v3.20.4

Acquisition (Tables)

6 Months Ended

Dec. 31, 2020

Business Acquisition [Line Items]

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

Classroom Technologies Solutions [Member]

Business Acquisition [Line Items]

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

The following table summarizes the allocation of the fair value of the assets as of the acquisition date through pushdown accounting.

	Assets
			Cash		$              38,836
			Accounts receivable		31,710
			Inventory		209,431
			Property and equipment		17,530
			Other assets		1,150
			Goodwill and other intangibles		46,869
			Total Assets		$             345,526
Consideration
		Notes payable to seller and related party of seller		$             164,526
		Bonus program		30,000
		Stock		151,000
				$          345,526

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- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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- Definition

Tabular disclosure of transactions that are recognized separately from the acquisition of assets and assumptions of liabilities in the business combination.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463

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