Acquisitions (Tables)
|
3 Months Ended |
12 Months Ended |
Sep. 30, 2020 |
Jun. 30, 2020 |
| Schedule of identifiable assets and liabilities |
|
The following table presents a summary of Entertainment’s identifiable assets and liabilities at February 6, 2019, the date of the sale:
| | |
Assets
| | |
Cash | $
|
36,290 |
Property and equipment, net
| | 4,006,426
|
Receivables
| | 4,500
|
Inventories
| | 5,610
|
Other assets
| | 1,522,714
|
Total Assets
| | 5,575,540
|
Liabilities | | |
Accounts payable | | 22,424
|
Debt
| | 5,393,623
|
Accrued expenses
| | 127,481
|
Total Liabilities
| | 5,543,528
|
Net Assets
| $
| 32,012
|
Noncash consideration for net assets of Entertainment
| | 92,700
|
Gain on Sale
| $
| 60,688 | |
| 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
|
|
|
| FLCR [Member] |
|
|
| Schedule of preliminary allocation of fair value of assets and liabilities |
|
The following table summarizes the preliminary allocation of the fair value of the assets and liabilities as of the merger 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 | $ 22,205
|
Property and equipment
| 4,209,995
|
Other
| 20,716
|
Other assets
| 1,511,844
|
Goodwill
| 892,312
|
Total Assets
| 6,657,072
|
Liabilities | |
Accounts payable | 208,763
|
Long-term debt
| 4,593,851
|
Short-term debt
| 799,534
|
Accrued interest
| 78,948
|
Other
| 83,664
|
Total Liabilities
| 5,764,760
|
Net Assets
| $ 892,312
|
Consideration
| $ 58,092
|
Fair value of noncontrolling interest
| 834,220
|
| | $ 892,312 | |
| Concepts and Solutions [Member] |
|
|
| Schedule of preliminary allocation of fair value of assets and liabilities |
|
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
| |