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4. DISCONTINUED OPERATIONS
 6 Months Ended
Dec. 31, 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              
               
  Six Months Ended December 31, 2015   Six Months Ended December 31, 2014
  IM Business Infinity Total   IM Business Infinity Total
Revenues  $                 25,404  $                    -     $             25,404    $               223,963  $                    -     $           223,963
Operating expenses                       3,219                   2,509                   5,728                     264,851                   2,851               267,702
Income (Loss) from operations                     22,185                 (2,509)                 19,676                      (40,888)                 (2,851)               (43,739)
Unrealized gain (loss) on marketable securities                             -                  (33,646)               (33,646)                               -                  (10,250)               (10,250)
Loss on Divestiture                  (212,563)                        -                (212,563)                               -                           -                           -   
               
Net Income (Loss)  $              (190,378)  $           (36,155)  $         (226,533)    $                (40,888)  $           (13,101)  $           (53,989)
               
               
  Three Months Ended December 31, 2015   Three Months Ended December 31, 2014
  IM Business Infinity Total   IM Business Infinity Total
Revenues  $                   9,426  $                    -     $               9,426    $               127,140  $                    -     $           127,140
Operating expenses                          694                   1,252                   1,946                     132,415                   1,373               133,788
Income (Loss) from operations                       8,732                 (1,252)                   7,480                        (5,275)                 (1,373)                 (6,648)
Unrealized gain on marketable securities                             -                  (13,667)               (13,667)                               -                    18,578                 18,578
               
Net Income (Loss)  $                   8,732  $           (14,919)  $             (6,187)    $                  (5,275)  $             17,205  $             11,930
               
               
Assets and Liabilities of Discontinued Operations as of              
               
  December 31, 2015   June 30, 2015
  IM Business Infinity Total   IM Business Infinity Total
               
Assets              
               
Cash  $                         -     $                    -     $                    -       $                         -     $                    -     $                    -   
Prepaid expenses                             -                           -                           -                                  -                           -                           -   
Marketable securities                             -                    47,125                 47,125                               -                    80,771                 80,771
               
Total Current Assets                             -                    47,125                 47,125                               -                    80,771                 80,771
               
Intangible Assets                             -                           -                           -                          35,680                        -                    35,680
Goodwill                             -                           -                           -                        255,495                        -                  255,495
               
Total Assets of Discontinued Operations  $                         -     $             47,125  $             47,125    $               291,175  $             80,771  $           371,946
               
Liabilities              
               
Accounts payable  $                         -     $             19,375  $             19,375    $                         -     $             19,375  $             19,375
Accrued expenses                             -                    70,241                 70,241                               -                    67,732                 67,732
Notes payable                             -                    49,550                 49,550                               -                    51,550                 51,550
Due to related parties                             -                    21,000                 21,000                               -                    21,000                 21,000
               
Total Liabilities of Discontinued Operations  $                         -     $           160,166  $           160,166    $                         -     $           159,657  $           159,657

  

Notes Payable

 

Included in liabilities of discontinued operations at December 31, 2015 and June 30, 2015 are $49,550 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 six months ended December 31, 2015 and December 31, 2014 the Company incurred interest expense on notes payable of $2,509 and $2,851 respectively which is included in the Statement of Operations under income (loss) from discontinued operations.

 

Marketable Securities

 

At December 31, 2015 the fair value of marketable securities held for sale was $47,125 which included cumulative net unrealized losses of $19,285. 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.