Note 6 – Intangible Assets

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

Schedule of Intangible Assets 

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. A third party Business Valuation expert was hired by the Company who determined the above fair market valuations of these intangible assets acquired using standard business valuation methods.

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 $48,400 for the three months ended September 30, 2021.

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

Note 6 – Intangible Assets

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

 Schedule of Intangible Assets

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. A third party Business Valuation expert was hired by the Company who determined the above fair market valuations of these intangible assets acquired using standard business valuation methods.

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.