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Gain from Sale of Discontinued Operations (Reprints and ePrints business line) | 12 Months Ended
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Jun. 30, 2018
Discontinued Operations and Disposal Groups [Abstract] |
Gain from Sale of Discontinued Operations (Reprints and ePrints business line) |
| Note 10. | Gain from Sale of Discontinued Operations (Reprints and ePrints business line)
On June 30, 2017, we sold the intangible assets of our Reprints and ePrints business line, but specifically excluding billed accounts receivable and respective liabilities, pursuant to an Asset Purchase Agreement dated June 20, 2017. The aggregate net consideration for the sale is comprised of $450,000 paid on the closing date, and earn-out payments of 45% of gross margin over the 30 month period subsequent to the closing date. We have made a policy election to record the contingent consideration when the consideration is determined to be realizable (each 6-month period ending subsequent to the closing date), which amounted to $256,995 for the year ended June 30, 2018. The gain from sale of discontinued operations for the year ended June 30, 2017 consists of the following:
Description |  | Amount |
Net cash paid on the closing date |  | $ | 450,000 |
Less: |  |  |  |
Stock compensation - issuance of stock options |  |  | (111,374 | )
Stock compensation - modification of stock options |  |  | (82,430 | )
Legal fees |  |  | (15,000 | )
Total |  | $ | 241,196 |
The current assets and liabilities related to the Reprints and ePrints business line were $1,281,598 and $1,806,901 as of June 30, 2017. In addition, revenue and expenses from discontinued operations were as follows:
|  | Year Ended June 30, 2017 |
Revenue |  | $ | 7,936,379 |
Cost of revenue |  |  | 7,362,934 |
Income from discontinued operations |  | $ | 573,445 |

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2122178 + Details
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