Totaligent (TGNT) 10-K 17 Sep 15 2015 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Jun. 30, 2015	Sep. 15, 2015	Dec. 31, 2014
Document and Entity Information [Abstract]
Entity Registrant Name	SOURCE FINANCIAL, INC.
Entity Central Index Key	846,377
Amendment Flag	false
Current Fiscal Year End Date	--06-30
Document Type	10-K
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	FY
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Smaller Reporting Company
Entity Public Float			$ 1,474,231
Entity Common Stock, Shares Outstanding		7,671,632

Consolidated Balance Sheets

Consolidated Balance Sheets AUD in Millions	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)
CURRENT ASSETS
Cash and cash equivalents	$ 8,075,078	$ 10,730,743
Trade receivables, net	19,651,268	$ 24,870,297
Terminal financing receivables, current, net	111,364
Inventories	157,144	$ 18,450
Deferred tax asset	230,400	282,600
Other current assets	779,851	837,705
TOTAL CURRENT ASSETS	29,005,105	36,739,795
NON-CURRENT ASSETS
Intangible assets, net	2,914,253	3,632,536
Deferred tax asset	885,383	1,288,887
Property, plant and equipment, net	326,899	$ 519,321
Terminal financing receivables, non-current, net	172,068
Investment in equity affiliates	681
Goodwill	58,071	$ 71,227
TOTAL NON-CURRENT ASSETS	4,357,355	5,511,971
TOTAL ASSETS	33,362,460	42,251,766
CURRENT LIABILITIES
Trade and other payables	3,114,185	7,023,958
Wholesale loan facility	6,052,789	27,746,303
Cash reserve	1,257,984	878,747
TOTAL CURRENT LIABILITIES	10,424,958	$ 35,649,008
NON-CURRENT LIABILITIES
Subordinated notes, net	18,471,471
Shareholder's loan	38,392	$ 47,100
TOTAL NON-CURRENT LIABILITIES	18,509,863	47,100
TOTAL LIABILITIES	$ 28,934,821	$ 35,696,108
STOCKHOLDERS' EQUITY
Preferred stock, $0.01 par value, 1,000,000 shares authorized, none issued and outstanding net Designated as Series B Preferred stock, $0.01 par value, 5,000 shares authorized, 5,000 issued and outstanding
Common Stock, $0.001 par value, 50,000,000 shares authorized, 7,671,632 issued and outstanding at June 30, 2015 and 2014, respectively	$ 7,672	$ 7,672
Additional paid-in capital	15,170,976	15,027,915
Other accumulated comprehensive loss	(2,115,049)	(864,766)
Accumulated deficit	(8,636,010)	(7,615,213)
TOTAL STOCKHOLDERS' EQUITY	4,427,639	6,555,658
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	33,362,460	42,251,766
Series B Preferred Stock
STOCKHOLDERS' EQUITY
Preferred stock, $0.01 par value, 1,000,000 shares authorized, none issued and outstanding net Designated as Series B Preferred stock, $0.01 par value, 5,000 shares authorized, 5,000 issued and outstanding	$ 50	$ 50

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2015	Jun. 30, 2014
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, shares issued
Preferred stock, shares outstanding
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	50,000,000	50,000,000
Common stock, shares issued	7,671,632	7,671,632
Common stock, shares outstanding	7,671,632	7,671,632
Series B Preferred Stock
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	5,000	5,000
Preferred stock, shares issued	5,000	5,000
Preferred stock, shares outstanding	5,000	5,000

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Loss - USD ($)	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Statements of Operations [Abstract]
Revenue	$ 4,740,855	$ 5,810,936
Cost of revenue	3,418,492	3,056,524
Gross profit	1,322,363	2,754,412
Operating Expenses
Compensation expenses	1,242,789	1,060,905
Research and development expense	815,847	557,393
Bad debt expenses	58,788	795,112
Bad debts recovered	(142,389)	(3,234)
Professional expenses	299,567	612,763
Occupancy expenses	227,048	250,651
Depreciation expense	56,115	61,716
General and administration expenses	366,344	371,808
Total operating expenses	2,924,109	3,707,114
Loss from operations	(1,601,746)	(952,702)
Other Income (Expense)
Research and development grant	630,696	617,922
Interest income	143,997	$ 108,992
Gain on equity method investment	743
Other income (expense)	(14,041)	$ (12,121)
Total Other Income	761,395	714,793
Loss from continuing operations before income taxes	(840,351)	(237,909)
Provision for income taxes	180,446	327,539
Net loss from continuing operations	$ (1,020,797)	(565,448)
Net loss from discontinued operations		(301,280)
Net loss	$ (1,020,797)	(866,728)
Other comprehensive (loss) income
Foreign currency translation	(1,250,283)	214,996
Comprehensive loss	$ (2,271,080)	$ (651,732)
Net loss per share
Continuing operations	$ (0.133)	$ (0.060)
Discontinued		(0.032)
Total	$ (0.133)	$ (0.092)
Weighted average number of shares used in computing basic and diluted net (loss) per share:
Basic	7,671,632	9,402,356
Diluted	7,671,632	9,402,356

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($)	Total	Common Stock	Preferred Stock	Additional Paid in Capital	Comprehensive loss	Accumulated deficit
Beginning Balance at Jun. 30, 2013	$ 7,664,378	$ 1,030,000	$ 50	$ 14,462,575	$ (1,079,762)	$ (6,748,485)
Beginning Balance, Shares at Jun. 30, 2013		10,300,000	5,000
Issuance of stock options	$ 194,979			194,979
Change in par value of shares		$ (1,019,700)		1,019,700
Cancellation of stock, Value		$ (150)		150
Cancellation of stock, Shares		(150,000)
Cancellation of stock, Value	$ (90,894)	$ (2,140)		(88,754)
Cancellation of stock, Shares		(2,140,000)
Cancellation of shares to be issued, Value	(561,073)	$ (338)		$ (560,735)
Cancellation of shares to be issued, Shares		(338,368)
Net gain (loss)	(651,732)				$ 214,996	$ (866,728)
Ending Balance at Jun. 30, 2014	6,555,658	$ 7,672	$ 50	$ 15,027,915	$ (864,766)	$ (7,615,213)
Ending Balance, Shares at Jun. 30, 2014		7,671,632	5,000
Issuance of stock options	143,061			$ 143,061
Net gain (loss)	(2,271,080)				$ (1,250,283)	$ (1,020,797)
Ending Balance at Jun. 30, 2015	$ 4,427,639	$ 7,672	$ 50	$ 15,170,976	$ (2,115,049)	$ (8,636,010)
Ending Balance, Shares at Jun. 30, 2015		7,671,632	5,000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows	12 Months Ended
	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)
Statements of Cash Flows [Abstract]
Net loss	$ (1,020,797)	$ (866,728)
Net loss from discontinued operations		(301,280)
Net loss from continuing operations	$ (1,020,797)	(565,448)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation and amortization	729,531	$ 738,056
Subordinated notes costs amortization	41,839
Stock options issued for compensation	143,061	$ 126,231
Gain on equity method investment	(743)
(Increase) decrease in assets:
Trade receivables, net	682,133	$ 782,645
Inventories	(155,053)	203,687
Deferred tax asset	180,508	$ 327,547
Financing receivables	(309,265)
Other assets	(100,568)	$ 44,961
(Decrease) increase in current liabilities:
Trade payables	(2,978,562)	3,157,082
Net cash (used in) provided by operating activities	(2,787,916)	4,814,761
Cash flows from investing activities
Purchase of property, plant and equipment	(54,466)	(127,266)
Development of intangible assets	(518,155)	(753,547)
Net cash used in investing activities	(572,621)	(880,813)
Cash flows from financing activities
Wholesale loan facility, net	(18,078,542)	1,238,847
Capital Reserve	590,914	$ (1,890,240)
Proceeds from issuance of subordinated notes, net	20,113,229
Net cash provided by (used in) financing activities	2,625,601	$ (651,393)
Net cash (used in) provided by continuing operations	$ (734,936)	3,282,555
Cash flows from discontinued operations
Net cash used in operating activities from discontinued operations		(209,381)
Net cash used in investing activities from discontinued operations		(5,907)
Net cash provided by financing activities from discontinued operations		150,000
Net cash used in discontinued operations		(65,288)
Effect of exchange rate changes on cash and cash equivalents	$ (1,920,729)	307,649
Net (decrease) increase in cash and cash equivalents	(2,655,665)	3,524,916
Cash and cash equivalents at beginning of period - continuing operations	$ 10,730,743	7,140,539
Cash and cash equivalents at beginning of period - discontinued operations		65,288
Cash and cash equivalents at the end of the period	$ 8,075,078	$ 10,730,743
Cash paid during the period for:
Income tax payments
Interest payments	$ 1,784,043	$ 1,695,288
Supplemental schedule of non-cash financing activities:
Issuance of stock options	$ 143,061	115,492
Cancellation of shares to be issued and recorded as other liability		$ 560,735

Basis of Presentation and Organ

Basis of Presentation and Organization	12 Months Ended
	Jun. 30, 2015
Basis of Presentation and Organization [Abstract]
BASIS OF PRESENTATION AND ORGANIZATION	Note 1 – BASIS OF PRESENTATION AND ORGANIZATION Basis of Presentation Source Financial, Inc., formerly known as The Wiki Group, Inc., (the “Company” or “Source”) was incorporated under the laws of the State of Delaware on June 24, 1988 as Windsor Capital Corp. Between March 2001 and January 2008 the Company amended and restated its Articles of Incorporation and changed its corporate name to Energy Control Technology, Inc., 5Fifty5.com, Inc., Swap-A-Debt, Inc., WikiLoan, Inc. and finally Wiki Group, Inc. on March 12, 2012. Moneytech Limited (“Moneytech”) was incorporated under the laws of Australia on September 9, 2003, and (through its wholly owned subsidiaries Moneytech Finance Pty Ltd, mPayments Pty Ltd., Moneytech POS Pty Ltd. and Moneytech Services Pty Ltd.) offers working capital, trade and debtor finance solutions, to small and medium sized businesses in Australia. On June 30, 2013, Source acquired Moneytech and its wholly owned subsidiaries, Moneytech Finance Pty. Ltd., mPayments Pty. Ltd., Moneytech POS Pty. Ltd. and Moneytech Services Pty. Ltd. pursuant to a Share Exchange Agreement. Under the terms of the Exchange Agreement, all stockholders of Moneytech received a total of 5,300,000 shares of voting common stock of Source in exchange for all outstanding shares of Moneytech. In addition, pursuant to a separate agreement, the President of Moneytech received 5,000 shares of Preferred Series B Stock. Under accounting principles generally accepted in the United States, the share exchange is considered to be a capital transaction in substance, rather than a business combination. That is, the share exchange is equivalent to the issuance of stock by Moneytech for the net monetary assets of Source accompanied by a recapitalization, and is accounted for as a change in capital structure. Accordingly, the accounting for the share exchange will be identical to that resulting from a reverse acquisition, except no goodwill will be recorded. Under share reverse takeover accounting, the post reverse acquisition comparative historical financial statements of the legal acquirer, Source are those of the legal acquiree, Moneytech, which is considered to be the accounting acquirer. Share and per share amounts stated have been retroactively adjusted to reflect the merger. Organization Moneytech delivers its product offerings through ‘The Moneytech Exchange’, which is a real-time core banking platform, developed in-house and which continues to be upgraded with the support of the Australian Federal Government’s Research and Development program. The Moneytech Exchange serves as the backbone of its business in Australia by providing internet banking style access to Moneytech’s customers and serving as the back-office systems to Moneytech’s staff. The Company offers a range of innovative financial products and services to businesses and consumers in Australia through its principal operating subsidiaries, Moneytech Limited, mPayments Pty Ltd and Moneytech POS Pty Ltd. In fiscal 2013, the Company formed a new corporation in the United States, Moneytech USA, Inc. It was inactive in fiscal 2014 and 2015. When used in these notes, the terms "Company," "we," "our," or "us" mean Source Financial, Inc. and its subsidiaries.

