v3.26.3
Note Payable
 12 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Note Payable

Note 8 – Note Payable

          
   June 30,   June 30, 
   2026   2025 
Note payable - EIDL  $150,000   $150,000 

 

In July 2020, the Company received a loan of $150,000 from the SBA under its Economic Injury Disaster Loan (EIDL) assistance program. The EIDL loan is payable over 30 years, bears interest at a rate of 3.75% per annum and secured by all tangible and intangible property of the Company.

 

Pursuant to the Company’s agreement with the SBA in the prior year that cured prior payment defaults and past due balances, monthly installment payments are first being applied to accrued and unpaid interest. As of June 30, 2026 and June 30, 2025, the outstanding balance of the note payable was $150,000 and $150,000, respectively.

 

The expected future principal payments of the note payable at June 30, 2026, is as follows:

     
Year Ending  Amount 
June 30, 2027  $– 
June 30, 2028   – 
June 30, 2029   – 
June 30, 2030   3,000 
June 30, 2031 and thereafter   147,000 
Total  $150,000