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

Intangible Assets

v3.22.1
Intangible Assets
6 Months Ended 12 Months Ended
Dec. 31, 2021
Jun. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]    
Intangible Assets

Note 6 – Intangible Assets

 

Intangible assets at December 31, 2021 and June 30, 2021 consisted of the following:

 

    December 31,     June 30,  
    2021     2021  
             
Intellectual Property   $ 2,365,000     $ 2,365,000  
Customer Relationships     66,000       66,000  
Tradename     473,000       473,000  
Accumulated Amortization     (96,800 )    
Intangible Assets   $ 2,807,200     $ 2,904,000  

 

The Company acquired the above intangible assets in connection with its acquisition of the Group from Rennova on June 25, 2021, in exchange for certain Preferred Stock and other consideration as explained in Note 1 above.

 

 

Management of the Company has determined the above intangible assets have a fifteen-year life and started amortizing them in fiscal 2022. Amortization expense amounted to $96,800 for the six months ended December 31, 2021.

 

Amortization for these intangible assets shall amount to $193,600 per year for the next fifteen years.

 

Note 7 – Intangible Assets

 

Intangible assets at June 30, 2021 and 2020 consisted of the following:

 

    June 30,     June 30,  
    2021     2020  
             
Intellectual Property   $ 2,365,000     $  
Customer Relationships     66,000        
Tradename     473,000        
Accumulated Amortization              
Intangible Assets   $ 2,904,000     $  

 

The Company acquired the above intangible assets in connection with its acquisition of the Group from Rennova on June 25, 2021 in exchange for certain Preferred Stock and other consideration as explained in Note 1 above.

 

Management of the Company has determined the above intangible assets have a fifteen-year life and will start amortizing them in fiscal 2022.

 

Amortization of these intangible assets shall amount to $193,600 per year for the next fifteen years.