Discontinued Operations

Discontinued Operations	12 Months Ended
	Jun. 30, 2015
Discontinued Operations [Abstract]
DISCONTINUED OPERATIONS	Note 2 – DISCONTINUED OPERATIONS In connection with the Share Exchange, two of our shareholders prior to consummation of the share exchange, deposited in escrow an aggregate of 2,240,000 shares of our common stock (the “Escrow Shares”), and we deposited in escrow all outstanding shares of the common stock of WikiTechnologies, Inc. (the “WTI Escrow Shares,”) our only operating subsidiary prior to the Share Exchange. The terms of the escrow arrangement were such that if WikiTechnologies failed to achieve certain financial benchmarks we could elect to retain the Escrow Shares by delivering the WTI Escrow Shares to the two shareholders. On February 11, 2014, we entered into a Separation Agreement with the two shareholders, pursuant to which (i) the WTI Escrow Shares were delivered to them, as a result of which we no longer own any equity interest in WTI, and (ii) 2,140,000 of the GD Escrow Shares were cancelled, with the remaining 100,000 shares delivered to a noteholder of WTI (the “Noteholder”). The cancellation of the 2,140,000 shares effectively increased the percentage of our then outstanding shares owned by the former shareholders of Moneytech. Revenue and expenses, and gains and losses relating to the discontinued business have been reclassified from the results of continuing operations and are reflected as net loss from discontinued operations in the statement of operations and comprehensive loss. As this is a non-reciprocal transfer of non-monetary assets with a certain group of shareholders, this transfer has been recorded at the fair value of the asset transferred. Management believes the net book value of the assets transferred, which is the same as the investment in Wiki Technologies, Inc., is the reasonable fair market value. It has been booked on transfer date at the recorded amount (less any impairment on assets distributed) in accordance with modifications of the basic principle of using Fair Value. As such no gain or loss on disposal has been reported. The assets and liabilities and operating results of the discontinued operation are summarized as follows: NET RESULT FROM DISCONTINUED OPERATIONS For the year ended June 30 2015 2014 Revenue $ - $ 2,647 Cost of Revenue - 70,460 Gross Loss - (67,813 ) Operating Expenses - 234,027 Loss from operations - (301,840 ) Other income - 560 Loss before tax - (301,280 ) Tax - - Loss after tax $ - $ (301,280 ) The discontinued operations of Wiki Technologies, Inc. were reported in the United States of America segment in our geographic segment information as per Note 19.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Jun. 30, 2015
Summary of Significant Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Note 3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation The consolidated financial statements include the accounts of Source Financial (“Source”) and its wholly owned subsidiaries Moneytech Limited (“Moneytech”), Moneytech Finance Pty Ltd, mPayments Pty Ltd., Moneytech POS Pty Ltd., Moneytech Services Pty Ltd and Moneytech USA, collectively referred to as the Company. All material intercompany accounts, transactions and profits were eliminated in consolidation. Equity Investments The Company uses the equity method of accounting for investments when the percentage of ownership of the investment is between 20% and 50%. The Company includes the proportionate share of the profit or loss as part of the carrying value of the investment. Use of Estimates The preparation of financial statements in conformity with US GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates include collectability of accounts receivable, accounts payable, sales returns and recoverability of long-term assets. Exchange (Loss) Gain During the year ended June 30, 2015 and 2014, the transactions of Moneytech and its wholly owned subsidiaries were denominated in foreign currency and were recorded in Australian dollar (AUD) at the rates of exchange in effect when the transactions occurred. Exchange gains and losses are recognized for the different foreign exchange rates applied when the foreign currency assets and liabilities are settled. Foreign Currency Translation and Comprehensive (Loss) Income The accounts of Moneytech Limited and its wholly owned subsidiaries were maintained, and its financial statements were expressed, in AUD. Such financial statements were translated into USD with the AUD as the functional currency. All assets and liabilities were translated at the exchange rate at the balance sheet date, stockholders’ equity is translated at the historical rates and income statement items are translated at the average exchange rate for the period. Transactions in foreign currencies are initially recorded at the functional currency rate ruling at the date of transaction. Any differences between the initially recorded amount and the settlement amount are recorded as a gain or loss on foreign currency transaction in the consolidated statements of operations. The resulting translation adjustments are reported under other comprehensive income as a component of shareholders’ equity. Reportable Segment The Company has one reportable segment. The Company’s activities are interrelated and each activity is dependent upon and supportive of the other. Accordingly, all significant operating decisions are based on analysis of financial products provided as a single business unit. Revenue Recognition Revenue is recognized when persuasive evidence of an arrangement exists, delivery has occurred, the fee is fixed or determinable, and collectability is probable. Revenue generally is recognized net of allowances for returns and any taxes collected from customers and subsequently remitted to governmental authorities. Cost of Revenue Cost of revenue includes: programs licensed, operating costs including costs of funds and related product support service centers to drive traffic to our websites, costs incurred to support and maintain products and services, including inventory valuation adjustments, costs associated with the delivery of consulting services, and the amortization of capitalized intangible software costs. Capitalized intangible software costs are amortized over the estimated lives of the products. Research and Development Research and development expenses include payroll, employee benefits, and other headcount-related expenses associated with product development. Research and development expenses also include third-party development and programming costs, localization costs incurred to translate software for international markets, and the amortization of purchased software code and services content. Such costs related to software development are included in research and development expense until the point that technological feasibility is reached, which for our software products is generally shortly before the products are put into service. Once technological feasibility is reached, such costs are capitalized and amortized to cost of revenue over the estimated lives of the products. Certain research and development costs are eligible for reimbursement by the Australian government. Research and development expense is included as an operating expense and research and development grant income is reported as other income. Income Taxes The Company uses the asset and liability method to account for income taxes as prescribed by Accounting Standards Codification (“ASC”) 740, Income Taxes. Deferred tax assets and liabilities are determined based on the difference between the financial statement and tax bases of assets and liabilities as measured by the enacted tax rates which will be in effect when these differences reverse. Deferred tax expense (benefit) is the result of changes in deferred tax assets and liabilities. Deferred income tax assets and liabilities are adjusted to recognize the effects of changes in tax laws or enacted tax rates in the period during which they are signed into law. The Company may recognize the tax benefit from an uncertain tax position claimed on a tax return only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. The authoritative standards issued by the Financial Accounting Standards Board (“FASB”) also provide guidance on de-recognition, classification, interest and penalties on income taxes, accounting in interim periods and requires increased disclosures. The factors used to assess the likelihood of realization are the Company’s forecast of future taxable income and available tax planning strategies that could be implemented to realize the net deferred tax assets. Under ASC 740, Income Taxes, a valuation allowance is required when it is more likely than not that all or some portion of the deferred tax assets will not be realized through generating sufficient future taxable income. Failure to achieve forecasted taxable income in applicable tax jurisdictions could affect the ultimate realization of deferred tax assets and could result in an increase in the Company’s effective tax rate on future earnings. Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk are cash, accounts receivable and other receivables arising from its normal business activities. The Company places its cash in what it believes to be credit-worthy financial institutions. The Company has a diversified customer base, most of which are in Australia. The Company controls credit risk related to accounts receivable through credit approvals, credit limits and monitoring procedures. The Company routinely assesses the financial strength of its customers and, based upon factors surrounding the credit risk, establishes an allowance, if required, for uncollectible accounts and, as a consequence, believes that its accounts receivable credit risk exposure beyond such allowance is limited. Risks and Uncertainties The Company is subject to risks from, among other things, competition associated with the industry in general, other risks associated with financing, liquidity requirements, rapidly changing customer requirements, limited operating history, foreign currency exchange rates and the volatility of public markets. Contingencies Loss contingencies, including litigation related contingencies, are included in the Consolidated Statements of Operations when the Company concludes that a loss is both probable and reasonably estimable. Legal fees related to litigation-related matters are expensed as incurred and included in the Consolidated Statements of Operations under the Selling, general and administrative line item. No amount for loss was recorded as of June 30, 2015 and 2014. Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities less than or equal to three months at the date of purchase to be cash and cash equivalents. Cash and cash equivalents are stated at cost, which approximates fair value, and consist of bank deposits and certificates of deposit that are readily convertible into cash. The Company maintains its cash deposits and cash equivalents at well-known, stable financial institutions in Australia and not covered by insurance. Allowance for Doubtful Accounts The Company maintains reserves for potential credit losses on accounts receivable. Management reviews the composition of accounts receivable and analyzes historical bad debts, customer concentrations, customer credit worthiness, current economic trends and changes in customer payment patterns to evaluate the adequacy of these reserves. Bad Debt Insurance As a condition of the RPA (see Note 11) and Subordinated Notes (see Note 13), Moneytech maintains credit insurance on the receivables due Moneytech from its customers or their counterparties. Pursuant to this policy, Moneytech would bear the first $500,000 of aggregate losses incurred due to defaults in any calendar year, after which any bad debt losses are reimbursed by the insurance company. This policy is renewed annually. A receivable from the insurance company is recognized when the criteria set forth in the policy, inclusive of bad debt expenses in excess of $500,000 in any year, are met. The amount recorded as a receivable is offset against bad debt expense. As of June 30, 2015 and 2014, the Company had insurance claims receivables of $0 and $32,085, respectively. Inventory Inventories are valued at the lower of cost (determined on a weighted average basis) or market. Management compares the cost of inventories with the market value and allowance is made to write down inventories to market value, if lower. As of June 30, 2015 and 2014, inventory only consisted of finished goods. Property, Plant & Equipment Property and equipment is stated at cost and depreciated using the straight-line method over the shorter of the estimated useful life of the asset or the lease term. The estimated useful lives of our property and equipment are generally as follows: Computer software 3 to 10 years Computer hardware 5 to 15 years Furniture and equipment 3 to 5 years As of June 30, 2015 and 2014, Property, Plant & Equipment consisted of the following: June 30 June 30 2015 2014 Office equipment $ 30,230 $ 37,079 Furniture and fixtures 193,822 237,734 Terminals 45,483 87,319 Computers and software 1,177,253 1,365,207 Accumulated Depreciation (1,119,889 ) (1,208,018 ) $ 326,899 $ 519,321 For the years ended June 30, 2015 and 2014, depreciation expense consisted of the following: Years ended June 30 2015 2014 Depreciation, cost of revenue $ 103,642 $ 150,107 Depreciation, operating 56,115 61,716 Total depreciation expense $ 159,757 $ 211,823 Fair Value of Financial Instruments For certain of the Company’s financial instruments, including cash and equivalents, restricted cash, accounts receivable, accounts payable, accrued liabilities and short-term debt, the carrying amounts approximate their fair values due to their short maturities. ASC Topic 820, “Fair Value Measurements and Disclosures,” requires disclosure of the fair value of financial instruments held by the Company. ASC Topic 825, “Financial Instruments,” defines fair value, and establishes a three-level valuation hierarchy for disclosures of fair value measurement that enhances disclosure requirements for fair value measures. The carrying amounts reported in the consolidated balance sheets for receivables and current liabilities each qualify as financial instruments and are a reasonable estimate of their fair values because of the short period of time between the origination of such instruments and their expected realization and their current market rate of interest. The three levels of valuation hierarchy are defined as follows: Level 1 inputs to the valuation methodology are quoted prices for identical assets or liabilities in active markets. Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. Level 3 inputs to the valuation methodology are unobservable and significant to the fair value measurement. The Company analyzes all financial instruments with features of both liabilities and equity under ASC 480, “Distinguishing Liabilities from Equity,” and ASC 815. As of June 30, 2015 and 2014, the Company did not identify any assets and liabilities that are required to be presented on the balance sheet at fair value. Earnings per Share (EPS) Basic EPS is computed by dividing income available to common shareholders and equivalents by the weighted average number of common shares and equivalents outstanding for the period. Diluted EPS is computed similar to basic net income per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if all the potential common shares, warrants and stock options had been issued and if the additional common shares were dilutive. Diluted EPS is based on the assumption that all dilutive convertible shares and stock options were converted or exercised. Dilution is computed by applying the treasury stock method for the outstanding options and the if-converted method for the outstanding convertible preferred shares. Under the treasury stock method, options and warrants are assumed to be exercised at the beginning of the period (or at the time of issuance, if later), and as if funds obtained thereby were used to purchase common stock at the average market price during the period. Under the if-converted method, convertible outstanding instruments are assumed to be converted into common stock at the beginning of the period (or at the time of issuance, if later). The following table sets forth the computation of basic and diluted earnings per share for the years ended June 30, 2015 and 2014: Years ended June 30 2015 2014 Net loss from continuing operations $ (1,020,797 ) $ (565,448 ) Net loss from discontinued operations - (301,280 ) Net loss $ (1,020,797 ) $ (866,728 ) Weighted average number of shares used in computing basic and diluted net loss per share: Basic 7,671,632 9,402,356 Dilutive effect of stock options - - Diluted 7,671,632 9,402,356 Year ended June 30 2015 2014 Net loss per share Basic and diluted: Continuing operations $ (0.133 ) $ (0.060 ) Discontinued - (0.032 ) Total $ (0.133 ) $ (0.092 ) Options to purchase up to 172,812 and 83,243 shares of common stock were anti-dilutive during the years ended June 30, 2015 and 2014 respectively. Goodwill Goodwill, which represents the excess of purchase price over the fair value of net assets acquired, is carried at cost. Goodwill is tested for impairment on an annual basis during the fourth quarter of each fiscal year or more frequently if events or changes in circumstances indicate that the asset might be impaired. The Company first performs a qualitative assessment to determine if the quantitative impairment test is required. If changes in circumstances indicate an asset may be impaired, the Company performs the quantitative impairment test. In accordance with accounting standards, a two-step quantitative method is used for determining goodwill impairment. In the first step, we determine the fair value of our reporting unit (generic pharmaceuticals). If the net book value of our reporting unit exceeds its fair value, we would then perform the second step of the impairment test which requires allocation of our reporting unit’s fair value to all of its assets and liabilities using the acquisition method prescribed under authoritative guidance for business combinations. Any residual fair value is allocated to goodwill. An impairment charge is recognized only if the implied fair value of our reporting unit’s goodwill is less than its carrying amount. Intangible Assets The Company records identifiable intangible assets at fair value on the date of acquisition and evaluates the useful life of each asset. Finite-lived intangible assets primarily consist of software development capitalized. Finite-lived intangible assets are amortized on a straight-line basis and are tested for recoverability if events or changes in circumstances indicate that their carrying amounts may not be recoverable. These intangibles have useful lives ranging from 1 to 10 years. No events or changes in circumstances indicate that impairment existed as of June 30, 2015. Stock-Based Compensation Stock-based compensation costs are recognized over the vesting period, using a straight-line method, based on the fair value of the instrument on the date of grant less an estimate for expected forfeitures. The Company uses the Black-Scholes valuation model to determine the fair value of stock options and the stock price on the grant date to value restricted stock. The Black-Scholes valuation model includes various assumptions, including the expected volatility, the expected life of the award, dividend yield, and the risk-free interest rate. These assumptions involve inherent uncertainties based on market conditions which are generally outside the Company’s control. Changes in these assumptions could have a material impact on share-based compensation costs recognized in the financial statements. Recently Issued Accounting Pronouncements In April 2015, the FASB issued ASU 2015-03, S implifying the Presentation of Debt Issuance Costs In July 2015, the FASB issued ASU 2015-11, Inventory — Simplifying the Measurement of Inventory Other recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company's present or future consolidated financial statements. Reclassification Certain prior year amounts have been reclassified for consistency with the current period presentation. These reclassifications had no effect on the reported results of operations or cash flow.

