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FINANCE RECEIVABLES | 12 Months Ended
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Jun. 30, 2014
Receivables [Abstract] |
FINANCE RECEIVABLES | 3. FINANCE RECEIVABLES Finance Receivables consist of the following:
|  | June 30, |  |  | June 30, |
|  | 2014 |  |  | 2013 |
Total finance receivables |  | $ | 472,587 |  |  | $ | 525,118 |
Less current portion |  |  | 119,793 |  |  |  | 116,444 |
Non-current portion of finance receivables |  | $ | 352,794 |  |  | $ | 408,674 |
As of June 30, 2014 and 2013, there was no allowance for credit losses of finance receivables. As the Company collects monthly payments of the receivables from the customers’ transaction funds the risk of loss was determined to be remote.
Credit Quality Indicators |
As of June 30, 2014 |
Credit risk profile based on payment activity: |  |  |
|  | Leases |
Performing |  | $ | 472,587 |
Nonperforming |  |  | - |
Total |  | $ | 472,587 |
Age Analysis of Past Due Finance Receivables |
As of June 30, 2014 |
|  | 31 – 60 |  |  | 61 – 90 |  |  | Greater than |  |  |  |  |  |  |  |  | Total |
|  | Days Past Due |  |  | Days Past Due |  |  | 90 Days Past Due |  |  | Total Past Due |  |  | Current |  |  | Finance Receivables |
Leases |  | $ | - |  |  | $ | 909 |  |  | $ | 378 |  |  | $ | 1,287 |  |  | $ | 471,300 |  |  | $ | 472,587 |
Total |  | $ | - |  |  | $ | 909 |  |  | $ | 378 |  |  | $ | 1,287 |  |  | $ | 471,300 |  |  | $ | 472,587 |
Age Analysis of Past Due Finance Receivables |
As of June 30, 2013 |
|  | 31 – 60 |  |  | 61 – 90 |  |  | Greater than |  |  |  |  |  |  |  |  |  |  | Total |
|  | Days Past Due |  |  | Days Past Due |  |  | 90 Days Past Due |  |  | Total Past Due |  |  | Current |  |  | Finance Receivables |
Leases |  | $ | - |  |  | $ | 814 |  |  | $ | - |  |  | $ | 814 |  |  | $ | 524,304 |  |  | $ | 525,118 |
Total |  | $ | - |  |  | $ | 814 |  |  | $ | - |  |  | $ | 814 |  |  | $ | 524,304 |  |  | $ | 525,118 |

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- Definition The entire disclosure for financing receivables. Examples of financing receivables include, but are not limited to, loans, trade accounts receivables, notes receivable, credit cards, and receivables relating to a lessor's right(s) to payment(s) from a lease other than an operating lease that is recognized as assets. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 55 -Paragraph 14 -URI http://asc.fasb.org/extlink&oid=32702940&loc=SL6953791-111525 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=35738203&loc=d3e4975-111524 + Details
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