Business Combinations (Tables)

9 Months Ended

Mar. 31, 2019

Business Combinations [Abstract]

Summary of purchase price allocations at fair value

Cash	$	708,737
Accounts receivable		6,422,850
Advances to suppliers		1,803,180
Prepaid expenses and other current assets		807,645
Inventories		7,787,043
Machinery and equipment		140,868
Intangible assets		270,900
Other assets		3,404,741
Goodwill		3,158,179
Accounts payable		(3,962,670	)
Customer deposits		(3,486,150	)
Accrued expenses and other payables		(4,653,324	)
Taxes payable		(16,912	)
Purchase price	$	12,385,087

For acquisitions made on January 1, 2017:

Working Capital	$	941,192
Machinery and equipment		222,875
Intangible assets		1440
Goodwill		684,400
Customer Relationship		522,028
Non-compete Agreement		392,852
Purchase price	$	2,764,787

Working Capital	$	1,175,696
Intangible assets		893,780
Customer  Relationship		682,604
Non-compete Agreement		211,176
Goodwill		536,819
Total Asset	$	2,606,296

Summary of purchase consideration paid for VIE

Cash	$	5,568,500
Convertible notes		6,671,769
Derivative liability		144,818
	$	12,385,087

Cash	$	1,201,888
Convertible notes		1,559,350
Derivative liability		3,549
	$	2,764,787

Cash	$	459,900
Interest Payable		82,782
Convertible notes		1,719,336
Derivative liability		13,312
Total Payback	$	2,275,330
Net Loss		(330,966	)