Trade Receivables, Net

Trade Receivables, Net	12 Months Ended
	Jun. 30, 2015
Receivables [Abstract]
TRADE RECEIVABLES, NET	Note 4 – TRADE RECEIVABLES, NET Trade receivables consist principally of accounts receivable and trade financing and other financial services to small to medium sized businesses and individuals, principally in Australia. Trade receivables are recorded at the invoiced amount and net of allowances for doubtful accounts. Trade receivables bear interest. The allowance for doubtful accounts represents management’s estimate of the amount of probable credit losses in existing accounts receivable, as determined from a review of past due balances and other specific account data. The assessment includes actually incurred historical data as well as current economic conditions. Account balances are written off against the allowance when management determines the receivable is uncollectible. Collectability of trade receivables is reviewed on an ongoing basis. Debts which are known to be uncollectable are written off by reducing the carrying amount directly. A provision for impairment of trade receivables is raised when there is objective evidence that the consolidated entity or parent entity will not be able to collect all amounts due according to the original terms of the receivables. Significant financial difficulties of the debtor, probability that the debtor will enter bankruptcy or financial reorganization and default or delinquency in payments (more than 30 days overdue) are considered indicators that the trade receivable may be impaired. The amount of the impairment allowance is the difference between the asset’s carrying amount and the pre sent value of estimated future cash flows, discounted at the original effective interest rate. Cash flows relating to short-term receivables are not discounted if the effect of discounting is immaterial. Trade receivables that are past their normal payment terms are overdue and once 30 days past due are considered delinquent. Minimum payment terms vary by product. The maximum payment term for all products is 122 days. All trade receivables that are overdue are individually assessed for impairment. Trade receivables are placed on non-accrual status when legal action commences. Payments received while on non-accrual status will be allocated to the oldest amount outstanding. Accrual of interest will not resume until all amounts owing have been settled. As of June 30, 2015 and 2014, trade receivables consist of the following: June 30 June 30 2015 2014 Trade receivables $ 20,231,293 $ 25,573,699 Allowance for bad debt (580,025 ) (703,402 ) Total trade receivables, net $ 19,651,268 $ 24,870,297 AGE ANALYSIS OF PAST DUE TRADE June 30 June 30 RECEIVABLES 2015 2014 1 - 30 Days Past Due $ 665,728 $ 695,116 31 - 60 Days Past Due 86,328 59,212 Greater than 60 Days Past Due 916,106 890,205 Total Past Due 1,668,162 1,644,533 Current 18,563,131 23,929,166 Total Trade Receivables $ 20,231,293 $ 25,573,699 Recorded Investment > 60 Days and accruing $ 268,375 $ 23,007 ALLOWANCE FOR DOUBTFUL DEBTS Year ended Year ended June 30 June 30 2015 2014 Allowance for doubtful debts Beginning balance $ 703,402 731,475 Charge-offs (26,199 ) (736,738 ) Recoveries - - Provision 33,347 686,942 Other comprehensive income (fx differences) (130,525 ) 21,723 Ending balance $ 580,025 $ 703,402 Ending balance - individually evaluated for impairment $ 552,180 $ 667,508 Ending balance - collectively evaluated for impairment $ 27,845 $ 35,894 Reconciliation to bad debts expense in the Statement of Operations Provision $ 33,347 $ 686,942 Other bad debt expenses / credits not reflected in provision 25,441 108,169 Bad debts expense per Statement of Operations $ 58,788 $ 795,111 Bad debt expenses not reflected in the provision include direct costs associated with pursuing an overdue receivable. If these costs are recovered they result in a credit. TRADE RECEIVABLE BALANCES ASSESSED FOR IMPAIRMENT June 30 June 30 2015 2014 Ending balance $ 20,231,293 $ 25,573,699 Ending balance - individually evaluated for impairment $ 639,279 $ 1,079,337 Ending balance - collectively evaluated for impairment $ 19,592,014 $ 24,494,362 TRADE RECEIVABLES ON A NON ACCRUAL BASIS June 30 June 30 2015 2014 Trade receivables $ 639,279 $ 1,079,337 Total Financing Receivables $ 639,279 $ 1,079,337 IMPAIRED LOANS June 30, 2015 Recorded Investment Unpaid principal balance Related allowance Average recorded investment Interest income recognised With no allowance recorded Trade receivables $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - With an allowance recorded Trade receivables $ 639,279 $ 441,661 $ 552,180 $ 756,900 $ 8,478 $ 639,279 $ 441,661 $ 552,180 $ 756,900 $ 8,478 Total Trade receivables $ 639,279 $ 441,661 $ 552,180 $ 756,900 $ 8,478 $ 639,279 $ 441,661 $ 552,180 $ 756,900 $ 8,478 June 30, 2014 Recorded Investment Unpaid principal balance Related allowance Average recorded investment Interest income recognised With no allowance recorded Trade receivables $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - With an allowance recorded Trade receivables $ 1,079,337 $ 797,842 $ 667,508 $ 1,354,838 $ 78,488 $ 1,079,337 $ 797,842 $ 667,508 $ 1,354,838 $ 78,488 Total Trade receivables $ 1,079,337 $ 797,842 $ 667,508 $ 1,354,838 $ 78,488 $ 1,079,337 $ 797,842 $ 667,508 $ 1,354,838 $ 78,488

Terminal Financing Receivables,

Terminal Financing Receivables, Net	12 Months Ended
	Jun. 30, 2015
Receivables [Abstract]
TERMINAL FINANCING RECEIVABLES, NET	Note 5 – TERMINAL FINANCING RECEIVABLES, NET The Company, as lessor, entered into terminal lease agreements, which were recorded as sales type leases, during the year ended June 30, 2015. The following are balances due as of June 30, 2015 and June 30, 2014. The leases require monthly payments, have a term of 30 months and bear interest at an effective rate of 12.49% per annum. June 30 June 30 2015 2014 Current $ 111,364 $ - Non-current 172,068 - $ 283,432 $ - Terminal financing receivables repayments schedule. 12 months ended: USD $ June 30, 2016 $ 111,364 June 30, 2017 125,273 June 30, 2018 46,795 $ 283,432

Inventory

Inventory	12 Months Ended
	Jun. 30, 2015
Inventory [Abstract]
INVENTORY	Note 6 – INVENTORY Inventory consists of the following as of June 30, 2015 and 2014: June 30 June 30 2015 2014 Terminals $ 146,650 $ - Prepaid gift cards or other 10,494 18,450 $ 157,144 $ 18,450

Other Assets

Other Assets	12 Months Ended
	Jun. 30, 2015
Other Assets [Abstract]
OTHER ASSETS	Note 7 – OTHER ASSETS Other assets consist of the following as of June 30, 2015 and 2014: June 30 June 30 2015 2014 Research & development grant receivable $ 555,289 $ 555,780 Insurance claim receivable - 32,085 Prepayment 53,561 43,697 Other assets 171,001 206,143 $ 779,851 $ 837,705

Intangible Assets

Intangible Assets	12 Months Ended
	Jun. 30, 2015
Intangible Assets [Abstract]
INTANGIBLE ASSETS	Note 8 – INTANGIBLE ASSETS Intangible assets consist of the following as of June 30, 2014 and 2015: June 30 June 30 2015 2014 Moneytech and mPayments software $ 5,874,178 $ 6,608,596 Accumulated amortization (2,959,925 ) (2,976,060 ) $ 2,914,253 $ 3,632,536 The intangible assets are amortized over 10-12 years. Amortization expense of $569,774 and $526,233 was included in cost of revenues for the years ended June 30, 2015 and 2014, respectively. Amortization for the Company’s intangible assets over the next five fiscal years from June 30, 2015 is estimated to be: Years ending June 30, 2016 $ 544,412 2017 544,412 2018 544,412 2019 544,412 2020 544,412 Thereafter 192,193 Total $ 2,914,253

