v3.21.2

Acquisition

3 Months Ended

Sep. 30, 2021

Business Combinations [Abstract]

Acquisition

Note 12 - Acquisition

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

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