MORTGAGE NOTES RECEIVABLE - CURRENT AND NON-CURRENT

12 Months Ended

Jun. 30, 2026

Receivables [Abstract]

MORTGAGE NOTES RECEIVABLE - CURRENT AND NON-CURRENT

8. MORTGAGE NOTES RECEIVABLE - CURRENT AND NON-CURRENT

As of June 30, 2026, and 2025, the balance of Mortgage Notes Receivable was $827,780 and $515,076, respectively. The current portion of mortgage receivable as June 30,2026 is $114,316 and non-current portion of mortgage receivable is $713,464. The company currently holds four Mortgage Receivable Notes issued in connection with developer-financed Villas at Chial Mountain Reserve. As of June 30, 2025, the Company held three such notes. The notes include enforceable repayment and default terms, and the Company retains legal title to the underlying properties until repayment is completed. The portion of the notes receivable due within twelve months of the balance sheet date is presented as current, and the remaining balance as non-current.

Terms of the Notes:

Principal Amounts: $952,450

Interest rates: 7% per annum

Payment Terms: 10 Years. The Notes require monthly payments of principal and interest, commencing on the purchase date and continuing until the balance is fully paid.

Collateral: Title remains with the Company and does not pass to buyers until the Note is fully paid.

Prepayment: Borrower may prepay the outstanding balance in whole or in part without penalty. Prepayments are applied first to accrued interest and then to the principal balance.

Accounting Treatment

●

Initial Recognition and Measurement: The Notes are initially recognized at its fair value, with subsequent measurement performed at amortized cost using the effective interest rate method.

●

Interest Income: Interest is accrued and recognized in the income statement over the term of the Notes in accordance with the effective interest rate.

●

Credit Losses: The Company monitors the credit quality of its mortgage notes receivable by evaluating individual buyer payment histories, current economic trends, and forward-looking forecasts. The Company maintains structural protection against credit defaults by retaining legal title to the real estate assets until the related notes are paid in full.

As of June 30, 2026, management has performed internal valuation reviews and determined that the estimated fair value of the underlying collateral remains sufficient to secure the carrying value of the outstanding notes. As such, management has determined that expected credit losses across its outstanding notes receivable are immaterial. Consequently, no allowance for credit losses has been recorded as of June 30, 2026.