10. ASSETS & LIABILITIES OF SUBSIDIARY HELD FOR SALE

9 Months Ended

Mar. 31, 2015

Property, Plant and Equipment [Abstract]

ASSETS & LIABILITIES OF SUBSIDIARY HELD FOR SALE

On February 26, 2015, Concierge Technologies, Inc. (the “Corporation”), a Nevada corporation, entered into a Stock Redemption Agreement with two of its shareholders (the “Shareholders”) and its wholly-owned subsidiary Wireless Village, Inc. dba Janus Cam (“Janus Cam”), a Nevada corporation (the “Agreement”) whereby the Corporation will redeem and cancel 68,000,000 shares of the Corporation’s common stock held by the Shareholders in exchange for all of the outstanding shares of common stock of Janus Cam held by the Corporation and the forgiveness of certain “Inter-Company Debt” of $300,000 advanced to Janus Cam by the Corporation (the “Transaction”).  At the closing of the Transaction, Janus Cam will no longer be affiliated with or a subsidiary of the Corporation and will instead be under the control of the Shareholders. On May 7, 2015, the Company completed the closing of the transaction.

Assets of subsidiary held for sale consisted of the following as of March 31, 2015 and June 30, 2014:

		March 31, 2015		June 30, 2014
Cash and cash equivalents	$	120,691	$	4,723
Accounts receivable, net		82,267		159,048
Due from related party		144,391		12,084
Inventory, net		227,875		474,034
Pre-Paid inventory, advance to supplier		195,685		-
Payroll advance		1,935		2,285
Current assets of subsidiary	$	772,844	$	652,173
Security deposits		11,222		11,222
Equipment		2,483		2,483
Network/office equipment		34,589		33,488
Accumulated depreciation		(29,192)		(23,515)
Non-Current assets of subsidiary	$	19,102	$	23,678

Due from Related Party

Notes receivable from related party to Janus Cam is comprised of two notes of $5,000 each. The principal of these notes were due and payable on or before May 1, 2012. The notes are unsecured and non-interest bearing until maturity, after which time interest is calculated at 10% per annum. Total interest due to Janus Cam as of March 31, 2015 was $2,835. The interest and the principal due Janus Cam was eliminated from the consolidated balance sheet and included in the total of assets of subsidiary held for sale.

On October 6, 2014 the Company suspended the salaries of Janus Cam executive management until such time as negotiations resulted in a new rate of pay as provided for under applicable employment contracts. During the nine-month period ended March 31, 2015 Janus Cam agreed to loan funds to them that, in the aggregate, totaled less than their previous salaries and such loans would be applied as an offset to their salaries once reinstated. As of March 31, 2015 Janus Cam has loaned a total of $131,556 interest-free to the management which is due upon reinstatement and calculation of salaries under their respective employment agreements.

Depreciation expense for subsidiary held for sale amounted to $5,677 and $5,500 for the nine-month periods ended March 31, 2015 and 2014, respectively.

Liabilities of Janus Cam, subsidiary held for sale, consisted of the following:

	March 31, 2015		June 30, 2014
Accounts payable	$	348,705	$	596,009
Sales tax liability		5,926		1,181
Accrued interest		663		-
CA income tax provision		-		24,727
Payroll taxes payable		-		55,453
Total Accrued Expenses		355,294	$	677,370
Customer advances	$	151,286	$	6,752
Notes payable-related parties		-		10,000
Notes payable		-		50,000
Total liabilities of subsidiary	$	506,580	$	744,122