Annual report pursuant to Section 13 and 15(d)

Inventories

v3.22.2.2
Inventories
 12 Months Ended
Jun. 30, 2022
Inventory Disclosure [Abstract]  
Inventories
6. Inventories ● Inventories consists of the following at June 30, 2022 and 2021.

 

   

June 30,

2022

    

June 30,

2021

  
             
Finished Goods-ice cream   $ 165,470     $ 338,369  
Raw materials - ingredients     82,625       14,760  
Packaging     83,436       59,010  
Allowance for unsaleable product    
 
       (24,403 )
TOTAL   $ 331,531     $ 387,736  

 

      Inventories are stated at the lower of cost (FIFO) or net realizable value. The Company periodically reviews the value of items in inventory and provides write-downs or write-offs of inventory based on its assessment of market conditions and the products relative shelf life. Write-downs and write-offs are charged to loss on inventory write down.