XML 18 R8.htm IDEA: XBRL DOCUMENT v3.6.0.2
INVESTMENT IN AFFILIATES:
 6 Months Ended
Dec. 31, 2016
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]  
INVESTMENT IN AFFILIATES
INVESTMENT IN AFFILIATES:
     
Empire Education Group, Inc. (EEG)
 
As of December 31, 2016, the Company had a 54.6% ownership interest in EEG and no remaining investment value as the Company fully impaired its investment in EEG as of December 31, 2015. The Company has not recorded any equity losses related to its investment in EEG subsequent to the impairment. While the Company could be responsible for certain liabilities associated with this venture, the Company does not currently expect them to have a material impact on the Company's financial position.

The table below summarizes losses recorded by the Company related to EEG:
 
 
For the Three Months Ended December 31,
 
For the Six Months Ended December 31,
 
 
2016
 
2015
 
2016
 
2015
 
 
(Dollars in thousands)
Equity losses
 
$
—

 
$
(973
)
 
$
—

 
$
(1,832
)
Other than temporary impairment
 
—

 
(12,954
)
 
—

 
(12,954
)
Total losses related to EEG
 
$
—

 
$
(13,927
)
 
$
—

 
$
(14,786
)


The table below presents the summarized Statement of Operations information for EEG:
 
 
For the Three Months Ended December 31,
 
For the Six Months Ended December 31,
 
 
2016
 
2015
 
2016
 
2015
(Unaudited)
 
(Dollars in thousands)
Gross revenues
 
$
31,019

 
$
33,724

 
$
61,055

 
$
69,664

Gross profit
 
9,168

 
7,365

 
17,278

 
15,406

Operating income (loss)
 
488

 
(1,819
)
 
(219
)
 
(3,290
)
Net income (loss)
 
357

 
(1,805
)
 
(472
)
 
(3,358
)