Quarterly report pursuant to Section 13 or 15(d)

Intangible Assets

v3.20.4
Intangible Assets
 6 Months Ended
Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets
7. Intangible Assets

 

Intangible assets consist of the following at December 31, 2020 and June 30, 2020. The amount of the intangible assets represents fees and expenses in connection with the development and launch of platforms used to track conversions, optimize ads, and scale online customer growth through a hybrid distribution model.

 

    December 31,     June 30,  
    2020     2020  
Intangible assets   $ -     $ 1,000,000  
Amortization of intangible assets     -       (500,000 )
Impairment of intangible assets                 -       (500,000 )
TOTAL   $ -     $ -  

 

During the quarter ending March 31, 2020, the Company determined it would be unable to generate sufficient traction from these digital assets. The Company made the decision to stop utilizing the assets.