General form of registration statement for all companies including face-amount certificate companies

Nature of Operations and Summary of Significant Accounting and Reporting Policies (Tables)

v3.19.3.a.u2
Nature of Operations and Summary of Significant Accounting and Reporting Policies (Tables)
3 Months Ended 12 Months Ended
Sep. 30, 2019
Jun. 30, 2019
Accounting Policies [Abstract]    
Schedule of Translation Exchange Rates

As of September 30, 2019 and June 30, 2019, the exchange rates used to translate amounts in Australian dollars into USD for the purposes of preparing the consolidated financial statements were as follows:

 

    September 30, 2019     June 30, 2019  
Exchange rate on balance sheet dates                
USD : AUD exchange rate     0.6746       0.7153  
                 
Average exchange rate for the period                
USD : AUD exchange rate     0.6856       0.7009  

As of June 30, 2019 and 2018, the exchange rates used to translate amounts in Australian dollars into USD for the purposes of preparing the consolidated financial statements were as follows:

 

    June 30, 2019     June 30, 2018  
Exchange rate on balance sheet dates                
USD : AUD exchange rate     0.7153       0.7399  
                 
Average exchange rate for the period                
USD : AUD exchange rate     0.7009       0.7753  

Schedule of Change in Accumulated Other Comprehensive Income (Loss)

Change in Accumulated Other Comprehensive Income (Loss) by component during the three months ended September 30, 2019 was as follows:

 

    Foreign
Currency Items:
 
Beginning balance, June 30, 2019   $ 1,066,998  
Foreign currency translation gain     563,687  
Ending balance, September 30, 2019   $ 1,630,685  

Change in Accumulated Other Comprehensive Income (Loss) by component during the years ended June 30, 2019 and 2018 was as follows:

 

    Foreign
Currency Items:
 
Beginning balance, June 30, 2017   $ (141,749 )
Foreign currency translation gain     499,678  
Balance, June 30, 2018     357,929  
Foreign currency translation gain     709,069  
Ending balance, June 30, 2019   $ 1,066,998  

Schedule of Property and Equipment Estimated Useful Lives  

The estimated useful lives are as follows:

 

Machinery and equipment - 5 years
Furniture - 7 years