NOTE 19 - BUSINESS COMBINATIONS

12 Months Ended

Jun. 30, 2019

Business Combinations [Abstract]

NOTE 19 - BUSINESS COMBINATIONS

FONAR CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

JUNE 30, 2019, 2018 and 2017

NOTE 19 – BUSINESS COMBINATIONS

Acquisitions

On June 15, 2017, the Company purchased 100% interest in Turnkey Equipment Management of Great Neck, LLC. The consideration and net assets acquired is as follows: 

Cash Paid	$	1,312,769
Security deposit		23,775
Total Consideration		1,336,544
Net assets at Fair Value		731,582
Goodwill	$	604,962

On March 20, 2017, the Company purchased 100% interest in Radwell Leasing LLC and Radwell LLC. The net assets acquired and consideration is as follows:

Diagnostic Equipment	$	544,375
Leasehold Improvements		126,237
Total Net Assets Acquired	$	670,612
Stock issued as consideration	$	791,210
Less cash received - Net		(120,598	)
Total Consideration	$	670,612

Pro forma Results

The results of operations of Radwell Leasing LLC, Radwell LLC and Turnkey Equipment of Great Neck LLC were diminutive and did not affect the proforma results of operations.