Acquisition of TCBM Holdings, LLC (Tables)

9 Months Ended

Mar. 31, 2020

Business Combinations [Abstract]

Schedule of Fair Value of Net Assets Acquired

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	$	-

Schedule of Assets Acquired

For certain items, the carrying value is determined to be a reasonable approximation of fair value based on information available to the Company.

Assets acquired	As of November 30, 2019
Cash	$	546,411
Inventory (i)		70,580
Property, plant and equipment (ii)		36,363
		653,354
Goodwill (iii)		1,346,646
Total purchase price	$	2,000,000

(i)	Inventories acquired were sold on March 11, 2020
(ii)	Property, plant and equipment acquired includes computers, software and other office equipment.
(iii)	Goodwill is recorded when the cost of acquired businesses exceeds the fair value of the identifiable net assets acquired.

Schedule of Goodwill

The changes in the carrying amount of goodwill for the period from November 30, 2019 through March 31, 2020 were as follows:

Balance as of November 30, 2019	$	1,346,646
Additions and adjustments		-
Balance as of March 31, 2020	$	1,346,646