Transition report pursuant to Rule 13a-10 or 15d-10

Fixed assets, net

v3.21.1
Fixed assets, net
 6 Months Ended
Dec. 31, 2020
Property, Plant and Equipment [Abstract]  
Fixed assets, net

Note 7 – Fixed assets, net


Fixed assets consisted of the following:

 

As of
December 31,

As of June 30,


 2020

 

2020


 


 

Furniture and computer equipment


$

          131,300

 

$

73,048

Leasehold improvements



        1,175,556

 


85,998

 



        1,306,856

 


159,046

Less: accumulated depreciation



         (113,423)

 


(27,951)

Fixed assets, net


$

1,193,433

 

$

131,095


Depreciation expense for the six months ended December 31, 2020 and for the year ended June 30, 2020 was $240,743 and $27,951, respectively. During the six months ended December 31, 2020, we sold furniture and computer equipment for $25,561 with a cost of $191,389 and accumulated depreciation of $106,555 resulting in a $59,273 loss in the consolidated statements of operations for the six months ended December 31, 2020 related to these disposals.