v3.25.2
Discontinued Operations Sale of Interactive Offers
 12 Months Ended
Jun. 30, 2024
Discontinued Operations Sale of Interactive Offers  
Discontinued Operations - Sale of Interactive Offers

Note 17. Discontinued Operations – Sale of Interactive Offers

 

On August 31, 2023, the Company sold Interactive offers to Amplifyir Inc. The purchase price is $1,250,000 with a provision to adjust the final purchase price based on the business being transferred to Amplifyer Inc. with a net zero working capital. In addition, the Buyer is obligated to pay the Company two-and-one-half percent (2.5%) of certain advertising revenues of Interactive for a two-year period post-closing. 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.

 

Summary of discontinued operations:

 

 

 

Years ended

June 30,

 

 

 

2024

 

 

2023

 

Discontinued Operations

 

 

 

 

 

 

Revenue

 

$158,147

 

 

$1,442,279

 

Cost of sales

 

$11,982

 

 

$446,332

 

Sales, general and administrative expenses

 

$333,168

 

 

$2,118,480

 

Depreciation and amortization

 

$-

 

 

$607,103

 

Loss from discontinued operations

 

$(187,003 )

 

$(1,729,636 )

Accounts receivable net of allowance for doubtful accounts

 

$-

 

 

$67,467

 

Fixed assets, net of accumulated depreciation

 

$-

 

 

$2,835

 

Total assets

 

$-

 

 

$1,026,043

 

Total liabilities

 

$-

 

 

$-