Discontinued Operations and Disposal Groups

3 Months Ended

Sep. 30, 2011

Discontinued Operations and Disposal Groups

Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

Note 8:  Discontinued Operations

The Company’s wholly-owned subsidiary, B&B ARMR Corporation (“B&B ARMR”) sold substantially all of the assets of B&B ARMR on January 31, 2011. Such assets included, but were not limited to, the accounts receivable, fixed assets and intellectual property constituting B&B ARMR’s business of providing anti-terrorist barriers, security gates and gate operators for perimeter security applications, along with its investment in the joint venture B&B Roadway, LLC (“B&B Roadway”), as described in Note 15 to the consolidated financial statements in the Annual Report on Form 10-K for the year ended June 30, 2011.

The operating results for both B&B ARMR and B&B Roadway have been aggregated and reported as discontinued operations in the Consolidated Statement of Operations, and the associated assets and liabilities are classified separately in the balance sheet. Prior periods have been reclassified to conform to the current-period presentation.

Income from discontinued operations:

Income from discontinued operations reported in the Consolidated Statements of Operations consists of the following:

	For the Three Months Ended September 30,
	2011		2010
Revenue:
Sales	$	-	$	2,506,800
Other revenue		-		48,674
Total Revenue		-		2,555,474
Cost of sales		-		1,659,947
Gross profit		-		895,527
Selling, general and administrative		2,426		457,094
(Loss) income from discontinued operations		(2,426)		438,433
Interest expense		-		(13,609)
Net (loss) income from discontinued operations		(2,426)		424,824
Income from discontinued operations attributable to the non-controlling interest		-		(92,271)
(Loss) income from discontinued operations attributable to common stockholders	$	(2,426)	$	332,553

Assets related to discontinued operations of $9,040 and $81,585 at September 30 and June 30, 2011, respectively, were accounts receivable that were assigned to the Company in accordance with the Purchase Agreement, as described in Note 17 to the consolidated financial statements in the Annual Report on Form 10-K for the year ended June 30, 2011.