Quarterly report pursuant to Section 13 or 15(d)

Discontinued Operations

v2.4.1.9
Discontinued Operations
 9 Months Ended
Mar. 31, 2015
Discontinued Operations and Disposal Groups [Abstract]  
Discontinued Operations

NOTE 16 – DISCONTINUED OPERATIONS

 

On March 31, 2014, the Company sold 100% of its stock in Vroozi, Inc. for a purchase price of $2,716,050 consisting of $1,810,700 cash, a $452,675 non-interest bearing note receivable due September 30, 2014, and a $452,675 non-interest bearing note receivable due upon the occurrence of future events. The $452,675 note that was contingent on the occurrence of future events was not included in the gain calculation due to the uncertainty that the future events would occur. The Company received the $452,675 that was due on September 30, 2014. The future events did not occur before the deadline of March 31, 2015.