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DISCONTINUED OPERATIONS | 6 Months Ended
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Dec. 31, 2013
Discontinued Operations and Disposal Groups [Abstract] |
DISCONTINUED OPERATIONS | D ISCONTINUED O PERATIONS The Company’s Board of Directors formally agreed on August 23, 2013, to exit the transfer agency business so that the Company could focus more on its core strength of investment management. USSI served as transfer agent until conversion to the new transfer agent in December 2013. The transfer agency results, together with expenses associated with discontinuing transfer agency operations, are reflected as discontinued operations in the statement of operations and are therefore excluded from continuing operations results. These expenses include approximately $65,187 of expenses related to leased equipment that will not be utilized. Comparative periods shown in the statement of operations have been adjusted to conform with this presentation. The assets and liabilities related to the transfer agency business are as follows at December 31, 2013:
| As of December 31, 2013
Assets |
Receivables | $ | 19,430 |
Property and equipment, net | 35,777 |
Total assets held related to discontinued operations | $ | 55,207 |
Liabilities |
Accrued compensation | $ | 31,010 |
Other accrued expenses | 81,094 |
Total liabilities held related to discontinued operations | $ | 112,104 |
The components of income from discontinued operations were as follows for the three and six months ended December 31, 2013 and 2012:
|  | Three Months Ended December 31,
|  | 2013 |  | 2012
Operating revenue |  | $ | 226,812 |  |  | $ | 356,991 |
Operating expenses |  | 541,256 |  |  | 374,790 |
Loss from discontinued operations before income taxes |  | (314,444 | ) |  | (17,799 | )
Income tax benefit |  | (106,911 | ) |  | (6,052 | )
Loss from discontinued operations, net of tax |  | $ | (207,533 | ) |  | $ | (11,747 | )
|  | Six Months Ended December 31,
|  | 2013 |  | 2012
Operating revenue |  | $ | 540,404 |  |  | $ | 721,362 |
Operating expenses |  | 898,249 |  |  | 806,192 |
Loss from discontinued operations before income taxes |  | (357,845 | ) |  | (84,830 | )
Income tax benefit |  | (121,667 | ) |  | (28,843 | )
Loss from discontinued operations, net of tax |  | $ | (236,178 | ) |  | $ | (55,987 | )

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- Definition The entire disclosure for the facts and circumstances leading to the completed or expected disposal, manner and timing of disposal, the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the segment in which the disposal group was reported, and the classification (whether sold or classified as held for sale) and carrying value of the assets and liabilities comprising the disposal group. Includes all disposal groups, including those classified as components of the entity (discontinued operations). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6391110&loc=d3e2941-110230 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1361-107760 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e957-107759 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e1012-107759 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1510-107760 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e1020-107759 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 45 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=8077374&loc=d3e2443-110228 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1474-107760 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1436-107760 + Details
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