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BUSINESS COMBINATION
9 Months Ended
Mar. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
BUSINESS COMBINATION

NOTE 9. BUSINESS COMBINATION

 

In 2021, Marygold UK entered into a Stock Purchase Agreement (“SPA”) to acquire all the issued and outstanding shares of Tiger Financial and Asset Management Limited (“Tiger”) which is an asset manager and investment advisor. The transaction closed in 2022 with an agreed purchase price of $2.9 million, subject to adjustment as provided for in the SPA. As of June 30, 2023, $0.6 million remained payable which was due on March 31, 2024, subject to downward adjustment per the terms of the SPA for an amount up to $0.6 million should existing clientele close their accounts prior to December 31, 2023. In accordance with the SPA, there was a downward adjustment of the purchase price of less than $0.1 million as a result of existing clientele closing their accounts prior to December 31, 2023. The remaining payment of $0.6 million was made in January 2024.

 

As disclosed in Note 13. Subsequent Events, the Company closed on the acquisition of Step-by-Step on April 30, 2024.