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DISCONTINUED OPERATIONS
 6 Months Ended
Dec. 31, 2013
Discontinued Operations and Disposal Groups [Abstract]  
DISCONTINUED OPERATIONS
DISCONTINUED OPERATIONS
The Company’s Board of Directors formally agreed on August 23, 2013, to exit the transfer agency business so that the Company could focus more on its core strength of investment management. USSI served as transfer agent until conversion to the new transfer agent in December 2013.
The transfer agency results, together with expenses associated with discontinuing transfer agency operations, are reflected as discontinued operations in the statement of operations and are therefore excluded from continuing operations results. These expenses include approximately $65,187 of expenses related to leased equipment that will not be utilized. Comparative periods shown in the statement of operations have been adjusted to conform with this presentation.
The assets and liabilities related to the transfer agency business are as follows at December 31, 2013:
 
 
As of December 31, 2013
Assets
 
Receivables
$
19,430

Property and equipment, net
35,777

Total assets held related to discontinued operations
$
55,207

Liabilities
 
Accrued compensation
$
31,010

Other accrued expenses
81,094

Total liabilities held related to discontinued operations
$
112,104


The components of income from discontinued operations were as follows for the three and six months ended December 31, 2013 and 2012:
 
 
 
Three Months Ended December 31,
 
 
2013
 
2012
Operating revenue
 
$
226,812

 
$
356,991

Operating expenses
 
541,256

 
374,790

Loss from discontinued operations before income taxes
 
(314,444
)
 
(17,799
)
Income tax benefit
 
(106,911
)
 
(6,052
)
Loss from discontinued operations, net of tax
 
$
(207,533
)
 
$
(11,747
)


 
 
Six Months Ended December 31,
 
 
2013
 
2012
Operating revenue
 
$
540,404

 
$
721,362

Operating expenses
 
898,249

 
806,192

Loss from discontinued operations before income taxes
 
(357,845
)
 
(84,830
)
Income tax benefit
 
(121,667
)
 
(28,843
)
Loss from discontinued operations, net of tax
 
$
(236,178
)
 
$
(55,987
)