Acquisition of Concepts and Solutions (Tables)

9 Months Ended

Mar. 31, 2020

Long-term Note Payable to Related Party - 3

Schedule of assets and liabilities as of the acquisition date through pushdown accounting

The following table summarizes the preliminary allocation of the fair value of the assets and liabilities as of the acquisition date through pushdown accounting. The preliminary allocation to certain assets and/or liabilities may be adjusted by material amounts as the Company finalizes fair value estimates.

Assets
	Cash	$          201,161
	Accounts receivable	1,165,953
	Inventory	94,360
	Property and equipment	20,904
	Other assets	2,800
	Goodwill and other intangibles	3,760,287
	Total Assets	5,245,465
Liabilities
	Accounts payable	1,225,734
	Accrued expenses	783,540
	Short-term debt	96,941
	Deferred revenue	518,900
	Total Liabilities	2,625,115
	Net Assets	$       2,620,350
Consideration
	Fair value of anti-dilution clause in employment agreement	$          235,350
	Note payable to seller	900,000
	Stock	1,485,000
		$       2,620,350