|12 Months Ended|
Jun. 30, 2021
|Debt Disclosure [Abstract]|
Note 6. Promissory Notes
On May 28, 2020 and June 18, 2020, the Company issued promissory notes (“2020 Notes”) for $175,000 and $25,000, respectively, to a related party investor. The annual interest rate on the 2020 Notes is a fixed rate of 8.0%.
On March 22, 2021, total principal of $200,000 and accrued interest of $13,053, respectively, for the promissory notes issued on May 28, 2020 and June 18, 2020, respectively, were paid in full to the related party investor of the Company.
For the year ended June 30, 2021 and for the period from April 23, 2020 (inception) to June 30, 2021, the Company recorded interest expense of $11,767 and $1,286, respectively.
The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef