v3.26.3
Operating Lease
12 Months Ended
Jun. 30, 2026
Operating Lease [Abstract]  
OPERATING LEASE
12. OPERATING LEASE

 

In May 2026, the Company entered into a twenty-four month operating lease, which provides for approximately 2,255 square feet of rentable area for lab and office space, that commenced on June 1, 2026. The lease requires monthly payments of $2,630.83 per month plus $11.82 per square foot as a pro-rata share of maintenance expenses, insurance, and real estate taxes for the property. The Company or landlord may terminate the lease at the expiration date or by giving the other party written notice.

 

In accordance with ASC 842 a right-of-use asset and lease liability was recorded for $106,023 at commencement. Operating lease expense was $4,852 for the year ended June 30, 2026. Operating cash flows during the year ended June 30, 2026 were $4,852. As of June 30, 2026, the weighted average remaining lease term was 1.84 years.

 

    At
June 30,
2026
    At
June 30,
2025
 
Operating leases            
Remaining right-of-use assets   $ 102,014     $ -  
                 
Short-term operating lease liabilities   $ 58,224     $    -  
Long-term operating lease liabilities   $ 43,790     $ -  
Total operating lease liabilities   $ 102,014     $ -  

 

Maturities of the Company’s undiscounted lease liabilities are as follows:

 

Year Ending  

Operating
Leases

 
2026 (remaining)   $ 29,112  
2027     58,224  
2028     29,112  
Total lease payments     116,448  
Less: Imputed interest/present value discount     (14,434 )
Present value of lease liabilities   $ 102,014