Initial general form for registration of a class of securities pursuant to Section 12(g)

Property and Equipment

v3.22.1
Property and Equipment
 6 Months Ended 12 Months Ended
Dec. 31, 2021
Jun. 30, 2021
Property, Plant and Equipment [Abstract]    
Property and Equipment

Note 5 – Property and Equipment

 

Property and equipment at December 31, 2021 and June 30, 2021 consisted of the following:

 

    December 31,     June 30,  
    2021     2021  
             
Software   $ 1,435,875     $ 1,435,875  
Furniture     8,227       8,227  
Office equipment     30,931       24,883  
Computer equipment     324,131       330,179  
Property, plant and equipment, gross     1,799,164       1,799,164  
Less accumulated depreciation     (1,799,164 )     (1,798,453 )
Property and equipment, net   $ —     $ 711  

 

Depreciation expense on property and equipment was $711 and $0 for the six months ended December 30, 2021 and 2020, respectively. Management periodically reviews the valuation of long-lived assets, including property and equipment, for potential impairment.

 

Note 6 – Property and Equipment

 

Property and equipment at June 30, 2021 and 2020 consisted of the following:

 

    June 30,     June 30,  
    2021     2020  
             
Software   $ 1,435,875     $ —  
Furniture     8,227       —  
Office equipment     24,883       —  
Computer equipment     330,179       —  
      1,799,164       —  
Less accumulated depreciation     (1,798,453 )     —  
Property and equipment, net   $ 711     $ —  

 

Depreciation expense on property and equipment was zero for both the years ended June 30, 2021 and 2020, respectively. Management periodically reviews the valuation of long-lived assets, including property and equipment, for potential impairment. Management did not recognize any impairment of these assets during the years ended June 30, 2021 and 2020.