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Deconsolidation of Former French Subsidiary (TAAG)
 12 Months Ended
Jun. 30, 2016
Discontinued Operations and Disposal Groups [Abstract]  
Deconsolidation of Former French Subsidiary (TAAG)
Note 9. Deconsolidation of Former French Subsidiary (TAAG)
 
On August 18, 2014 the Board of Directors of the Company authorized management to commit to a plan to sell TAAG. The Company concluded that TAAG’s printing operations in the major geographical area of France were not aligned with the Company’s long term strategy. Accordingly, the operations of TAAG were classified as discontinued operations and comparative information for prior periods has been restated to segregate the assets, liabilities, revenue, expenses, and cash flows related to TAAG as discontinued operations. Further, the Board of Directors of the Company authorized the disposal of TAAG at a reasonable price in relation to its current fair value, and in the event such sale was not consummated by September 10, 2014, that management proceed with an insolvency filing by TAAG under French law. On September 15, 2014, the French Tribunal de Commerce appointed an Administrator for TAAG following a declaration of insolvency by our legal representative, and on October 6, 2014 TAAG entered into a judicial liquidation procedure. As a result, effective September 15, 2014, the Company relinquished control of TAAG to the Tribunal and TAAG ceased to be our subsidiary and was deconsolidated from our financial statements. 
 
The Company deconsolidated the assets, liabilities and other comprehensive income of TAAG with a resulting non-cash gain on deconsolidation of $1,711,748 recorded on the consolidated statements of operations for the year ended June 30, 2015. The gain from deconsolidation of former French subsidiary consists of the following: 
 
Description
 
Amount
 
Current assets
 
$
(1,239,713)
 
Property and equipment, net
 
 
(359,677)
 
Noncurrent assets
 
 
(499,070)
 
Current liabilities
 
 
3,606,310
 
Long term liabilities
 
 
95,051
 
Accumulated other comprehensive income
 
 
108,847
 
Total
 
$
1,711,748
 
 
In addition, comparative information for prior periods have been restated to segregate the assets, liabilities, revenue, expenses, and cash flows related to TAAG as discontinued operations. The Company has determined based on discussions with French counsel that it is remote that the Company will be liable for the unsatisfied liabilities of TAAG as a result of the insolvency process in France, and as a result, the Company has eliminated any respective liability as of June 30, 2015.
 
Revenue and expenses from discontinued operations were as follows:
 
 
 
Year Ended
 
 
 
June 30,
 
 
 
2015
 
 
 
 
 
 
Revenue
 
$
1,164,314
 
Cost of revenue
 
 
849,174
 
Gross profit
 
 
315,140
 
 
 
 
 
 
Operating expenses:
 
 
 
 
Selling, general and administrative
 
 
660,500
 
Depreciation and amortization
 
 
44,027
 
Total operating expenses
 
 
704,527
 
Loss from discontinued operations before other income (expenses)
 
 
(389,387)
 
 
 
 
 
 
Other income (expenses):
 
 
 
 
Interest expense
 
 
(5,957)
 
 
 
 
 
 
Loss from discontinued operations
 
$
(395,344)