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4. DISCONTINUED OPERATIONS
 3 Months Ended
Sep. 30, 2015
Discontinued Operations and Disposal Groups [Abstract]  
4. DISCONTINUED OPERATIONS

The Company has included two businesses in discontinued operations; the portfolio of Internet Marketing Assets business which was divested July 30, 2015 (see note 3) and the business of Infinity which was discontinued after the share exchange with 30DC DE on September 10, 2010. Prior to the share exchange, Infinity withdrew its election to operate as a Business Development Company (“BDC”) under the Investment Company Act of 1940 (“1940 Act”). Infinity historically operated as a non-diversified, closed-end management investment company and prepared its financial statements as required by the 1940 Act. 30DC is no longer actively operating the BDC and the assets, liabilities and results of operations of Infinity’s former business are shown as discontinued operations in the Company’s financial statements subsequent to the share exchange with 30DC. Investment companies report assets at fair value and the Company has continued to report investment assets in discontinued operations on this basis.

 

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

 

Notes Payable

 

Included in liabilities of discontinued operations at September 30, 2015 and June 30, 2015 are $50,550 and $51,050 respectively in notes payable plus related accrued interest of which are all in default for lack of repayment by their due date.

 

For the three months ended September 30, 2015 and September 30, 2014 the Company incurred interest expense on notes payable of $1,257 and $1,478 respectively which is included in the Statement of Operations under income (loss) from discontinued operations.

 

Marketable Securities

 

At September 30, 2015 the fair value of marketable securities held for sale was $60,792 which included cumulative net unrealized losses of $5,618. At June 30, 2015 the fair value of marketable securities held for sale was $80,771 which included cumulative net unrealized gains of $14,361.