Revenue Recognition

6 Months Ended

Dec. 31, 2020

Revenue Recognition and Deferred Revenue [Abstract]

Revenue Recognition

Note 14 – Revenue Recognition

As a result of the LHE Enterprises Limited acquisition, the Company has revenue generating operations. The Company recorded contract liabilities in the amount of $1,737,106 in connection with the acquisition of LHE Enterprises Limited. For the six months ended December 31, 2020, the Company recognized approximately $117,229 as revenues in relation to these contract liabilities.

As of December 31, 2020, contract liabilities were $2,229,724, which are recorded as “Liabilities to customers” in the accompanying unaudited condensed consolidated balance sheets. Contract liabilities primarily relate to deposits received from customers where bets were not yet settled.

The following table presents revenues from contracts with customers disaggregated by revenue source:

	For the three months ended December 31, 2020		For the six months ended December 31, 2020
Online betting and casino revenues	$	1,823,579	$	1,891,791
Revenue sharing arrangements		416,609		533,996
Other services		122,005		158,798
Total	$	2,362,193	$	2,584,585

The Company has revenue sharing arrangements whereby it provides wagering services to customers, software, tools and infrastructure for the operation and maintenance of online gaming services through partner website.

The following table presents revenues from contracts with customers disaggregated by geographical area:

	For the three months ended December 31, 2020		For the six months ended December 31, 2020
United States	$	117,933	$	156,915
Foreign		2,244,260		2,427,670
Total	$	2,362,193	$	2,584,585

The Company did not have any revenues for the three and six months ended December 31, 2019.