Discontinued Operations - Sale of E-Core (Tables)
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12 Months Ended |
Jun. 30, 2024 |
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| Discontinued Operations - Sale of E-Core |
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| Schedule of fair value of consideration |
Cash | | $ | 100,000 | | Cash payment, 120 days | | | 3,000,000 | | Note payable | | | 5,189,718 | | Note payable 2 | | | 4,684,029 | | Convertible note payable, convertible at $4.81 per common share | | | 2,418,860 | | Common stock, 1,247,402 shares valued at $4.81 per common share, the calculated closing price on October 21, 2022 | | | 6,000,000 | | | | $ | 21,039,765 | | | | | | | Recognized amounts of identifiable assets acquired, and liabilities assumed: | | | | | | | | | | Cash | | $ | 1,014,610 | | Accounts receivable | | | 6,699,945 | | Inventory | | | 7,750,011 | | Prepaid expenses | | | 75,721 | | Trade name | | | 1,727,249 | | Customer relationships | | | 5,080,305 | | Accrued liabilities | | | (192,051 | ) | Line of credit | | | (7,201,079 | ) | Total identifiable net assets | | $ | 14,635,673 | | Goodwill | | $ | 6,404,092 | |
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| Schedule of Discontinued Operations - Sale of E-Core |
| | Years ended June 30, | | | | 2024 | | | 2023 | | Discontinued Operations | | | | | | | Revenue | | $ | 8,707,268 | | | $ | 36,623,864 | | Cost of sales | | $ | 2,051,854 | | | $ | 30,334,483 | | Sales, general and administrative expenses | | $ | 6,076,257 | | | $ | 4,026,910 | | Depreciation and amortization | | $ | 425,263 | | | $ | 1,144,313 | | Other expenses | | $ | (59,742 | ) | | $ | 37,824 | | Income from discontinued operations | | $ | 213,636 | | | $ | 1,080,379 | | Accounts receivable net of allowance for doubtful accounts | | $ | - | | | $ | 5,796,903 | | Fixed assets, net of accumulated depreciation | | $ | - | | | $ | - | | Total assets | | $ | - | | | $ | 22,400,484 | | Total liabilities | | $ | - | | | $ | 3,401,983 | |
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| Schedule of fair value of consideration paid |
Acquisition payable, paid August 5, 2024 | | $ | 2,000.000 | | Assumption of debt and accrued interest | | | 10,636,309 | | | | $ | 12,636,309 | | | | | | | Recognized amounts of identifiable assets, liabilities and intangible assets transferred: | | | | | | | | | | Cash | | $ | 51,976 | | Accounts receivable | | | 5,301,212 | | Inventory | | | 1,870,687 | | Prepaid expenses | | | 56,476 | | Fixed assets | | | - | | Liabilities | | | (3,428,549 | ) | Total identifiable assets | | | 3,851,802 | | Total goodwill and intangible assets | | | 10,521,833 | | Total assets transferred | | | 14,373,635 | | Purchase price | | $ | 12,636,309 | | Loss on sale of E-core | | $ | 1,737,326 | |
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