Goodwill

Goodwill	12 Months Ended
	Jun. 30, 2015
Goodwill [Abstract]
GOODWILL	Note 9 – GOODWILL As of June 30, 2015 and 2014, the Goodwill was comprised of the following: June 30 June 30 2015 2014 Acquisition cost of Moneytech POS Pty Ltd. $ 82,560 $ 101,265 Fixed assets received (45,994 ) (56,414 ) Liability assumed 21,505 26,376 Acquisition cost assigned to goodwill $ 58,071 $ 71,227

Trade and Other Payables

Trade and Other Payables	12 Months Ended
	Jun. 30, 2015
Trade And Other Payables [Abstract]
TRADE AND OTHER PAYABLES	Note 10 – TRADE AND OTHER PAYABLES As of June 30, 2015 and 2014, trade and other payables consist of the following: June 30 June 30 2015 2014 Trade payables $ 1,923,404 $ 6,195,424 Accrued consulting costs 561,073 561,073 Employee benefits 245,159 161,906 Other liabilities 384,549 105,555 Total payables $ 3,114,185 $ 7,023,958

Line of Credit and Cash Reserve

Line of Credit and Cash Reserve Liabilities	12 Months Ended
	Jun. 30, 2015
Line of Credit and Cash Reserve Liabilities and Subordinated Notes, Net
LINE OF CREDIT AND CASH RESERVE LIABILITIES	Note 11 – LINE OF CREDIT AND CASH RESERVE LIABILITIES June 30 June 30 2015 2014 Wholesale loan facility $ 6,052,789 $ 27,746,303 Cash reserve liabilities 1,257,984 878,747 $ 7,310,773 $ 28,625,050 Wholesale Loan Facility The Company had a secured line of credit under a Receivables Purchase Agreement (“RPA”) with a bank in Sydney Australia for up to AUD$25 million and AUD$40 million as of June 30, 2015 and June 30, 2014, respectively. The line of credit is secured mainly by trade receivables. Interest is charged at the bank’s reserve rate plus an agreed upon margin from the bank. The agreement is renewed annually on an agreed anniversary date, the latest of which was December 15, 2014. The facility has been renewed until December 31, 2015. Interest expense charged to cost of revenue related to the loan for the years ended June 30, 2015 and 2014 was approximately USD $1,412,578 and USD $1,695,288 respectively. On April 10, 2015 the Company issued AUD $25 million of subordinated notes. Subsequent to the issue of the subordinated notes, as of April 16, 2015, the RPA interim, agreed upon, facility limit was decreased from AUD $40 million to AUD $25 million. Cash Reserve The Company is required to maintain certain cash reserves with its senior debt provider in accordance with the RPA. The Required Cash Reserve amount may be provided by the Company or its customers and is held in a ‘Cash Reserve Account’ with its senior debt provider in accordance with the RPA’s terms and conditions. The Required Cash Reserve balance is adjusted based on the RPA and the total facility limit provided to the Company by the senior lender.

Shareholder's Loan

Shareholder's Loan	12 Months Ended
	Jun. 30, 2015
Shareholder's Loan [Abstract]
SHAREHOLDER'S LOAN	Note 12 – SHAREHOLDER’S LOAN June 30 June 30 2015 2014 Shareholder's loan $ 38,392 $ 47,100 The Company has a loan payable in the amount of AUD$50,000 to a shareholder. The loan is due and payable on September 30, 2017. Interest of 8% is only payable if Moneytech has positive retained earnings at the time of repayment.

Subordinated Notes, Net

Subordinated Notes, Net	12 Months Ended
	Jun. 30, 2015
Subordinated Notes Net [Abstract]
SUBORDINATED NOTES, NET	Note 13 – SUBORDINATED NOTES, NET June 30 June 30 2015 2014 Subordinated notes issued $ 19,200,000 $ - Issuance costs (766,873 ) - Subordinated notes, net proceeds $ 18,433,127 $ - Issuance costs amortised 38,344 - Subordinated notes, net $ 18,471,471 $ - In April 2015 the Company issued AUD $25 million of subordinated notes. The notes mature in 7 years and have similar conditions, including financial covenants and restrictions as to use of proceeds, to the wholesale facility and are sub-ordinate to that facility. The costs of the subordinated notes issuance were AUD $998,533 and the proceeds to the company were AUD $24,001,467. The subordinated notes bear interest at a rate of 4.65% per annum above the Australian BBSW rate. The BBSW rate as of the date of settlement, April 10, 2015, was 2.26% per annum. The notes can be redeemed early at increased cost to the Company or at the request of the holder in the event of a change in control. Year ended Year ended June 30 June 30 2015 2014 Issuance costs amortized during the year $ 41,839 $ - Interest paid during the year 325,277 - Reported as Interest expense in cost of revenue $ 367,116 $ - Interest expense charged to cost of revenue related to the notes for the year ended June 30, 2015 was USD $367,116.

Stockholder's Equity

Stockholder's Equity	12 Months Ended
	Jun. 30, 2015
Stockholder's Equity [Abstract]
STOCKHOLDER'S EQUITY	Note 14 – STOCKHOLDERS’ EQUITY Preferred Stock The Company has 1,000,000 undesignated shares of Preferred Stock authorized, each having a par value of $0.01. There were 5,000 shares of Series B Preferred Stock authorized, issued and outstanding as of June 30, 2015 and 2014 (the “Series B Preferred Shares”). Under the terms of the Series B Preferred Stock Certificate of Designation, the holder(s) of the Series B Preferred Shares have the right, until June 30, 2018, to (A) elect the majority of the Company’s Board of Directors and (B) vote on all other matters to come before the holders of common stock (the “Common Stock”) with each vote per share of Series B Preferred Stock equal to 1,000 shares of Common Stock. After June 30, 2018, the Series B Preferred Shares shall have no voting rights and shall be redeemable by the Company for the sum of one tenth of a cent ($0.001) per Series B Preferred Share. The Series B Preferred Shares will not have any conversion rights and shall not be entitled to receive any dividends, distributions, or other economic or financial interest in the Company, and in the event of a liquidation, dissolution, or winding up of the Company, whether voluntary or involuntary, the holders of Class B Preferred Shares will be entitled to receive out of the Company’s assets, whether such assets are capital or surplus, of any nature, the sum of one-tenth of a cent ($0.001) per Series B Preferred Share, after payment to the holders of the Common Stock and the holders of any other series or class of the Company’s equity securities ranking senior to the Common Stock. Common Stock The Company has 50,000,000 shares of Common Stock authorized, each having a par value of $0.001, as of June 30, 2015 and 2014 after giving effect to the authorized shares discussed below. There were 7,671,632 shares issued and outstanding as of June 30, 2015 and 2014. On October 3, 2013, the Company amended and restated its certificate of incorporation to decrease the number of authorized shares of Common Stock and Preferred Stock to 50,000,000 and 1,000,000 respectively. The Company also reduced the par value of the Common Stock to $0.001 from $0.10. On October 29, 2013, 150,000 shares which had previously been issued to contractors were cancelled because performance criteria relating to the issuance of these shares had not been met. On February 11, 2014, 2,140,000 shares which had previously been issued to Edward DeFeudis and Marco Garibaldi were returned for cancellation as per the terms of the Separation Settlement agreement as further detailed in Footnote 2. On February 11, 2014, 100,000 of the shares returned in the Separation Agreement were issued to a note holder of Wiki as further detailed in Footnote 2. On July 16, 2015 the number of authorized shares of common stock was reduced from 50,000,000 to 12,000,000 shares and the number of authorized shares of preferred stock was reduced from 1,000,000 to 10,000 shares.

Stock Compensation

Stock Compensation	12 Months Ended
	Jun. 30, 2015
Stock Options/Stock Compensation [Abstract]
STOCK COMPENSATION	Note 15 – STOCK COMPENSATION Restricted shares On July 23, 2013, the Company entered into a consulting agreement to promote the Company's image in both the industry and capital markets. In connection with the agreements, the Company agreed to issue 170,632 shares of Common Stock valued at $2.02 (stock price at grant date). During the year ended June 30, 2014, the Company determined that performance had not occurred and would not be satisfactorily undertaken and consequently the Company terminated the agreement with the consultant and will not be delivering 170,632 shares of Common stock. Number of June 30 June 30 2015 2014 Granted but not issued at July 1 - 338,368 Issued during nine months ended June 30 - - Granted during nine months ended June 30 - 170,632 Cancelled during nine months ended June 30 - (150,000 ) Granted but not issued at June 30 - 359,000 The shares granted but not issued at July 1 were cancelled due to non-performance as of June 30, 2014. On September 9, 2015 The Board of Directors awarded an Officer (960,000) and Director (160,000) restricted shares at a fair value of $0.40 per share.

Stock Options

Stock Options	12 Months Ended
	Jun. 30, 2015
Stock Options/Stock Compensation [Abstract]
STOCK OPTIONS	Note 16 – STOCK OPTIONS On April 19, 2013, the Company entered into an agreement with a software developer. Upon achievement of certain milestones, the contractor could receive up to 100,000 Performance Based Stock Options at an exercise price of $2.50 per share. The options vested and became exercisable immediately upon grant with a 3 year life. As of June 30, 2015, 14,500 of the Performance Based Stock Options are vested. As a result of the return of WTI, as further detailed in footnote 2, no additional shares can be vested. The Fair Value of the options was calculated using the following assumptions: estimated life of three years, volatility of 351%, risk free interest rate of .35%, and dividend yield of 0%. The grant date Fair Value of options was $249,995. On July 19, 2013, the Company granted 75,000 Stock Options to each of the three non-employee directors pursuant to the Omnibus Incentive Plan. These Stock Options are exercisable at an exercise price of $2.02 per share. The options vest as to 2,083 shares per non-employee director on September 30, 2013, and as to an additional 2,083 shares each on the last day of each calendar month thereafter through and including August 31, 2016, except that the right to exercise the Options shall vest as to an additional 2,095 shares on the last day of August 31, 2016. The options become exercisable immediately upon vesting and continue in force through June 30, 2020 (the "Expiration Date"), unless sooner terminated as provided herein and in the Plan. The Fair Value of the options was calculated using the following assumptions: estimated life of seven years, volatility of 755 %, risk free interest rate of 2.02%, and dividend yield of 0%. The grant date Fair Value of options was $454,500. In May 2015, a non-employee director resigned. At that time, 41,660 options had vested. Upon his resignation all vesting ceased and the vested options were subject to forfeiture if not exercised within three months of resignation. The vested options were not exercised within the three month period and those options were forfeited.. On August 22, 2013, the Company granted 25,000 Stock Options to a contractor. These Stock Options are exercisable at an exercise price of $1.30 per share. The options vested and became exercisable immediately upon granting and continue in force through August 22, 2016 (the "Expiration Date"), unless sooner terminated as provided by the agreement. The Fair Value of the options was calculated using the following assumptions: estimated life of three years, volatility of 843%, risk free interest rate of .82%, and dividend yield of 0%. The grant date Fair Value of options was $32,500. The Company recorded $143,060 and $194,979 option expense in the year ended June 30, 2015 and 2014, respectively. The following is a summary of the activity and position as of the year ended June 30, 2015 and 2014. Stock Options Years ended June 30 2015 2014 Outstanding at July 1 350,000 100,000 Granted - 250,000 Exercised - - Expired - - Outstanding at June 30 350,000 350,000 Exercisable at June 30 172,812 101,990 Options outstanding at June 30, 2015 and 2014 are as follows: Weighted Average Weighted Weighted Remaining Average Average Life Exercise Exercise Options (Years) Price Options Price Year Exercise Price (Outstanding) (Outstanding) (Outstanding) (Exercisable) (Exercisable) 2015 $1.30 to $2.50 350,000 4.41 $1.96 172,812 $1.94 2014 $1.30 to $2.50 350,000 5.41 $2.09 101,990 $1.90 The fair value of the equity instruments granted was determined using the closing price on the day the shares were granted in the case of shares issued and using the Black and Scholes option valuation model in the case of share options granted. On September 9, 2015 The Board of Directors awarded 2,225,000 options to Officers, employees and Directors. The options vest over 12 month (150,000 options) and 24 month (2,075,000 options) periods and may be exercised for a period of 10 years with exercise prices of $0.40 (1,225,000 options) and $0.44 (1,000,000 options) per option.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Jun. 30, 2015
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	Note 17 – RELATED PARTY TRANSACTIONS During the years ended June 30, 2015 and 2014, the Company paid a company controlled by the President of Moneytech for consulting services $128,353 and $226,076, respectively. This arrangement was terminated as of January 31, 2015.

