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9. Related party transactions
 9 Months Ended
Mar. 31, 2021
Related Party Transactions [Abstract]  
Related party transactions

Note 9 - Related party transactions

 

On December 1, 2018, the Company acquired certain assets and assumed liabilities from BizRight, LLC, an entity owned and managed by the founders and officers of the Company. The net assets received were recorded at their historical carrying amounts and the purchase price of $2,611,594 was recorded as payable due to related parties. The purchase price shall be paid based on the Company’s cash flow availability and bears an interest rate of 8% per annum on the outstanding amount. During the nine months ended March 31, 2021 and 2020, the Company recorded proceeds of $532,222 and $1,203,170 and payments of $150,498 and $2,476,217, respectively. As of March 31, 2021 and June 30, 2020, the outstanding amount due to related parties was $515,517 and $133,793, respectively.