Annual report pursuant to Section 13 and 15(d)

Summary of Significant Accounting Policies (Tables)

v3.7.0.1
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Jun. 30, 2017
Accounting Policies [Abstract]  
Summary of Estimated Useful Lives of Assets

Following is the summary of estimated useful lives of the assets:

 

Category   Estimated Useful Life
     
Computer Equipment & Software 3 to 5 Years
Office furniture and equipment:   5 to 10 Years
Building   20 Years
Autos   5 Years
Assets under capital leases   3 to 10 Years
Improvements   5 to 10 Years

Schedule of Fair Value of Financial Assets Measured On Recurring Basis

Our financial assets that are measured at fair value on a recurring basis as of June 30, 2017, are as follows:

 

    Level 1     Level 2     Level 3     Total Assets  
Revenue in excess of billing - long term     -       -       5,173,538       5,173,538  
Total   $ -     $ -     $ 5,173,538     $ 5,173,538  

Schedule of Reclassifications of Revenues

Certain 2016 balances have been reclassified to conform to the 2017 presentation. Below is the table of reclassified amounts:

 

    For the Year  
    Ended June, 30 2016  
    Originally reported     Reclass  
             
Net Revenues:                
License fees   $ 6,352,441     $ 8,352,441  
Maintenance fees     13,310,591       13,310,591  
Services     32,288,229       30,037,459  
License fees - related party     1,616,138       1,616,138  
Maintenance fees - related party     365,772       365,772  
Services - related party     10,617,022       10,867,792  
Total net revenues     64,550,193       64,550,193  
Operating expenses:                
Provision for bad debts     -       237,703  
General and administrative     14,965,016       14,727,313  
      14,965,016       14,965,016