INVESTMENT IN AFFILIATES:

9 Months Ended

Mar. 31, 2017

Investments in and Advances to Affiliates, Schedule of Investments [Abstract]

INVESTMENT IN AFFILIATES

INVESTMENT IN AFFILIATES:

Empire Education Group, Inc. (EEG)

As of March 31, 2017, the Company had a 54.6% ownership interest in EEG and no remaining investment value as the Company fully impaired its investment in EEG as of December 31, 2015. The Company has not recorded any equity income or losses related to its investment in EEG subsequent to the impairment. The Company will record equity income related to the Company's investment in EEG once EEG's cumulative income exceeds its cumulative losses, measured from the date of impairment.

While the Company could be responsible for certain liabilities associated with this venture, the Company does not currently expect them to have a material impact on the Company's financial position.

The table below summarizes losses recorded by the Company related to EEG:

	For the Three Months Ended March 31,				For the Nine Months Ended March 31,
	2017		2016		2017		2016
	(Dollars in thousands)
Equity losses	$	—	$	—	$	—	$	(1,832	)
Other than temporary impairment	—		—		—		(12,954		)
Total losses related to EEG	$	—	$	—	$	—	$	(14,786	)

The table below presents the summarized Statement of Operations information for EEG:

	For the Three Months Ended March 31,					For the Nine Months Ended March 31,
	2017		2016			2017			2016
(Unaudited)	(Dollars in thousands)
Gross revenues	$	32,660	$	31,573		$	93,715		$	101,237
Gross profit	10,287		2,851			27,429			18,257
Operating income (loss)	554		(3,288		)	336			(6,578		)
Net income (loss)	425		(2,784		)	(48		)	(6,142		)