ACQUISITIION AND INTANGIBLE ASSETS

6 Months Ended

Dec. 31, 2021

ACQUISITIION AND INTANGIBLE ASSETS

ACQUISITIION AND INTANGIBLE ASSETS

NOTE 3 ACQUISITIION AND INTANGIBLE ASSETS

On July 15, 2021, the Company acquired the assets of Paleo Scavenger, LLC (Paleo) for $10,000. Paleo owns the Within / Without Granola (“WWG”) brand. The purchase price includes the WWG trademarks, brands, books, records, intellectual property, commercial sales channel, customer lists and manufacturing rights. WWG ceased operations in early 2021. As of December 31, 2021, the Company has not restarted operations.

The purchase price has been allocated to the net assets acquired based upon their estimated fair values as follows:

WWG Trademark		1,000
Commercial Sales Channel		2,000
Customer List		5,000
Other Intellectual Property		2,000
Total	$	10,000

The fair value of the Intangible assets: commercial sales channel, customer list and other intangible assets was calculated using the net present value of the projected gross profit to be generated over the next 36 months beginning on July 15, 2021 with quarterly amortization of $750. The WWG Trademark was deemed to have an indefinite life and will be evaluated for impairment on an annual basis. Amortization expense amounted to $750 and $1,375 for the three and six months ended December 31, 2021, respectively, in the accompanying statements of operations.

Proforma information has not been presented as it has been deemed immaterial.