Acquisition of TCBM Holdings, LLC

9 Months Ended

Mar. 31, 2020

Business Combinations [Abstract]

Acquisition of TCBM Holdings, LLC

NOTE C – ACQUISITION OF TCBM HOLDINGS, LLC

On November 30, 2019, the Company acquired 100% ownership of TCBM Holdings, LLC (“TCBM”) and TCBM’s two wholly owned subsidiaries, HMNRTH, LLC and 911 Help Now, LLC. The combination has been accounted for in the accompanying consolidated financial statements as an “acquisition” transaction. Accordingly, the financial position and results of operation of the Company prior to November 30, 2019 has been excluded from the accompanying consolidated financial statements. The Company acquired a 100% interest in exchange for a Convertible Promissory Note in the amount of $2,000,000.

Details regarding the book values and fair values of the net assets acquired are as follows:

	Book Value		Fair Value		Difference
	(Unaudited)		(Unaudited)		(Unaudited)
Cash	$	543,411	$	543,411	$	-
Inventory		70,580		70,580		-
Property and Equipment		36,363		36,363		-
Total	$	650,354	$	650,354	$	-