v3.21.1

Acquisition | 9 Months Ended
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Mar. 31, 2021
Business Combinations [Abstract] |
Acquisition | Note 14 - Acquisition Concepts and Solutions On September 4, 2019, Galaxy entered into a stock purchase agreement with Concepts and Solutions. Under the terms of the stock purchase agreement, 100% of the outstanding capital for both Concepts and Solutions was purchased by Galaxy. Concurrent with this acquisition, the Company applied pushdown accounting; therefore, the consolidated financial statements after completion of the acquisition include the assets, liabilities, and results of operations of the combined company from and after the closing date. As part of the stock purchase agreement, Galaxy issued 1,350,000 shares of common stock to the seller with a value of $1,485,000. In addition to the issuance of shares of common stock, the Company entered into three promissory notes with the seller for a total note payable of $3,000,000. Payments under the notes are subject to adjustment based on the achievement of minimum gross revenues and successful resolution of certain pre-acquisition payroll withholding tax issues of Concepts and Solutions. The Company believes future earnings goals will not be met and valued the note payable at $1,484,473. The balance of the note payable is $1,030,079 at March 31, 2021 and June 30, 2020. Management of the Company determined that a triggering event to assess the impairment of goodwill associated with the acquisition of Concepts and Solutions occurred during the year ended June 30, 2020. While there was no single event, the consideration in totality of several factors that developed during this year led management to conclude that it was more likely than not that the fair values of certain intangible assets and goodwill acquired as part of the acquisition were below their carrying amounts. See Note 4. 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, Inc. On October 15, 2020, the Company entered into an Asset Purchase Agreement, to acquire the assets of Classroom Technologies Solutions, Inc. ("Classroom Tech") for consideration of (a) paying off a secured Classroom Tech loan, not to exceed the greater of 50% of the value of the Classroom Tech assets acquired or $120,000; (b) the issuance of a promissory note in the amount of $44,526 to a Classroom Tech designee; and (c) the issuance of 10 million shares of common stock to the seller of Classroom Tech. 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 The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References No definition available. + Details
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