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Village Tea Acquisition | 6 Months Ended
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Dec. 31, 2014
Village Tea Acquisition: |
Village Tea Acquisition | 8. Village Tea Acquisition The Company recorded goodwill as a result of its business acquisition of Village Tea Distribution Company, Inc. (“Village Acquisition”) . Goodwill is recorded when the purchase price paid for an acquisition exceeds the estimated fair value of the net identified tangible assets acquired. In the Village Acquisition , the objective was to expand the Company’s product offerings and customer base by entering into a new line of business. The Company determined the value of the goodwill by discounted projecting cash flow analysis. Based upon that analysis, the Company determined that the value of the Goodwill was $2,145,489 as follows:
Assets acquired: |  |  |
Inventory |  |  | 138,789 |
Other Capitalized costs |  |  | 49,130 |
Total |  | $ | 187,919 |
Liabilities acquired: |  |  |  |
Accrued Expenses |  | $ | 92,858 |
Amounts due to Management |  |  | 334,898 |
Non-convertible debt |  |  | 360,500 |
Other long-term obligations |  |  | 8,500 |
Total |  | $ | 796,756 |
Stockholders’ (deficit) |  | $ | (608,837) |
Value of Enterprise based on Analysis |  |  | $1,536,652
Other long-term obligations |  |  | (608,837)
Goodwill |  | $ | 2,145,489
The Company tests goodwill for impairment on a quarterly basis. At December 31, 2014, the company determined that there was no impairment.

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