Note 16 - Subsequent Events

12 Months Ended

Jun. 30, 2020

Notes to Financial Statements

Subsequent Events [Text Block]

NOTE 16. SUBSEQUENT EVENTS

The Company evaluated subsequent events for recognition and disclosure through the date the financial statements were issued or filed. Nothing has occurred outside normal operations since that required recognition or disclosure in these financial statements other than the items noted below.

On

July 1, 2020,

our wholly owned subsidiary in New Zealand, Gourmet Foods, acquired Printstock Products Ltd., a printer of food wrappers based in Napier, New Zealand. The primary reason for the acquisition was to diversify our portfolio of operating companies and to improve profitability through vertical integration of the supply chain with Gourmet Foods, as Printstock Products provides a significant amount of packaging used by Gourmet Foods. The purchase price was

NZ$1.9M

(approximately

US$1.2

million), to be paid in cash in staged payments. As of

June 30, 2020

 the other current assets of the Company as listed on the Consolidated Balance Sheets included

NZ$190,000

(approximately

US$122,111

) a non-refundable deposit against the purchase price. This amount was remitted to the sellers of Printstock in connection with the purchase price consideration paid on

July 1, 2020,

which totaled

NZ$1.5

 million, or approximately

US$964,035.

 Concierge entered into a loan agreement to fund Gourmet Foods up to

NZ$1.1M

(approximately

US$707,000

) to be used for the acquisition and on-boarding of Printstock. As of

September 28, 2020,

Concierge has advanced Gourmet Foods approximately

US$450,000.

The final payment of

NZ$400,000

is due on

September 30, 2020,

subject to adjustment depending on collection of acquired accounts receivable, undisclosed liabilities and other such criteria that

may

have affected the value of the assets acquired. As of

September 28, 2020,

management is continuing to evaluate the fair market value of the acquired fixed assets as well awaiting final determination of the assumed receivables and liabilities that will affect the final purchase price. As a result, the Company has

not

yet completed its purchase price allocation or the resulting calculations necessary to present pro forma financial information. These items will be included in subsequent periodic filings when the accounting for the acquisition is complete.