Note 7 - Discontinued Operations

12 Months Ended

Jun. 30, 2015

Notes

Note 7 - Discontinued Operations

NOTE 7 – DISCONTINUED OPERATIONS

In December 2013, all operations in CPGL were transferred to ASHG and all operations in CPGL ceased.

On June 20, 2014, the Company sold ASHG to Ghana Journeys Limited (“Ghana Journeys”), a company owned by Stephen Abu, a former affiliate of the Company. The fair value of ASHG on the date of sale was $665,700. Ghana Journeys did not pay anything for ASHG other than assuming the remaining liabilities including the capital lease obligation. In addition, the Company issued 158,500 shares of the Company’s common stock to Ghana Journeys valued at $4.20 per share or $665,700. The Company recognized a loss on sale of ASHG of $86,822, which has been included in the discontinued operations on the statement of operations.

Since the Company no longer operates in Ghana after the sale of ASHG on June 20, 2014 and CPGL in the prior year, the operations of both subsidiaries have been classified as discontinued operations for both years presented. The loss from discontinued operations for the year ended June 30, 2015 and 2014 was $0 and $756,270, respectively as set forth below:

	For the Years Ended June 30,
	2015	2014
Professional services	$-	$24,001
Interest expense	-	165,501
Rent expense	-	4,200
Lease acquisition expenses	-	105,750
Depreciation	-	3,648
Salaries	-	104,700
Travel	-	3,950
Impairment expenses	-	256,398
Other expenses	-	1,300
Loss on sale	-	86,822
Loss from discontinued operations	$-	$756,270