Income Tax

Income Tax	12 Months Ended
	Jun. 30, 2015
Income Tax [Abstract]
INCOME TAX	Note 18 – INCOME TAX The following is the income tax expense reflected in the Statement of Operations for the years ended June 30, 2015 and 2014: INCOME TAX EXPENSE Years ended Years ended Years ended June 30 June 30 June 30 2015 2014 2015 2014 2015 2014 Australia United States Total Income tax expense - current $ - $ - $ - $ - $ - $ - Income tax expense - deferred 180,446 327,539 - - 180,446 327,539 Total $ 180,446 $ 327,539 $ - $ - $ 180,446 $ 327,539 The following are the components of income before income tax reflected in the Statement of Operations for the years ended June 30, 2015 and 2014: COMPONENTS OF INCOME BEFORE INCOME TAX Years ended Years ended Years ended June 30 June 30 June 30 2015 2014 2015 2014 2015 2014 Australia United States Total (Loss) income from continuing operations $ (156,461 ) $ 623,336 $ (683,890 ) $ (861,245 ) $ (840,351 ) $ (237,909 ) Net loss from discontinued operations - - - (301,280 ) - (301,280 ) (Loss) income before Income tax $ (156,461 ) $ 623,336 $ (683,890 ) $ (1,162,525 ) $ (840,351 ) $ (539,189 ) Income tax $ 180,446 $ 327,539 $ - $ - $ 180,446 $ 327,539 Effective tax rate (115 )% 53 % - % - % (21 )% (61 )% The following is a reconciliation of the provision for income taxes at the US federal income tax rate to the income taxes reflected in the Statement of Operations for the years ended June 30, 2015 and 2014: INCOME TAX RATE RECONCILIATION Years ended Years ended Years ended June 30 June 30 June 30 2015 2014 2015 2014 2015 2014 Australia United States Total US statutory rates 34 % 34 % 34 % 34 % 34 % 34 % Tax rate difference (4 )% (4 )% (4 )% (4 )% (4 )% (4 )% Research and development grant income 121 % (26 )% - % - % 23 % 31 % Research and development grant eligible expenditure (156 )% 25 % - % - % (30 )% (28 )% Research and development grant eligible amortisation (109 )% 23 % - % - % (20 )% (27 )% USA losses - % - % (30 )% (30 )% (24 )% (67 )% Other (1 )% 1 % - % - % - % - % Tax expenses at actual rate (115 )% 53 % - % - % (21 )% (61 )% The following are the components of deferred tax reflected in the Statement of Operations for the years ended June 30, 2015 and 2014: COMPONENTS OF DEFERRED TAX EXPENSE Years ended Years ended Years ended June 30 June 30 June 30 2015 2014 2015 2014 2015 2014 Australia United States Total Tax losses carried forward $ 204,548 $ 331,073 $ - $ - $ 204,548 $ 331,073 Doubtful debts reserve (2,144 ) 14,939 - - (2,144 ) 14,939 Accruals (21,958 ) (18,473 ) - - (21,958 ) (18,473 ) $ 180,446 $ 327,539 $ - $ - $ 180,446 $ 327,539 The following are the components of deferred tax reflected in the Balance Sheet as of June 30, 2015 and 2014: COMPONENTS OF DEFERRED TAX ASSET June 30 June 30 June 30 June 30 June 30 June 30 2015 2014 2015 2014 2015 2014 Australia United States Total Tax losses carried forward $ 875,244 $ 1,303,475 $ - $ - $ 875,244 $ 1,303,475 Doubtful debts reserve 174,008 211,021 - - 174,008 211,021 Accruals 66,587 56,991 - - 66,587 56,991 $ 1,115,839 $ 1,571,487 $ - $ - $ 1,115,839 $ 1,571,487 Deferred tax assets - current $ 230,400 $ 282,600 $ - $ - $ 230,400 $ 282,600 Deferred tax assets - non current 885,439 1,288,887 - - 885,439 1,288,887 $ 1,115,839 $ 1,571,487 $ - $ - $ 1,115,839 $ 1,571,487 Deferred income taxes arise from temporary differences between the tax and financial statement recognition of revenue and expense. In evaluating the ability to recover the deferred tax assets within the jurisdiction from which they arise, the Company considered all available positive and negative evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax planning strategies and recent financial operations. In projecting future taxable income, the Company began with historical results adjusted for changes in accounting policies and incorporates assumptions including the amount of future pretax operating income, the reversal of temporary differences, and the implementation of feasible and prudent tax planning strategies. These assumptions require significant judgment about the forecasts of future taxable income and are consistent with the plans and estimates the Company are using to manage the underlying businesses. In evaluating the objective evidence that historical results provide, the Company considers three years of cumulative operating income (loss). As of June 30, 2015, Moneytech had approximately $2,917,479 in net operating loss (“NOL”) carry forward available to offset future taxable income in Australia. The NOLs can be carried forward without expiration in Australia. Management believes that all NOLs will be utilized in the near future and therefore no allowance was made. As of June 30, 2015, Source had NOL’s of approximately $13 million dollars to offset future taxable income in the US. Federal NOLs can generally be carried forward 20 years. However, under Internal Revenue Code section 382 due to the change in ownership there are certain limitations placed on the NOL carryover and Source may only use approximately $161,500 per year of the available NOL. The deferred tax assets of the US entities at June 30, 2015 were fully reserved. Management believes it is more likely than not that these assets will not be realized in the near future.

Geographic Segment Information

Geographic Segment Information	12 Months Ended
	Jun. 30, 2015
Geographic Segment Information [Abstract]
GEOGRAPHIC SEGMENT INFORMATION	Note 19 – GEOGRAPHIC SEGMENT INFORMATION As a result of the reverse merger on June 30, 2013 the Company operated in two regions: Australia and the United States of America. As a result of the Separation Agreement, see Note 2, the Company now operates only in Australia. All inter-company transactions are eliminated in consolidation. For the years ended June 30, 2015 and 2014, geographic segment information is as follows: Year Ended June 30, 2015 Year Ended June 30, 2014 Australia USA Elimination Consolidated Australia USA Elimination Consolidated Revenue $ 4,740,855 $ - $ - $ 4,740,855 $ 5,810,936 $ - $ - $ 5,810,936 Cost of Revenue 3,418,492 - - 3,418,492 3,056,524 - - 3,056,524 Total Expenses 2,924,109 - - 2,924,109 2,544,589 1,162,525 - 3,707,114 Other Income (Expense) 761,395 - - 761,395 714,793 - - 714,793 Net Income (Loss) before tax from continuing operations (840,351 ) - - (840,351 ) 924,616 (1,162,525 ) - (237,909 ) Discontinued operations - - - - - (301,280 ) - (301,280 ) Assets 33,362,460 - - 33,362,460 42,251,766 - - 42,251,766 Debt 28,934,821 - - 28,934,821 35,135,035 561,073 - 35,696,108

Equity Investment

Equity Investment	12 Months Ended
	Jun. 30, 2015
Equity Investment [Abstract]
EQUITY INVESTMENT	Note 20 – EQUITY INVESTMENT On January 16, 2013 the Company entered into an agreement whereby it received a 37.5% equity interest in 360 Market Pty. Limited (“360”) in exchange for allowing 360 to utilize certain license rights. There was no exchange of cash or debt for the transaction and it was accounted for at its fair value of $0. The investment is accounted for by the equity method since the Company obtained a 37.5% equity interest. 360 incurred continuous losses from inception through December 31, 2014, and as a result the Company did not recognize any income or return from the investment for the periods ended December 31, 2014 and earlier as doing so would have created a negative carrying value in the investment account. The Company discontinued using the equity method rather than establish a negative balance for periods through December 31, 2014. During the year ended June 30, 2015, 360 was profitable and absorbed its accumulated losses. The Company expects this performance to continue and as a result the Company has commenced recording 37.5% of the accumulated profits to date as income in the year ended June 30, 2015. A gain on equity method investment of $743 has been reported in the Statement of Operations and Comprehensive Loss for the year ended June 30, 2015. As a result of the current period 360 profits the Company has recorded an Investment in equity affiliate of $681 in the Balance Sheet as at June 30, 2015.

Commitments

Commitments	12 Months Ended
	Jun. 30, 2015
Commitments [Abstract]
COMMITMENTS	Note 21 – COMMITMENTS The Company leases two offices in Australia under renewable operating leases expiring on August 31, 2016 and July 31, 2015. Our corporate Australian headquarters are located at Level6/97 Pacific Highway, North Sydney NSW 2060 Australia, where we lease approximately 350 square meters of office and operations space pursuant to lease agreements expiring in August 2016. The annual rent for the premises is AUD $168,725. In addition we occupy an office on Albany Highway, Victoria Park, Western Australia. The initial term of the lease for this space expires July 31, 2015, at which time the lease will continue on a month by month basis. The monthly rent for the premises is AUD $1,420. For the years ended June 30, 2015 and 2014, the aggregate rental expense was USD $125,562 and USD $137,695, respectively. Future minimum rental payments required under operating leases as of June 30, 2015 are as follows: USD $ Fiscal 2016 $ 130,511 2017 21,597 $ 152,108

Subsequent Events

Subsequent Events	12 Months Ended
	Jun. 30, 2015
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	Note 22 – SUBSEQUENT EVENTS Management has evaluated events subsequent through September 15, 2015 for transactions and other events that may require adjustment of and/or disclosure in such financial statements. As of July 16, 2015 the number of authorized shares of common stock was reduced from 50,000,000 to 12,000,000 shares and the number of authorized shares of preferred stock was reduced from 1,000,000 to 10,000 shares. On September 9, 2015 The Board of Directors awarded an Officer (960,000) and Director (160,000) restricted shares at a fair value of $0.40 per share. On September 9, 2015 The Board of Directors awarded 2,225,000 options to Officers, employees and Directors. The options vest over 12 month (150,000 options) and 24 month (2,075,000 options) periods and may be exercised for a period of 10 years with exercise prices of $0.40 (1,225,000 options) and $0.44 (1,000,000 options) per option.

