Deconsolidation of Former French Subsidiary (TAAG) (Tables)
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12 Months Ended |
Jun. 30, 2015 |
Discontinued Operations and Disposal Groups [Abstract] |
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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 | |
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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 | |
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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) | |
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