DISCONTINUED OPERATIONS

9 Months Ended

Mar. 31, 2014

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 to this presentation.

The assets and liabilities related to the transfer agency business are as follows at March 31, 2014:

	As of March 31, 2014
Liabilities
Other accrued expenses	$	45,636
Total liabilities held related to discontinued operations	$	45,636

The components of loss from discontinued operations were as follows for the three and nine months ended March 31, 2014 and 2013:

	Nine Months Ended March 31,						Three Months Ended March 31,
	2014			2013			2014			2013
Operating revenue	$	528,536		$	1,036,714		$	(11,868	)	$	315,350
Operating expenses	889,285			1,234,360			(8,964		)	428,168
Loss from discontinued operations before income taxes	(360,749		)	(197,646		)	(2,904		)	(112,818		)
Income tax benefit	(122,655		)	(67,200		)	(988		)	(38,358		)
Loss from discontinued operations, net of tax	$	(238,094	)	$	(130,446	)	$	(1,916	)	$	(74,460	)