Note 6 - Non-controlling Interest

6 Months Ended

Dec. 31, 2015

Notes

Note 6 - Non-controlling Interest

NOTE 6 – NON-CONTROLLING INTEREST

During 2015, the Company entered into a joint venture to create Crown Mobile. During the quarter ended December 31, 2015, the Company disposed of its interest in Crown Mobile. Crown Mobile was in the business of selling mobile phones and sim cards and generated revenues of $2,271 and $4,876 during the three and six months ended December 31, 2015, respectively. The Company owned 50% of the joint venture while two other owners owned 35% and 15%, respectively. Based on the authoritative guidance of the FASB on consolidation, the Company determined it should include Crown Mobile in its consolidated financial statements as a subsidiary since the Company has a controlling financial interest and directed the operating activities of Crown Mobile. The non-controlling interest represents the minority stockholders’ share of 50% of the equity of Crown Mobile. On December 15, 2015, the Board of Directors of the Company approved the sale of the Company’s interest in Crown Mobile for $25,000, which approximated the Company’s basis in Crown Mobile on that date.

The table below reflects a reconciliation of the equity attributable to non-controlling interest:

		For the Six Months Ended December 31, 2015
Beginning balance, June 30, 2015	$	5,442
Net loss attributable to non-controlling interest		(8,088)
Ending balance, December 31, 2015	$	(2,646)