use asset, net and current and long-term portion of the operating lease liability included in the accompanying balance sheets are as follows:  

At June 30, 2026, the future estimated minimum lease payments under non-cancelable operating leases are as follows:

Total cash paid for amounts included in the measurement of lease liability was $122,042 and $117,915 for the years ended June 30, 2026 and 2025, respectively.

The weighted average remaining lease term and discount rate as of June 30, 2026 and 2025 were as follows: