Note 6 - Non-controlling Interest

12 Months Ended

Jun. 30, 2016

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 year ended June 30, 2016, 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 $4,876 during the year ended June 30, 2016, 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 Year Ended June 30, 2016
Beginning balance, June 30, 2015	$	5,442
Net loss attributable to non-controlling interest		(9,942)
Reclassification of non-controlling interest		4,500
Ending balance, June 30, 2016	$	-