Note 7 - Other Assets

9 Months Ended

Mar. 31, 2017

Notes to Financial Statements

Other Assets Disclosure [Text Block]

NOTE 7. OTHER ASSETS

Other Current Assets

Other current assets totaling

$1,389,413

as of

March

31,

2017

and

$262,084

as of

June

30,

2016

are comprised of various components as listed below.

	As of March 31,		As of June 3 0 ,
	201 7		2016
			As Adjusted
Deferred tax asset	$	-	$	19,503
Prepaid expenses		287,954		87,068
Tax receivable		941,853		-
Dividends receivable		9,606		5,513
Notes receivable		150,000		150,000
Total	$	1,389,413	$	262,084

Investments

Investments are comprised mainly of investments in ETF funds. Wainwright, from time to time, provides initial investments in the creation of ETF funds that Wainwright manages. Wainwright classifies these investments as current assets as these investments are generally sold within

one

year from the balance sheet date. Investments in which no controlling financial interest or significant influence exists are recorded at fair value with unrealized holding gains and losses included in accumulated other comprehensive income (loss) as a component of stockholders

’ equity, except for unrealized losses determined to be other-than-temporary, which are included in the condensed consolidated statements of operations and comprehensive income (loss). Investments in which no controlling financial interest exists, but significant influence exists are recorded as per the equity method of acconting. As of

March

31,

2017

and

June

30,

2016,

investments are approximately

$3.3

million and

$1

thousand, respectively.

Restricted Cash

At

March

31,

2017

Gourmet Foods had on deposit

NZ$20,000

(approximately

US$14,028)

securing a lease bond for

one

of its properties. The cash securing the bond is restricted from access or withdrawal so long as the bond remains in place. There was no bond posted by Gourmet Foods at

June

30,

2016,

thus the restricted cash amount was

zero.

Long Term Assets

Other long term assets totaling

$509,538

and

$509,538

at

March

31,

2017

and

June

30,

2016,

respectively, were attributed to Wainwright and consisted of

(i)	$ 500,000 as of March 31, 2017 and June 30, 2016 representing 10 % equity investment in a registered investment adviser accounted for on a cost basis,
(ii)	and $ 9,538 as of March 31, 2017 and June 30, 2016 in other assets.