Summary of Significant Accoun29

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Jun. 30, 2015
Summary of Significant Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the accounts of Source Financial (“Source”) and its wholly owned subsidiaries Moneytech Limited (“Moneytech”), Moneytech Finance Pty Ltd, mPayments Pty Ltd., Moneytech POS Pty Ltd., Moneytech Services Pty Ltd and Moneytech USA, collectively referred to as the Company. All material intercompany accounts, transactions and profits were eliminated in consolidation.
Equity Investments	Equity Investments The Company uses the equity method of accounting for investments when the percentage of ownership of the investment is between 20% and 50%. The Company includes the proportionate share of the profit or loss as part of the carrying value of the investment.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with US GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates include collectability of accounts receivable, accounts payable, sales returns and recoverability of long-term assets.
Exchange (Loss) Gain	Exchange (Loss) Gain During the year ended June 30, 2015 and 2014, the transactions of Moneytech and its wholly owned subsidiaries were denominated in foreign currency and were recorded in Australian dollar (AUD) at the rates of exchange in effect when the transactions occurred. Exchange gains and losses are recognized for the different foreign exchange rates applied when the foreign currency assets and liabilities are settled.
Foreign Currency Translation and Comprehensive (Loss) Income	Foreign Currency Translation and Comprehensive (Loss) Income The accounts of Moneytech Limited and its wholly owned subsidiaries were maintained, and its financial statements were expressed, in AUD. Such financial statements were translated into USD with the AUD as the functional currency. All assets and liabilities were translated at the exchange rate at the balance sheet date, stockholders’ equity is translated at the historical rates and income statement items are translated at the average exchange rate for the period. Transactions in foreign currencies are initially recorded at the functional currency rate ruling at the date of transaction. Any differences between the initially recorded amount and the settlement amount are recorded as a gain or loss on foreign currency transaction in the consolidated statements of operations. The resulting translation adjustments are reported under other comprehensive income as a component of shareholders’ equity.
Reportable Segment	Reportable Segment The Company has one reportable segment. The Company’s activities are interrelated and each activity is dependent upon and supportive of the other. Accordingly, all significant operating decisions are based on analysis of financial products provided as a single business unit.
Revenue Recognition	Revenue Recognition Revenue is recognized when persuasive evidence of an arrangement exists, delivery has occurred, the fee is fixed or determinable, and collectability is probable. Revenue generally is recognized net of allowances for returns and any taxes collected from customers and subsequently remitted to governmental authorities.
Cost of Revenue	Cost of Revenue Cost of revenue includes: programs licensed, operating costs including costs of funds and related product support service centers to drive traffic to our websites, costs incurred to support and maintain products and services, including inventory valuation adjustments, costs associated with the delivery of consulting services, and the amortization of capitalized intangible software costs. Capitalized intangible software costs are amortized over the estimated lives of the products.
Research and Development	Research and Development Research and development expenses include payroll, employee benefits, and other headcount-related expenses associated with product development. Research and development expenses also include third-party development and programming costs, localization costs incurred to translate software for international markets, and the amortization of purchased software code and services content. Such costs related to software development are included in research and development expense until the point that technological feasibility is reached, which for our software products is generally shortly before the products are put into service. Once technological feasibility is reached, such costs are capitalized and amortized to cost of revenue over the estimated lives of the products. Certain research and development costs are eligible for reimbursement by the Australian government. Research and development expense is included as an operating expense and research and development grant income is reported as other income.
Income Taxes	Income Taxes The Company uses the asset and liability method to account for income taxes as prescribed by Accounting Standards Codification (“ASC”) 740, Income Taxes. Deferred tax assets and liabilities are determined based on the difference between the financial statement and tax bases of assets and liabilities as measured by the enacted tax rates which will be in effect when these differences reverse. Deferred tax expense (benefit) is the result of changes in deferred tax assets and liabilities. Deferred income tax assets and liabilities are adjusted to recognize the effects of changes in tax laws or enacted tax rates in the period during which they are signed into law. The Company may recognize the tax benefit from an uncertain tax position claimed on a tax return only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. The authoritative standards issued by the Financial Accounting Standards Board (“FASB”) also provide guidance on de-recognition, classification, interest and penalties on income taxes, accounting in interim periods and requires increased disclosures. The factors used to assess the likelihood of realization are the Company’s forecast of future taxable income and available tax planning strategies that could be implemented to realize the net deferred tax assets. Under ASC 740, Income Taxes, a valuation allowance is required when it is more likely than not that all or some portion of the deferred tax assets will not be realized through generating sufficient future taxable income. Failure to achieve forecasted taxable income in applicable tax jurisdictions could affect the ultimate realization of deferred tax assets and could result in an increase in the Company’s effective tax rate on future earnings.
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk are cash, accounts receivable and other receivables arising from its normal business activities. The Company places its cash in what it believes to be credit-worthy financial institutions. The Company has a diversified customer base, most of which are in Australia. The Company controls credit risk related to accounts receivable through credit approvals, credit limits and monitoring procedures. The Company routinely assesses the financial strength of its customers and, based upon factors surrounding the credit risk, establishes an allowance, if required, for uncollectible accounts and, as a consequence, believes that its accounts receivable credit risk exposure beyond such allowance is limited.
Risks and Uncertainties	Risks and Uncertainties The Company is subject to risks from, among other things, competition associated with the industry in general, other risks associated with financing, liquidity requirements, rapidly changing customer requirements, limited operating history, foreign currency exchange rates and the volatility of public markets.
Contingencies	Contingencies Loss contingencies, including litigation related contingencies, are included in the Consolidated Statements of Operations when the Company concludes that a loss is both probable and reasonably estimable. Legal fees related to litigation-related matters are expensed as incurred and included in the Consolidated Statements of Operations under the Selling, general and administrative line item. No amount for loss was recorded as of June 30, 2015 and 2014.
Cash and Equivalents	Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities less than or equal to three months at the date of purchase to be cash and cash equivalents. Cash and cash equivalents are stated at cost, which approximates fair value, and consist of bank deposits and certificates of deposit that are readily convertible into cash. The Company maintains its cash deposits and cash equivalents at well-known, stable financial institutions in Australia and not covered by insurance.
Allowance for Doubtful Accounts	Allowance for Doubtful Accounts The Company maintains reserves for potential credit losses on accounts receivable. Management reviews the composition of accounts receivable and analyzes historical bad debts, customer concentrations, customer credit worthiness, current economic trends and changes in customer payment patterns to evaluate the adequacy of these reserves.
Bad Debt Insurance	Bad Debt Insurance As a condition of the RPA (see Note 11) and Subordinated Notes (see Note 13), Moneytech maintains credit insurance on the receivables due Moneytech from its customers or their counterparties. Pursuant to this policy, Moneytech would bear the first $500,000 of aggregate losses incurred due to defaults in any calendar year, after which any bad debt losses are reimbursed by the insurance company. This policy is renewed annually. A receivable from the insurance company is recognized when the criteria set forth in the policy, inclusive of bad debt expenses in excess of $500,000 in any year, are met. The amount recorded as a receivable is offset against bad debt expense. As of June 30, 2015 and 2014, the Company had insurance claims receivables of $0 and $32,085, respectively.
Inventory	Inventory Inventories are valued at the lower of cost (determined on a weighted average basis) or market. Management compares the cost of inventories with the market value and allowance is made to write down inventories to market value, if lower. As of June 30, 2015 and 2014, inventory only consisted of finished goods.
Property, Plant & Equipment	Property, Plant & Equipment Property and equipment is stated at cost and depreciated using the straight-line method over the shorter of the estimated useful life of the asset or the lease term. The estimated useful lives of our property and equipment are generally as follows: Computer software 3 to 10 years Computer hardware 5 to 15 years Furniture and equipment 3 to 5 years As of June 30, 2015 and 2014, Property, Plant & Equipment consisted of the following: June 30 June 30 2015 2014 Office equipment $ 30,230 $ 37,079 Furniture and fixtures 193,822 237,734 Terminals 45,483 87,319 Computers and software 1,177,253 1,365,207 Accumulated Depreciation (1,119,889 ) (1,208,018 ) $ 326,899 $ 519,321 For the years ended June 30, 2015 and 2014, depreciation expense consisted of the following: Years ended June 30 2015 2014 Depreciation, cost of revenue $ 103,642 $ 150,107 Depreciation, operating 56,115 61,716 Total depreciation expense $ 159,757 $ 211,823
Fair Value of Financial Instruments	Fair Value of Financial Instruments For certain of the Company’s financial instruments, including cash and equivalents, restricted cash, accounts receivable, accounts payable, accrued liabilities and short-term debt, the carrying amounts approximate their fair values due to their short maturities. ASC Topic 820, “Fair Value Measurements and Disclosures,” requires disclosure of the fair value of financial instruments held by the Company. ASC Topic 825, “Financial Instruments,” defines fair value, and establishes a three-level valuation hierarchy for disclosures of fair value measurement that enhances disclosure requirements for fair value measures. The carrying amounts reported in the consolidated balance sheets for receivables and current liabilities each qualify as financial instruments and are a reasonable estimate of their fair values because of the short period of time between the origination of such instruments and their expected realization and their current market rate of interest. The three levels of valuation hierarchy are defined as follows: Level 1 inputs to the valuation methodology are quoted prices for identical assets or liabilities in active markets. Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. Level 3 inputs to the valuation methodology are unobservable and significant to the fair value measurement. The Company analyzes all financial instruments with features of both liabilities and equity under ASC 480, “Distinguishing Liabilities from Equity,” and ASC 815. As of June 30, 2015 and 2014, the Company did not identify any assets and liabilities that are required to be presented on the balance sheet at fair value.
Earnings Per Share (EPS)	Earnings per Share (EPS) Basic EPS is computed by dividing income available to common shareholders and equivalents by the weighted average number of common shares and equivalents outstanding for the period. Diluted EPS is computed similar to basic net income per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if all the potential common shares, warrants and stock options had been issued and if the additional common shares were dilutive. Diluted EPS is based on the assumption that all dilutive convertible shares and stock options were converted or exercised. Dilution is computed by applying the treasury stock method for the outstanding options and the if-converted method for the outstanding convertible preferred shares. Under the treasury stock method, options and warrants are assumed to be exercised at the beginning of the period (or at the time of issuance, if later), and as if funds obtained thereby were used to purchase common stock at the average market price during the period. Under the if-converted method, convertible outstanding instruments are assumed to be converted into common stock at the beginning of the period (or at the time of issuance, if later). The following table sets forth the computation of basic and diluted earnings per share for the years ended June 30, 2015 and 2014: Years ended June 30 2015 2014 Net loss from continuing operations $ (1,020,797 ) $ (565,448 ) Net loss from discontinued operations - (301,280 ) Net loss $ (1,020,797 ) $ (866,728 ) Weighted average number of shares used in computing basic and diluted net loss per share: Basic 7,671,632 9,402,356 Dilutive effect of stock options - - Diluted 7,671,632 9,402,356 Year ended June 30 2015 2014 Net loss per share Basic and diluted: Continuing operations $ (0.133 ) $ (0.060 ) Discontinued - (0.032 ) Total $ (0.133 ) $ (0.092 ) Options to purchase up to 172,812 and 83,243 shares of common stock were anti-dilutive during the years ended June 30, 2015 and 2014 respectively.
Goodwill	Goodwill Goodwill, which represents the excess of purchase price over the fair value of net assets acquired, is carried at cost. Goodwill is tested for impairment on an annual basis during the fourth quarter of each fiscal year or more frequently if events or changes in circumstances indicate that the asset might be impaired. The Company first performs a qualitative assessment to determine if the quantitative impairment test is required. If changes in circumstances indicate an asset may be impaired, the Company performs the quantitative impairment test. In accordance with accounting standards, a two-step quantitative method is used for determining goodwill impairment. In the first step, we determine the fair value of our reporting unit (generic pharmaceuticals). If the net book value of our reporting unit exceeds its fair value, we would then perform the second step of the impairment test which requires allocation of our reporting unit’s fair value to all of its assets and liabilities using the acquisition method prescribed under authoritative guidance for business combinations. Any residual fair value is allocated to goodwill. An impairment charge is recognized only if the implied fair value of our reporting unit’s goodwill is less than its carrying amount.
Intangible Assets	Intangible Assets The Company records identifiable intangible assets at fair value on the date of acquisition and evaluates the useful life of each asset. Finite-lived intangible assets primarily consist of software development capitalized. Finite-lived intangible assets are amortized on a straight-line basis and are tested for recoverability if events or changes in circumstances indicate that their carrying amounts may not be recoverable. These intangibles have useful lives ranging from 1 to 10 years. No events or changes in circumstances indicate that impairment existed as of June 30, 2015.
Stock-Based Compensation	Stock-Based Compensation Stock-based compensation costs are recognized over the vesting period, using a straight-line method, based on the fair value of the instrument on the date of grant less an estimate for expected forfeitures. The Company uses the Black-Scholes valuation model to determine the fair value of stock options and the stock price on the grant date to value restricted stock. The Black-Scholes valuation model includes various assumptions, including the expected volatility, the expected life of the award, dividend yield, and the risk-free interest rate. These assumptions involve inherent uncertainties based on market conditions which are generally outside the Company’s control. Changes in these assumptions could have a material impact on share-based compensation costs recognized in the financial statements.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In April 2015, the FASB issued ASU 2015-03, S implifying the Presentation of Debt Issuance Costs In July 2015, the FASB issued ASU 2015-11, Inventory — Simplifying the Measurement of Inventory Other recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company's present or future consolidated financial statements.
Reclassification	Reclassification Certain prior year amounts have been reclassified for consistency with the current period presentation. These reclassifications had no effect on the reported results of operations or cash flow.

