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Deconsolidation of Former French Subsidiary (TAAG) (Tables)
12 Months Ended
Jun. 30, 2015
Discontinued Operations and Disposal Groups [Abstract]  
Disposal Groups, Including Discontinued Operations
The gain from deconsolidation of former French subsidiary consists of the following:
 
Description
 
Amount
 
Current assets
 
$
(1,239,713)
 
Property and equipment, net
 
 
(359,677)
 
Noncurrent assets
 
 
(499,070)
 
Current liabilities
 
 
3,606,310
 
Long term liabilities
 
 
95,051
 
Accumulated other comprehensive income
 
 
108,847
 
Total
 
$
1,711,748
 
Schedule Of Disposal Groups Including Discontinued Operations Balance Sheet
The carrying amounts of the major classes of assets and liabilities associated with discontinued operations as of June 30, 2014 were as follows:
 
Assets
 
 
 
 
Current assets:
 
 
 
 
Cash and cash equivalents
 
$
191,259
 
Accounts receivable:
 
 
 
 
Trade receivables, net of allowance
 
 
746,685
 
Due from factor
 
 
116,762
 
Inventory
 
 
192,245
 
Prepaid expenses and other current assets
 
 
234,232
 
Total current assets of discontinued operations
 
 
1,481,183
 
 
 
 
 
 
Other assets:
 
 
 
 
Property and equipment, net of accumulated depreciation
 
 
418,460
 
Deposits and other assets
 
 
453,752
 
Total non-current assets of discontinued operations
 
 
872,212
 
Total assets of discontinued operations
 
$
2,353,395
 
 
 
 
 
 
Liabilities
 
 
 
 
Current liabilities:
 
 
 
 
Accounts payable and accrued expenses
 
$
2,960,378
 
Capital lease obligations, current
 
 
324,802
 
Notes payable, current
 
 
11,601
 
Deferred revenue
 
 
158,359
 
Other liability
 
 
143,304
 
Total current liabilities of discontinued operations
 
 
3,598,444
 
 
 
 
 
 
Long term liabilities:
 
 
 
 
Capital lease obligations, long term
 
 
113,415
 
Total long term liabilities of discontinued operations
 
 
113,415
 
Total liabilities of discontinued operations
 
$
3,711,859
 
Schedule Of Disposal Groups Including Discontinued Operations Income Statement
Revenue and expenses from discontinued operations were as follows:
 
 
 
Years Ended
 
 
 
June 30,
 
 
 
2015
 
2014
 
 
 
 
 
 
 
 
 
Revenue
 
$
1,164,314
 
$
8,067,735
 
Cost of revenue
 
 
849,174
 
 
5,174,950
 
Gross profit
 
 
315,140
 
 
2,892,785
 
 
 
 
 
 
 
 
 
Operating expenses:
 
 
 
 
 
 
 
Selling, general and administrative
 
 
660,500
 
 
3,345,221
 
Depreciation and amortization
 
 
44,027
 
 
287,744
 
Total operating expenses
 
 
704,527
 
 
3,632,965
 
Loss from discontinued operations before other income (expenses)
 
 
(389,387)
 
 
(740,180)
 
 
 
 
 
 
 
 
 
Other income (expenses):
 
 
 
 
 
 
 
Interest expense
 
 
(5,957)
 
 
(42,106)
 
 
 
 
 
 
 
 
 
Loss from discontinued operations
 
$
(395,344)
 
$
(782,286)