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NOTE 13 – ACQUISITION | 3 Months Ended
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Sep. 30, 2021
Business Combination and Asset Acquisition [Abstract] |
NOTE 13 – ACQUISITION | NOTE 13 – ACQUISITION On March 29, 2021, the Company completed the acquisition of certain assets of Rockland Management Group, located in West Yonkers. The Company used an incremental borrowing rate of 4% to value the right to use asset in connection with the assumed operating lease obligation. We made a preliminary fair value determination of the acquired assets and assumed liabilities as follows:
Fair value assets and assumed liabilities |  |  |  |
Property and equipment |  | $ | 650 |
Right to use assets |  |  | 434 |
Intangible assets |  |  | 150 |
Security Deposit |  |  | 39 |
Right to use liability |  |  | (434 | )
Goodwill |  |  | 284 |
Total purchase consideration |  | $ | 1,123 |
In accordance with ASC 805-10-25-1, Business Combinations – Overall Recognition, the Company recorded the transaction as a business combination. ASC 805-10-25-1 provides the requirements of recording the transaction by applying the acquisition method. The acquisition method requires the Company to determine if the assets and liabilities acquired are a business or not. Under ASC 805-10-25-1, it must be determined if there is a specific acquisition party, acquisition date, identifiable assets acquired and liabilities assumed and you must be able to recognized and measure goodwill or a gain from the purchase. Based upon this guidance, the acquisition had been recorded as a business combination. The net assets acquired and consideration is as follow:
Net assets acquired |  |  |  |
Leasehold Improvements |  | $ | 550 |
Diagnostic Equipment |  |  | 100 |
Customer Lists |  |  | 100 |
Covenant Not to Compete |  |  | 50 |
Security Deposit |  |  | 39 |
Closing costs - expensed |  |  | 3 |
Goodwill |  |  | 284 |
Cash Consideration Paid |  | $ | 1,126 |
The results of operations of Rockland Management Group were diminutive and did not affect the pro forma results of operations.

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- References No definition available. + Details
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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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI http://asc.fasb.org/topic&trid=2303972 + Details
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