Discontinued Operations (Tables

Discontinued Operations (Tables)	12 Months Ended
	Jun. 30, 2015
Discontinued Operations [Abstract]
Schedule of net results of discontinued operations	NET RESULT FROM DISCONTINUED OPERATIONS For the year ended June 30 2015 2014 Revenue $ - $ 2,647 Cost of Revenue - 70,460 Gross Loss - (67,813 ) Operating Expenses - 234,027 Loss from operations - (301,840 ) Other income - 560 Loss before tax - (301,280 ) Tax - - Loss after tax $ - $ (301,280 )

Summary of Significant Accoun31

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Jun. 30, 2015
Summary of Significant Accounting Policies [Abstract]
Schedule of estimated useful lives of property and equipment	Computer software 3 to 10 years Computer hardware 5 to 15 years Furniture and equipment 3 to 5 years
Schedule of property, plant and equipment	June 30 June 30 2015 2014 Office equipment $ 30,230 $ 37,079 Furniture and fixtures 193,822 237,734 Terminals 45,483 87,319 Computers and software 1,177,253 1,365,207 Accumulated Depreciation (1,119,889 ) (1,208,018 ) $ 326,899 $ 519,321
Schedule of property, plant and equipment depreciation expense	Years ended June 30 2015 2014 Depreciation, cost of revenue $ 103,642 $ 150,107 Depreciation, operating 56,115 61,716 Total depreciation expense $ 159,757 $ 211,823
Schedule for computation of basic and diluted earnings per share	Years ended June 30 2015 2014 Net loss from continuing operations $ (1,020,797 ) $ (565,448 ) Net loss from discontinued operations - (301,280 ) Net loss $ (1,020,797 ) $ (866,728 ) Weighted average number of shares used in computing basic and diluted net loss per share: Basic 7,671,632 9,402,356 Dilutive effect of stock options - - Diluted 7,671,632 9,402,356 Year ended June 30 2015 2014 Net loss per share Basic and diluted: Continuing operations $ (0.133 ) $ (0.060 ) Discontinued - (0.032 ) Total $ (0.133 ) $ (0.092 )

Trade Receivables, Net (Tables)

Trade Receivables, Net (Tables)	12 Months Ended
	Jun. 30, 2015
Receivables [Abstract]
Schedule of trade receivables	June 30 June 30 2015 2014 Trade receivables $ 20,231,293 $ 25,573,699 Allowance for bad debt (580,025 ) (703,402 ) Total trade receivables, net $ 19,651,268 $ 24,870,297
Schedule of age analysis of past due trade receivables	AGE ANALYSIS OF PAST DUE TRADE June 30 June 30 RECEIVABLES 2015 2014 1 - 30 Days Past Due $ 665,728 $ 695,116 31 - 60 Days Past Due 86,328 59,212 Greater than 60 Days Past Due 916,106 890,205 Total Past Due 1,668,162 1,644,533 Current 18,563,131 23,929,166 Total Trade Receivables $ 20,231,293 $ 25,573,699 Recorded Investment > 60 Days and accruing $ 268,375 $ 23,007
Schedule of allowance for doubtful debts and recorded investment	ALLOWANCE FOR DOUBTFUL DEBTS Year ended Year ended June 30 June 30 2015 2014 Allowance for doubtful debts Beginning balance $ 703,402 731,475 Charge-offs (26,199 ) (736,738 ) Recoveries - - Provision 33,347 686,942 Other comprehensive income (fx differences) (130,525 ) 21,723 Ending balance $ 580,025 $ 703,402 Ending balance - individually evaluated for impairment $ 552,180 $ 667,508 Ending balance - collectively evaluated for impairment $ 27,845 $ 35,894 Reconciliation to bad debts expense in the Statement of Operations Provision $ 33,347 $ 686,942 Other bad debt expenses / credits not reflected in provision 25,441 108,169 Bad debts expense per Statement of Operations $ 58,788 $ 795,111 Bad debt expenses not reflected in the provision include direct costs associated with pursuing an overdue receivable. If these costs are recovered they result in a credit. TRADE RECEIVABLE BALANCES ASSESSED FOR IMPAIRMENT June 30 June 30 2015 2014 Ending balance $ 20,231,293 $ 25,573,699 Ending balance - individually evaluated for impairment $ 639,279 $ 1,079,337 Ending balance - collectively evaluated for impairment $ 19,592,014 $ 24,494,362
Schedule of trade reveivables on a non accrual basis	TRADE RECEIVABLES ON A NON ACCRUAL BASIS June 30 June 30 2015 2014 Trade receivables $ 639,279 $ 1,079,337 Total Financing Receivables $ 639,279 $ 1,079,337
Schedule of impaired loans	IMPAIRED LOANS June 30, 2015 Recorded Investment Unpaid principal balance Related allowance Average recorded investment Interest income recognised With no allowance recorded Trade receivables $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - With an allowance recorded Trade receivables $ 639,279 $ 441,661 $ 552,180 $ 756,900 $ 8,478 $ 639,279 $ 441,661 $ 552,180 $ 756,900 $ 8,478 Total Trade receivables $ 639,279 $ 441,661 $ 552,180 $ 756,900 $ 8,478 $ 639,279 $ 441,661 $ 552,180 $ 756,900 $ 8,478 June 30, 2014 Recorded Investment Unpaid principal balance Related allowance Average recorded investment Interest income recognised With no allowance recorded Trade receivables $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - With an allowance recorded Trade receivables $ 1,079,337 $ 797,842 $ 667,508 $ 1,354,838 $ 78,488 $ 1,079,337 $ 797,842 $ 667,508 $ 1,354,838 $ 78,488 Total Trade receivables $ 1,079,337 $ 797,842 $ 667,508 $ 1,354,838 $ 78,488 $ 1,079,337 $ 797,842 $ 667,508 $ 1,354,838 $ 78,488

Terminal Financing Receivable33

Terminal Financing Receivables, Net (Table)	12 Months Ended
	Jun. 30, 2015
Receivables [Abstract]
Schedule short term financing receivables current and non-current	June 30 June 30 2015 2014 Current $ 111,364 $ - Non-current 172,068 - $ 283,432 $ -
Schedule of short term financing receivables repayments schedule.	12 months ended: USD $ June 30, 2016 $ 111,364 June 30, 2017 125,273 June 30, 2018 46,795 $ 283,432

Inventory (Table)

Inventory (Table)	12 Months Ended
	Jun. 30, 2015
Inventory [Abstract]
Schedule of Inventory	June 30 June 30 2015 2014 Terminals $ 146,650 $ - Prepaid gift cards or other 10,494 18,450 $ 157,144 $ 18,450

Other Assets (Tables)

Other Assets (Tables)	12 Months Ended
	Jun. 30, 2015
Other Assets [Abstract]
Summary of other assets	June 30 June 30 2015 2014 Research & development grant receivable $ 555,289 $ 555,780 Insurance claim receivable - 32,085 Prepayment 53,561 43,697 Other assets 171,001 206,143 $ 779,851 $ 837,705

Intangible Assets (Tables)

Intangible Assets (Tables)	12 Months Ended
	Jun. 30, 2015
Intangible Assets [Abstract]
Summary of intangible assets	June 30 June 30 2015 2014 Moneytech and mPayments software $ 5,874,178 $ 6,608,596 Accumulated amortization (2,959,925 ) (2,976,060 ) $ 2,914,253 $ 3,632,536
Summary of amortization expense of intangible assets	Years ending June 30, 2016 $ 544,412 2017 544,412 2018 544,412 2019 544,412 2020 544,412 Thereafter 192,193 Total $ 2,914,253

Goodwill (Tables)

Goodwill (Tables)	12 Months Ended
	Jun. 30, 2015
Goodwill [Abstract]
Schedule of business acquisitions	June 30 June 30 2015 2014 Acquisition cost of Moneytech POS Pty Ltd. $ 82,560 $ 101,265 Fixed assets received (45,994 ) (56,414 ) Liability assumed 21,505 26,376 Acquisition cost assigned to goodwill $ 58,071 $ 71,227

Trade and Other Payables (Table

Trade and Other Payables (Tables)	12 Months Ended
	Jun. 30, 2015
Trade And Other Payables [Abstract]
Summary of trade and other payables	June 30 June 30 2015 2014 Trade payables $ 1,923,404 $ 6,195,424 Accrued consulting costs 561,073 561,073 Employee benefits 245,159 161,906 Other liabilities 384,549 105,555 Total payables $ 3,114,185 $ 7,023,958

Line of Credit and Cash Reser39

Line of Credit and Cash Reserve Liabilities (Tables)	12 Months Ended
	Jun. 30, 2015
Line of Credit and Cash Reserve Liabilities and Subordinated Notes, Net
Schedule of line of credit and cash reserve liabilities	June 30 June 30 2015 2014 Wholesale loan facility $ 6,052,789 $ 27,746,303 Cash reserve liabilities 1,257,984 878,747 $ 7,310,773 $ 28,625,050

Shareholder's Loan (Tables)

Shareholder's Loan (Tables)	12 Months Ended
	Jun. 30, 2015
Shareholder's Loan [Abstract]
Summary of Non-current liability	June 30 June 30 2015 2014 Shareholder's loan $ 38,392 $ 47,100

Subordinated Notes, Net (Tables

Subordinated Notes, Net (Tables)	12 Months Ended
	Jun. 30, 2015
Subordinated Notes Net [Abstract]
Schedule of subordinated borrowing	June 30 June 30 2015 2014 Subordinated notes issued $ 19,200,000 $ - Issuance costs (766,873 ) - Subordinated notes, net proceeds $ 18,433,127 $ - Issuance costs amortised 38,344 - Subordinated notes, net $ 18,471,471 $ -
Schedule of subordinated notes related to Interest expense in cost of revenue	Year ended Year ended June 30 June 30 2015 2014 Issuance costs amortized during the year $ 41,839 $ - Interest paid during the year 325,277 - Reported as Interest expense in cost of revenue $ 367,116 $ -

Stock Compensation (Tables)

