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ACQUISITION (Tables)
9 Months Ended
Mar. 31, 2023
ACQUISITION  
summary of the estimated fair values of acquisition costs

Consideration Paid – Fair Value

 

 

 

 

 

 

Acquisition costs – Cash

 

 

 

 

$3,500

 

Stock issued:

 

 

 

 

 

 

 

Number of Shares issued:

 

 

1,400,000

 

 

 

 

 

Value per share

 

$0.15

 

 

 

 

 

Total stock fair value

 

 

 

 

 

 

210

 

Total consideration

 

 

 

 

 

$3,710

 

Consideration Paid – Fair Value

 

 

 

 

 

 

Debt acquisition costs – Cash

 

 

 

 

$2,000

 

Debt acquisition cost -1,500,000 common stock purchase warrants

 

 

 

 

 

687

 

Stock issued:

 

 

 

 

 

 

 

Number of Shares:

 

 

3,200,000

 

 

 

 

 

Value per share

 

$0.15

 

 

 

 

 

Total stock fair value

 

 

 

 

 

 

496

 

Total consideration

 

 

 

 

 

$3,183

 

summary of the estimated fair values of the assets acquired and liabilities

Tangible assets acquired:

 

 

 

Cash

 

$292

 

Inventory

 

 

245

 

Accounts receivable

 

 

78

 

Prepaid expenses and other assets

 

 

326

 

Total assets acquired

 

 

941

 

 

 

 

 

 

Assumed liabilities

 

 

 

 

Contract liabilities

 

 

(2,257 )

Total liabilities assumed

 

 

(2,257 )

Net tangible assets/(liabilities)

 

 

(1,316 )

Tangible assets acquired:

 

 

 

Cash

 

$322

 

Inventory

 

 

4,707

 

Accounts receivable

 

 

886

 

Prepaid expenses and other assets

 

 

968

 

Property and equipment

 

 

81

 

Security deposits

 

 

63

 

Deferred income taxes

 

 

45

 

Total assets acquired

 

 

7,072

 

 

 

 

 

 

Assumed liabilities

 

 

 

 

Accounts payable and accrued liabilities

 

 

(8,883 )

Contract liabilities

 

 

(970 )

Income tax payable

 

 

(41 )

Total liabilities assumed

 

 

(9,894 )

Net tangible assets/liabilities

 

 

(2,822 )

Intangible assets acquired:

 

 

 

Tradename – trademarks, brand (indefinite life)

 

 

990

 

Customer base/distributors (expected 5 years)

 

 

1,184

 

Non-competes (expected 4 years)

 

 

64

 

Total intangible assets acquired

 

 

2,238

 

Goodwill

 

 

3,767

 

 

 

 

 

 

Total Net asset acquired

 

$

3,183

 

Schedule Of supplemental consolidated financial results of the Company

 

 

Three months ended

March 31,

 

 

Nine months ended

March 31,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Revenue

 

$3,905

 

 

$8,378

 

 

$12,420

 

 

$30,370

 

Net loss from operations

 

$(2,106 )

 

$(4,449 )

 

$(10,150 )

 

$(17,368 )

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of common shares used in per share calculations

 

 

51,407,420

 

 

 

44,001,312

 

 

 

48,658,858

 

 

 

44,000,431

 

Basic and Diluted Loss Per Common Share

 

$(0.04 )

 

$(0.10 )

 

$(0.21 )

 

$(0.39 )
Schedule Of net assets on acquisition

 

 

March 10,

2022

 

 

 

 

 

Cash and cash equivalent

 

$8

 

Inventory

 

 

8

 

Prepaid expenses

 

 

69

 

Recoverable value added tax

 

 

21

 

Intangible assets

 

 

68

 

Accounts payable and accrued liabilities

 

 

(33 )

Advances and accounts payable, related party

 

 

(8 )

Loan payable, related party

 

 

(158 )

Net assets 

 

 

(25 )

Consideration: Cash purchase

 

 

28

 

Additions to intangible assets

 

$53