v3.3.1.900

4. DISCONTINUED OPERATIONS (Tables)

3 Months Ended

Sep. 30, 2015

Discontinued Operations Tables

Schedule of discontinued operations

Results of Discontinued Operations for the
	Three Months Ended September 30, 2015				Three Months Ended September 30, 2014
	IM Business	Infinity	Total		IM Business	Infinity	Total
Revenues	$             15,978	$                    -	$             15,978		$             96,823	$                    -	$             96,823
Operating expenses	2,525	1,257	3,782		132,436	1,478	133,914
Income (Loss) from operations	13,453	(1,257)	12,196		(35,613)	(1,478)	(37,091)
Unrealized gain (loss) on marketable securities	-	(19,979)	(19,979)		-	(28,828)	(28,828)
Loss on Divestiture	(212,563)	-	(212,563)		-	-	-
Net Income (Loss)	$         (199,110)	$           (21,236)	$         (220,346)		$           (35,613)	$           (30,306)	$           (65,919)
Assets and Liabilities of Discontinued Operations as of
	September 30, 2015				June 30, 2015
	IM Business	Infinity	Total		IM Business	Infinity	Total
Assets
Marketable securities	$                    -	$             60,792	$             60,792		$                    -	$             80,771	$             80,771
Total Current Assets	-	60,792	60,792		-	80,771	80,771
Intangible Assets	-	-	-		35,680	-	35,680
Goodwill	-	-	-		255,495	-	255,495
Total Assets of Discontinued Operations	$                    -	$             60,792	$             60,792		$           291,175	$             80,771	$           371,946
Liabilities
Accounts payable	$                    -	$             19,375	19,375		$                    -	$             19,375	19,375
Accrued expenses	-	68,989	68,989		-	67,732	67,732
Notes payable	-	50,550	50,550		-	51,550	51,550
Due to related parties	-	21,000	21,000		-	21,000	21,000
Total Liabilities of Discontinued Operations	$                    -	$           159,914	$           159,914		$                    -	$           159,657	$           159,657

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- References

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- Definition

Tabular disclosure of disposal groups, which may include the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the classification and carrying value of the assets and liabilities comprising the disposal group, and the segment in which the disposal group was reported. Also may include the amount of adjustments to amounts previously reported in discontinued operations such as resolution of contingencies arising from the disposal transaction or the operations of the component prior to disposal.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1510-107760

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e957-107759

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 45
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=8077374&loc=d3e2443-110228

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
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-Section 50
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-URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1474-107760

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1361-107760

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