| 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:
Summary
of Statement of Operations Acquisition
| |
|
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 |
|
| Net Revenues |
|
$ |
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:
Summary
of Statement of Operations Acquisition
| |
|
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 |
) |
| |
|
|
|
|
| Net loss attributed to common stockholders |
|
|
(1,861,639 |
) |
| Basic and Diluted (loss) per share |
|
$ |
(0.00 |
) |
| Basic and Diluted weighted average common shares outstanding |
|
|
234,953,286 |
|
|