Financials

v3.4.0.3
Consolidated Balance Sheets (Current Period Unaudited) - USD ($)
Mar. 31, 2016
Jun. 30, 2015
Series A Preferred Stock [Member]    
Stockholders' Equity:    
Convertible preferred stock, value, outstanding at March 31, 2016 and June 30, 2015 $ 4 $ 4
Series B Preferred Stock [Member]    
Stockholders' Equity:    
Convertible preferred stock, value, outstanding at March 31, 2016 and June 30, 2015 2 2
Series C Preferred Stock [Member]    
Stockholders' Equity:    
Convertible preferred stock, value, outstanding at March 31, 2016 and June 30, 2015 2 2
Series D Preferred Stock [Member]    
Stockholders' Equity:    
Convertible preferred stock, value, outstanding at March 31, 2016 and June 30, 2015 1 1
Series E Preferred Stock [Member]    
Stockholders' Equity:    
Convertible preferred stock, value, outstanding at March 31, 2016 and June 30, 2015 1 1
Cash & cash equivalents 496,110 898,200
Accounts receivable- non related party, net 661,141 987,635
Loans held for sale 14,551,205 25,459,142
Prepaid expenses 115,351 98,505
Other assets 8,983 4,828
Total current assets 15,832,790 27,448,310
Property and equipment, net 253,695 278,005
Cash restricted for surety bonds 732,500 732,500
Loans receivable 86,888 87,778
Employee advances 70,294 56,851
Goodwill 1,809,429 1,809,429
Other intangible assets, net of accumulated amortization, March 31, 2016 and June 30, 2015 - $117,349 970,083 970,083
Security deposits 45,891 56,017
Total Assets 19,801,570 31,438,973
Accounts payable 1,071,278 1,077,788
Line of credit - related party 132,436 135,263
Warehouse lines of credit payable- related party 14,680,421 24,836,939
Short term financing 30,209 14,972
Notes payable - related party 355,453 120,000
Notes payable - non related party 1,000,000 750,000
Dividend payable - related party 1,753,256 801,333
Dividend payable - non related party 937,024 442,050
Accrued liabilities 416,473 596,940
Cash held in escrow for renovation loans 32,244 76,660
Total current liabilities 20,408,794 28,851,945
Total Liabilities $ 20,408,794 $ 28,851,945
Commitment & Contingencies
Convertible preferred stock, value, outstanding at March 31, 2016 and June 30, 2015 $ 42,355 $ 40,355
Treasury stock, at cost: shares held 1,771,600 at March 31, 2016 and June 30, 2015 (294,769) (294,769)
Additional paid in capital 24,576,151 25,370,967
Accumulated deficit (24,930,971) (22,529,535)
Total stockholders' equity (607,224) 2,587,028
Total Liabilities and Stockholders' Equity $ 19,801,570 $ 31,438,973

Source

v3.4.0.3
Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Mar. 31, 2016
Mar. 31, 2015
Revenues        
Revenues - non related party $ 3,066,264 $ 5,142,485 $ 11,682,111 $ 11,128,925
Revenues - related party 234,012
Total revenues $ 3,066,264 $ 5,142,485 $ 11,682,111 11,362,937
Operating expenses        
Selling, general & administrative 3,824,092 5,422,530 13,851,449 12,858,669
Depreciation and amortization 20,891 32,985 61,287 100,730
Total operating expenses 3,844,983 5,455,515 13,912,736 12,959,399
Loss from operations (778,719) (313,030) (2,230,625) (1,596,462)
Non-operating income (expense):        
Interest expense (89,586) (29,969) (175,500) (48,615)
Interest and dividend income $ 2,314 1,722 5,644 4,804
Realized gain (loss) on sale of assets (296,941) (955) (296,941)
Total non-operating income (expense) $ (87,272) (325,188) (170,811) (340,752)
Loss from continuing operations before income tax $ (865,991) $ (638,218) $ (2,401,436) $ (1,937,214)
Provision for income tax
Net loss $ (865,991) $ (638,218) $ (2,401,436) $ (1,937,214)
Dividends on preferred stock (471,497) (486,125) (1,443,747) (757,258)
Net loss available to common stockholders $ (1,337,488) $ (1,124,343) $ (3,845,183) $ (2,694,472)
Net loss per common share and equivalents - basic and diluted loss from operations (in dollars per share) $ (0.03) $ (0.04) $ (0.09) $ (0.09)
Weighted average shares of share capital outstanding - basic & diluted (in shares) 42,354,648 27,507,759 41,478,736 27,530,653

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