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Discontinued Operations - Sale of VitaMedica | 9 Months Ended | 12 Months Ended
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Mar. 31, 2025 | Jun. 30, 2024
Discontinued Operations - Sale of VitaMedica |  |
Discontinued Operations - Sale of VitaMedica | Note 17. Discontinued Operations – Sale of VitaMedica On June 13, 2024, the Company sold VitaMedica, Inc. to three investors and had an effective day of June 1, 2024. One of the minority interest investors is Allan Marshall, the Company’s Chief Executive Officer. The purchase price for the stock was $6,000,000, subject to certain customary post-closing adjustments. In addition, the Buyers are obligated to pay the Company for services provided according to the Transition Services Agreement. Accordingly, the results of the business were classified as discontinued operations in our statements of operations and excluded both continuing operations for all periods presented. Discontinued operations of VitaMedica excluded in the condensed consolidated financial statements for the three and nine months ended March 31, 2024 are as follows:
|  | Three Months Ended |  |  | Nine Months Ended |
|  | March 31, 2024 |  |  | March 31, 2024 |
Discontinued Operations |  |  |  |  |  |
Revenue |  | $ | 2,673,744 |  |  | $ | 6,708,021 |
Cost of sales |  | $ | 587,142 |  |  | $ | 1,480,486 |
Sales, general and administrative expenses |  | $ | 1,888,490 |  |  | $ | 4,694,350 |
Depreciation and amortization |  | $ | 115,896 |  |  | $ | 353,646 |
Income (loss) from discontinued operations |  | $ | 81,978 |  |  | $ | 239,908 |
Accounts receivable net of allowance for doubtful accounts |  | $ | 444,730 |  |  | $ | 444,730 |
Fixed assets, net of accumulated depreciation |  | $ | 54,791 |  |  | $ | 54,791 |
Total assets |  | $ | 4,901,950 |  |  | $ | 4,901,950 |
Total liabilities |  | $ | 403,460 |  |  | $ | 403,460 |
| Note 18. Discontinued Operations – Sale of VitaMedica On June 13, 2024, the Company sold VitaMedica, Inc. to three investors and had an effective day of June 1, 2024. One of the minority interest investors is Allan Marshall, the Company’s Chief Executive Officer. The purchase price for the stock was $6,000,000, subject to certain customary post-closing adjustments. In addition, the Buyers are obligated to pay the Company for services provided according to the Transition Services Agreement. Accordingly, the results of the business were classified as discontinued operations in our statements of operations and excluded from both continuing operations and segment results for all periods presented. Discontinued operations of VitaMedica included in the consolidated financial statements ended June 30, 2024 are for the period from July 1, 2023 to May 31, 2024. Summary of discontinued operations:
|  | Years ended June 30, |
|  | 2024 |  |  | 2023 |
Discontinued Operations |  |  |  |  |  |
Revenue |  | $ | 8,707,268 |  |  | $ | 7,610,949 |
Cost of sales |  | $ | 2,051,854 |  |  | $ | 1,362,036 |
Sales, general and administrative expenses |  | $ | 6,076,257 |  |  | $ | 5,891,301 |
Depreciation and amortization |  | $ | 425,263 |  |  | $ | 527,634 |
Other expenses |  | $ | (59,742 | ) |  | $ | 212,427 |
Income (loss) from discontinued operations |  | $ | 213,636 |  |  | $ | (382,449 | )
Accounts receivable net of allowance for doubtful accounts |  | $ | - |  |  | $ | 289,416 |
Fixed assets, net of accumulated depreciation |  | $ | - |  |  | $ | 83,840 |
Total assets |  | $ | - |  |  | $ | 4,875,757 |
Total liabilities |  | $ | - |  |  | $ |  |
Fair value of consideration the Company was paid:
Cash |  | $ | 2,100.000 |
Reduction of liabilities |  |  | 1,900,000 |
Note payable |  |  | 1,000,000 |
Working capital payment |  |  | 1,000,000 |
|  | $ | 6,000,000 |
Recognized amounts of identifiable assets, liabilities and intangible assets transferred: |  |  |  |
Cash |  | $ | 37,267 |
Accounts receivable |  |  | 416,374 |
Inventory |  |  | 1,747,150 |
Prepaid expenses |  |  | 518,280 |
Fixed assets |  |  | 111,305 |
Other assets |  |  | 184,800 |
Liabilities |  |  | (512,926 | )
Total identifiable assets |  |  | 2,502,250 |
Total goodwill and intangible assets |  |  | 1,549,212 |
Total assets transferred |  |  | 4,051,462 |
Purchase price |  | $ | 6,000,000 |
Gain on sale of VitaMedica |  | $ | 1,948,538 |

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