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SUBSEQUENT EVENTS
9 Months Ended
Mar. 31, 2024
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

NOTE 13. SUBSEQUENT EVENTS

 

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

 

On January 31, 2024, Marygold UK entered into a Share Purchase Agreement (“SPA”) to acquire all the issued and outstanding shares of Step-by-Step Financial Planners Limited (“Step-by-Step”), subject to certain closing conditions and regulatory approval. The transaction closed on April 30, 2024 with an agreed purchase price of approximately $1.1 million, subject to adjustment as provided for in the SPA. On April 30, 2024, Marygold UK paid $0.7 million upon the closing and the remaining approximately $0.4 million owed will be payable in two subsequent payments as provided in the SPA. The Company is still evaluating total accounting consideration and the purchase price allocation has not been completed as of the date of this report. Step-by-Step is an asset manager and investment advisor based in Staffordshire, England with approximately $35 million in assets under management. Step-by-Step will be operated as a subsidiary of Marygold UK. In addition to growing the business through increasing assets under management, Marygold UK intends to project the fintech mobile app services offered in the U.S. into the U.K. through the established contacts and certifications held by Step-by-Step.