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6 Equity-method Investment in Joint Venture
 12 Months Ended
Jun. 30, 2015
Notes  
6 Equity-method Investment in Joint Venture

6                 EQUITY-METHOD INVESTMENT IN JOINT VENTURE

 

The Company accounts for its investment in API (see Note 1) under the equity method of accounting.

 

Summarized unaudited financial information for our investment in API, assuming a 100% ownership interest, is as follows:

 

 

 

June 30,

 

 

 

2015

 

 

2014

 

 Current assets

 

$

11,767

 

 

$

23,144

 

 Noncurrent assets

 

 

758,649

 

 

 

795,273

 

 Current liabilities

 

 

640,416

 

 

 

506,354

 

 Noncurrent liabilities

 

 

-

 

 

 

-

 

 Equity

 

 

130,000

 

 

 

312,063

 

Revenues

 

 

 

 

 

 

 

 

General and administrative expenses

 

 

(183,044

) 

 

 

(205,323

)

Net loss

 

$

(183,044

)

 

$

(205,323

)

 

The Company recorded a loss on investment of $93,352 and $104,715 for the years ended June 30, 2015 and 2014 respectively for its 51% (50% control right) share of API.