XML 26 R6.htm IDEA: XBRL DOCUMENT v2.4.0.8
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
12 Months Ended
Jun. 30, 2014
Jun. 30, 2013
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net Income (Loss) $ (319,819) $ 94,976
Adjustments to reconcile net income (loss) to net cash used in operating activities    
Gain on disposal of subsidiary 0 (340,743)
Non-controlling interest 0 (31,375)
Depreciation 7,582 4,607
Allowance for bad debt 0 12,700
Beneficial conversion feature expense 0 9,439
Amortization of debt issuance cost 0 1,888
Share based compensation 750 0
(Increase) decrease in current assets:    
Accounts receivable (45,661) 138,223
Advance to supplier 0 (4,900)
Inventory (283,753) (152,839)
Other current assets 2,615 0
Increase (decrease) in current liabilities:    
Accounts payable & accrued expenses 430,805 165,974
Accounts payable - related parties 0 (1,612)
Advances from customers 6,551 (9,048)
Net cash used in operating activities - continuing operations (200,931) (112,710)
Net cash used in operating activities (200,931) (112,710)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of equipment (5,060) (12,786)
Due from related party (1,000) (1,000)
Net cash used in investing activities - continuing operations (6,060) (13,786)
Net cash used in investing activities (6,060) (13,786)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from related party notes payable 20,000 0
Proceeds from notes payable & debentures 168,000 0
Net cash provided by financing activities - continuing operations 188,000 0
Net cash provided by financing activities - discontinued operations 0 63,918
Net cash provided by financing activities 188,000 63,918
NET DECREASE IN CASH & CASH EQUIVALENTS (18,990) (62,579)
CASH & CASH EQUIVALENTS, BEGINNING BALANCE 39,444 102,022
CASH & CASH EQUIVALENTS, ENDING BALANCE 20,454 39,444
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:    
Interest paid 4,301 0
Income taxes paid 6,800 0
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES:    
Series B preferred shares issued for debt and accrued interest 750  
Convertible debenture converted from notes payable and accrued interest 0 204,700
Forgiveness of accounts payable-related parties 0 75,450
Common Stock issued as loan fee 750 0
Series B preferred shares issued to acquire non-controlling interest in subsidiary 0 2,400,000
Series B preferred shares cancelled in lieu of sale of subsidiary $ 0 $ 264,382