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

Acquisition (Tables)

v3.21.4
Acquisition (Tables)
3 Months Ended 12 Months Ended
Sep. 30, 2021
Jun. 30, 2021
Business Combination and Asset Acquisition [Abstract]    
Schedule of Assets Acquired and Liabilities Assumed in Acquisition  

Below is a summary of the assets acquired and liabilities assumed stated at fair market value on the date of acquisition:

 Schedule of Assets Acquired and Liabilities Assumed in Acquisition

    June 25, 2021  
Assets Acquired:        
Cash   $ 46  
Accounts Receivable     34,591  
Prepaid Expenses and other current assets     858  
Property and Equipment, net     711  
Intellectual Property     2,365,000  
Customer Relationships     66,000  
Tradename     473,000  
Goodwill     7,956,824  
         
Total Assets Acquired     10,897,030  
         
Liabilities Assumed        
         
Accounts payable     766,343  
Accrued Expenses     1,379,922  
Notes Payable     298,419  
         
Total Liabilities Assumed     2,444,684  
         
Net Assets Acquired   $ 8,452,346  
Summary of Statement of Operations Acquisition

The following is an unaudited summary Statement of Operations as if the acquisition of the Group had taken place on July 1, 2020:

    Year Ended
June 30, 2021
    Three Months ended September 30, 2020  
Net Revenues (including $271,524 and $84,576 from former Parent at June 30, 2021 and September 30, 2020, respectively)   $ 493,621     $ 174,941  
                 
Operating Expenses                
                 
Direct costs of revenues     7,166       390  
General and Administrative expenses     1,343,436       300,675  
Depreciation and amortization     195,055       48,400  
                 
Total Operating Expenses     1,545,657       349,465  
                 
Loss from Operations   $ (1,052,036 )   $ (174,524 )
                 
Other (Expense)     (42,103 )      
                 
Net Loss   $ (1,094,139 )   $ (174,524 )
                 
Basic and Diluted (loss) per share   $ (0.00 )   $ (0.00 )
Basic and Diluted weighted average common shares outstanding     234,953,286       234,953,286  

The following is an unaudited summary Statement of Operations as if the acquisition of the Group had taken place on July 1, 2020:

 

    Year Ended
June 30, 2021
 
       
Net Revenues (including $271,524 from former Parent)   $ 493,621  
         
Operating Expenses        
         
Direct costs of revenues     7,166  
General and Administrative expenses     1,343,436  
Depreciation and amortization     195,055  
         
Total Operating Expenses     1,545,657  
         
Loss from operations   $ (1,052,036 )
         
Other (Expense)     (42,103 )
         
Net Loss   $ (1,094,139 )
         
Basic and Diluted (loss) per share   $ (0.00 )
Basic and Diluted weighted average common shares outstanding     234,953,286