9. ACQUISITIONS |
12 Months Ended |
|---|---|
Jun. 30, 2014 | |
| Acquisitions | |
| Acquisitions |
NextEMR/iPenMD Software:
On January 22, 2013, the Company purchased NextEMR (Electronic Medical Record) software with iPenMD software imbedded. The purpose of the software purchase was to acquire its unique electronic pen features allowing physicians to regain lost productivity during the transition from paper to electronic health records.
In accordance with the January 22, 2013 asset purchase agreement, the Company was required to issue a total of 34,834,156 shares of Common Stock. The technology asset was valued at $660,000 based on the fair market value of the stock issued and $400,016 was expensed to acquisition costs.
As of June 30, 2013, the technology asset was deemed fully impaired.
ClariDIS Corporation
On March 18, 2013, the Company acquired all of the outstanding 275,000 shares of ClariDIS Corporation (a data mining and data aggregation business) in exchange for 10,526,316 common shares of iMedicor Inc. The transaction was valued at $421,052 based upon the 10,526,316 shares exchanged having value to the stock price of $.04 on March 18, 2013 the date of closing. The acquisition value in shares was applied entirely to the technology software asset acquired. The purpose of ClariDIS was to strengthen the IT and security encryption capabilities of iMedicor's Social Health Information Exchange (HIE) Version 3.0, acquiring the upgraded version of the first healthcare industry information exchange platform to offer secure messaging services within a social/professional networking.
As of June 30, 2013, the technology asset was deemed fully impaired.
The results of operations of the acquired company ClariDIS Corporation are included in the Companys consolidated statement of operations. Total revenues were $-0- and expenses totaled $960 for the year ending June 30, 2013. There were no associated revenues or expenses for the year ending June 30, 2014. |