Annual report pursuant to Section 13 and 15(d)

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

v3.20.2
Nature of Operations and Summary of Significant Accounting and Reporting Policies (Tables)
12 Months Ended
Jun. 30, 2020
Accounting Policies [Abstract]  
Schedule of Translation Exchange Rates

As of June 30, 2020 and 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:

 

    June 30, 2020     June 30, 2019  
Exchange rate on balance sheet dates                
USD : AUD exchange rate     0.6891       0.7153  
                 
Average exchange rate for the period                
USD : AUD exchange rate     0.6742       0.7009  
Schedule of Change in Accumulated Other Comprehensive Income (Loss)

Change in Accumulated Other Comprehensive Income (Loss) by component during the years ended June 30, 2020 and 2019 was as follows:

 

    Foreign
Currency Items:
 
Beginning balance, June 30, 2018   $ 357,929  
Foreign currency translation gain     709,069  
Balance, June 30, 2019     1,066,998  
Foreign currency translation gain     200,673  
Ending balance, June 30, 2020   $ 1,267,671  
Schedule of Property and Equipment Estimated Useful Lives

The estimated useful lives are as follows:

 

Machinery and equipment - 5 years
Furniture - 7 years