Discontinued Operations

9 Months Ended

Mar. 31, 2012

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

Note 8:  Discontinued Operations

The Company’s wholly-owned subsidiary, XARMR Corporation (“XARMR”) sold substantially all of the assets of XARMR on January 31, 2011. Such assets included, but were not limited to, the accounts receivable, fixed assets and intellectual property constituting XARMR’s business of providing anti-terrorist barriers, security gates and gate operators for perimeter security applications, along with its investment in the joint venture B&B Roadway, LLC (“B&B Roadway”), as described in Note 15 to the consolidated financial statements in the Annual Report on Form 10-K for the year ended June 30, 2011.

The operating results for both XARMR and B&B Roadway have been aggregated and reported as discontinued operations in the Consolidated Statements of Operations, and the associated assets and liabilities are classified separately in the balance sheet. Prior periods have been reclassified to conform to the current-period presentation.

Income from discontinued operations:

Income from discontinued operations reported in the Consolidated Statements of Operations consists of the following:

	For the Nine Months Ended
	March 31,
	2012		2011
Sales	$	-	$	5,742,604
Cost of sales		-		3,729,886
Gross profit		-		2,012,718
Selling, general and administrative		(56,620)		1,098,287
Income from discontinued operations		56,620		914,431
Interest expense		-		(37,714)
Gain on sale of assets				3,544,804
Net gain on discontinued operations before income taxes		56,620		4,421,521
Income tax provision		-		(68,000)
Net gain on discontinued operations		56,620		4,353,521
Income from discontinued operations attributable to the noncontrolling interest		-		(172,836)
Income from discontinued operations attributable to common stockholders	$	56,620	$	4,180,685

Assets related to discontinued operations of $81,585 at June 30, 2011 were accounts receivable that were assigned to the Company in accordance with the Purchase Agreement, as described in Note 17 to the consolidated financial statements in the Annual Report on Form 10-K for the year ended June 30, 2011.