8. Acquisition of Aquila Biolabs GmbH (Tables)

12 Months Ended

Jun. 30, 2022

8. Acquisition of Aquila Biolabs GmbH

Purchase price allocation

Fair value of assets acquired	Amount			Useful life
Current assets:
Cash and cash equivalents	$	201,100
Accounts Receivable		159,200
Inventory		187,500
Prepaid expenses and other current assets		25,400
Property, plant and equipment		40,200
Deferred tax asset		800,300
Tradename		452,300		6 years
Non-compete agreements		784,500		4 years
IPR&D		742,100		5 years
Customer relationships		252,200		9 years
Patents and other intangibles		286,200		7 years
Total assets acquired	$	3,931,000
Fair value of liabilities assumed:
Accounts payable	$	(39,300	)
Accrued expenses		(90,300	)
Other current liabilities		(59,400	)
Total liabilities assumed		(189,000	)
Total identifiable net assets		3,742,000
Fair value of consideration transferred		7,880,100
Goodwill	$	4,138,100

Pro forma information

Unaudited Consolidated Pro forma information is as follows:	Year Ended June 30, 2021
Revenues	$	10,023,200
Net loss		(4,476,500	)
Earnings per share:
Basic	$	(1.00	)
Diluted		(1.00	)