Stock Compensation (Tables)	12 Months Ended
	Jun. 30, 2015
Stock Options/Stock Compensation [Abstract]
Schedule of Stock-based Compensation, Restricted Shares	Number of June 30 June 30 2015 2014 Granted but not issued at July 1 - 338,368 Issued during nine months ended June 30 - - Granted during nine months ended June 30 - 170,632 Cancelled during nine months ended June 30 - (150,000 ) Granted but not issued at June 30 - 359,000

Stock Options (Tables)

Stock Options (Tables)	12 Months Ended
	Jun. 30, 2015
Stock Options/Stock Compensation [Abstract]
Summary of activity and position of options	Stock Options Years ended June 30 2015 2014 Outstanding at July 1 350,000 100,000 Granted - 250,000 Exercised - - Expired - - Outstanding at June 30 350,000 350,000 Exercisable at June 30 172,812 101,990
Schedule of options outstanding	Weighted Average Weighted Weighted Remaining Average Average Life Exercise Exercise Options (Years) Price Options Price Year Exercise Price (Outstanding) (Outstanding) (Outstanding) (Exercisable) (Exercisable) 2015 $1.30 to $2.50 350,000 4.41 $1.96 172,812 $1.94 2014 $1.30 to $2.50 350,000 5.41 $2.09 101,990 $1.90

Income Tax (Tables)

Income Tax (Tables)	12 Months Ended
	Jun. 30, 2015
Income Tax [Abstract]
Schedule of income tax expense	INCOME TAX EXPENSE Years ended Years ended Years ended June 30 June 30 June 30 2015 2014 2015 2014 2015 2014 Australia United States Total Income tax expense - current $ - $ - $ - $ - $ - $ - Income tax expense - deferred 180,446 327,539 - - 180,446 327,539 Total $ 180,446 $ 327,539 $ - $ - $ 180,446 $ 327,539
Shedule of components of income before income tax	COMPONENTS OF INCOME BEFORE INCOME TAX Years ended Years ended Years ended June 30 June 30 June 30 2015 2014 2015 2014 2015 2014 Australia United States Total (Loss) income from continuing operations $ (156,461 ) $ 623,336 $ (683,890 ) $ (861,245 ) $ (840,351 ) $ (237,909 ) Net loss from discontinued operations - - - (301,280 ) - (301,280 ) (Loss) income before Income tax $ (156,461 ) $ 623,336 $ (683,890 ) $ (1,162,525 ) $ (840,351 ) $ (539,189 ) Income tax $ 180,446 $ 327,539 $ - $ - $ 180,446 $ 327,539 Effective tax rate (115 )% 53 % - % - % (21 )% (61 )%
Schedule of income tax rate reconciliation	INCOME TAX RATE RECONCILIATION Years ended Years ended Years ended June 30 June 30 June 30 2015 2014 2015 2014 2015 2014 Australia United States Total US statutory rates 34 % 34 % 34 % 34 % 34 % 34 % Tax rate difference (4 )% (4 )% (4 )% (4 )% (4 )% (4 )% Research and development grant income 121 % (26 )% - % - % 23 % 31 % Research and development grant eligible expenditure (156 )% 25 % - % - % (30 )% (28 )% Research and development grant eligible amortisation (109 )% 23 % - % - % (20 )% (27 )% USA losses - % - % (30 )% (30 )% (24 )% (67 )% Other (1 )% 1 % - % - % - % - % Tax expenses at actual rate (115 )% 53 % - % - % (21 )% (61 )%
Summary of components of deferred tax expense	COMPONENTS OF DEFERRED TAX EXPENSE Years ended Years ended Years ended June 30 June 30 June 30 2015 2014 2015 2014 2015 2014 Australia United States Total Tax losses carried forward $ 204,548 $ 331,073 $ - $ - $ 204,548 $ 331,073 Doubtful debts reserve (2,144 ) 14,939 - - (2,144 ) 14,939 Accruals (21,958 ) (18,473 ) - - (21,958 ) (18,473 ) $ 180,446 $ 327,539 $ - $ - $ 180,446 $ 327,539
Summary of components of deferred tax asset	COMPONENTS OF DEFERRED TAX ASSET June 30 June 30 June 30 June 30 June 30 June 30 2015 2014 2015 2014 2015 2014 Australia United States Total Tax losses carried forward $ 875,244 $ 1,303,475 $ - $ - $ 875,244 $ 1,303,475 Doubtful debts reserve 174,008 211,021 - - 174,008 211,021 Accruals 66,587 56,991 - - 66,587 56,991 $ 1,115,839 $ 1,571,487 $ - $ - $ 1,115,839 $ 1,571,487 Deferred tax assets - current $ 230,400 $ 282,600 $ - $ - $ 230,400 $ 282,600 Deferred tax assets - non current 885,439 1,288,887 - - 885,439 1,288,887 $ 1,115,839 $ 1,571,487 $ - $ - $ 1,115,839 $ 1,571,487

Geographic Segment Information

Geographic Segment Information (Tables)	12 Months Ended
	Jun. 30, 2015
Geographic Segment Information [Abstract]
Summary of geographic segment information	Year Ended June 30, 2015 Year Ended June 30, 2014 Australia USA Elimination Consolidated Australia USA Elimination Consolidated Revenue $ 4,740,855 $ - $ - $ 4,740,855 $ 5,810,936 $ - $ - $ 5,810,936 Cost of Revenue 3,418,492 - - 3,418,492 3,056,524 - - 3,056,524 Total Expenses 2,924,109 - - 2,924,109 2,544,589 1,162,525 - 3,707,114 Other Income (Expense) 761,395 - - 761,395 714,793 - - 714,793 Net Income (Loss) before tax from continuing operations (840,351 ) - - (840,351 ) 924,616 (1,162,525 ) - (237,909 ) Discontinued operations - - - - - (301,280 ) - (301,280 ) Assets 33,362,460 - - 33,362,460 42,251,766 - - 42,251,766 Debt 28,934,821 - - 28,934,821 35,135,035 561,073 - 35,696,108

Commitments (Tables)

Commitments (Tables)	12 Months Ended
	Jun. 30, 2015
Commitments [Abstract]
Schedule of future minimum rental payments for operating leases	USD $ Fiscal 2016 $ 130,511 2017 21,597 $ 152,108

Basis of Presentation and Org47

Basis of Presentation and Organization (Details) - Moneytech Limited [Member]	1 Months Ended
	Jun. 30, 2013shares
President [Member] | Preferred Series B Stock [Member]
Basis of Presentation and Organization (Textual)
Business acquisition, number of shares issued	5,000
Stockholders [Member] | Common Stock [Member]
Basis of Presentation and Organization (Textual)
Business acquisition, number of shares issued	5,300,000

Discontinued Operations (Detail

Discontinued Operations (Details) - USD ($)	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
NET RESULT FROM DISCONTINUED OPERATIONS
Revenue		$ 2,647
Cost of Revenue		70,460
Gross Loss		(67,813)
Operating Expenses		234,027
Loss from operations		(301,840)
Other income		560
Loss before tax		$ (301,280)
Tax
Loss after tax		$ (301,280)

Discontinued Operations (Deta49

Discontinued Operations (Details Textual) - shares	Feb. 11, 2014	Oct. 29, 2013	Jun. 30, 2015
Discontinued Operations (Textual)
Number of shares cancelled		150,000
WikiTechnologies, Inc.
Discontinued Operations (Textual)
Number of escrow shares exchanged in discontinued operation			2,240,000
Marco Garibaldi [Member]
Discontinued Operations (Textual)
Number of shares cancelled	2,140,000
Note holder [Member]
Discontinued Operations (Textual)
Number of remaining shares delivered	100,000

Summary of Significant Accoun50

Summary of Significant Accounting Policies (Details)	12 Months Ended
	Jun. 30, 2015
Computer software [Member] | Minimum [Member]
Schedule of estimated useful lives of property and equipment
Property, plant and equipment, useful life	3 years
Computer software [Member] | Maximum [Member]
Schedule of estimated useful lives of property and equipment
Property, plant and equipment, useful life	10 years
Computer hardware [Member] | Minimum [Member]
Schedule of estimated useful lives of property and equipment
Property, plant and equipment, useful life	5 years
Computer hardware [Member] | Maximum [Member]
Schedule of estimated useful lives of property and equipment
Property, plant and equipment, useful life	15 years
Furniture and equipment [Member] | Minimum [Member]
Schedule of estimated useful lives of property and equipment
Property, plant and equipment, useful life	3 years
Furniture and equipment [Member] | Maximum [Member]
Schedule of estimated useful lives of property and equipment
Property, plant and equipment, useful life	5 years

Summary of Significant Accoun51

Summary of Significant Accounting Policies (Details 1) - USD ($)	Jun. 30, 2015	Jun. 30, 2014
Schedule of property, plant and equipment
Accumulated Depreciation	$ (1,119,889)	$ (1,208,018)
Property, plant and equipment, net	326,899	519,321
Office equipment [Member]
Schedule of property, plant and equipment
Property plant and equipment, gross	30,230	37,079
Furniture and fixtures [Member]
Schedule of property, plant and equipment
Property plant and equipment, gross	193,822	237,734
Terminals [Member]
Schedule of property, plant and equipment
Property plant and equipment, gross	45,483	87,319
Computers and Software [Member]
Schedule of property, plant and equipment
Property plant and equipment, gross	$ 1,177,253	$ 1,365,207

Summary of Significant Accoun52

Summary of Significant Accounting Policies (Details 2) - USD ($)	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Schedule of property, plant and equipment depreciation expense
Depreciation, cost of revenue	$ 103,642	$ 150,107
Depreciation, operating	56,115	61,716
Total depreciation expense	$ 159,757	$ 211,823

Summary of Significant Accoun53

Summary of Significant Accounting Policies (Details 3) - USD ($)	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Schedule for computation of basic and diluted earnings per share
Net (loss) from continuing operations	$ (1,020,797)	$ (565,448)
Net result from discontinued operations		301,280
Net loss	$ (1,020,797)	$ (866,728)
Weighted average number of shares used in computing basic and diluted net (loss) income per share:
Basic	7,671,632	9,402,356
Dilutive effect of stock options
Diluted	7,671,632	9,402,356
Net (loss) per share Basic and diluted:
Continuing operations	$ (0.133)	$ (0.060)
Discontinued		(0.032)
Total	$ (0.133)	$ (0.092)

Summary of Significant Accoun54

Summary of Significant Accounting Policies (Details Textual) - USD ($)	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Summary of Significant Accounting Policies (Textual)
Equity method investment, ownership percentage	37.50%
Insurance losses	$ 500,000
Insurance claim receivable	$ 0	$ 32,085
Number of anti-dilutive common stock	172,812	83,243
Minimum [Member]
Summary of Significant Accounting Policies (Textual)
Equity method investment, ownership percentage	20.00%
Intangible assets, useful live	10 years
Maximum [Member]
Summary of Significant Accounting Policies (Textual)
Equity method investment, ownership percentage	50.00%
Intangible assets, useful live	12 years
Software development [Member] | Minimum [Member]
Summary of Significant Accounting Policies (Textual)
Intangible assets, useful live	1 year
Software development [Member] | Maximum [Member]
Summary of Significant Accounting Policies (Textual)
Intangible assets, useful live	10 years

Trade Receivables, Net (Details

Trade Receivables, Net (Details) - USD ($)	Jun. 30, 2015	Jun. 30, 2014
Schedule of trade receivables
Trade receivables	$ 20,231,293	$ 25,573,699
Allowance for bad debt	(580,025)	(703,402)
Total trade receivables, net	$ 19,651,268	$ 24,870,297

Trade Receivables, Net (Detai56

Trade Receivables, Net (Details 1) - USD ($)	Jun. 30, 2015	Jun. 30, 2014
Receivables [Abstract]
1-30 Days Past Due	$ 665,728	$ 695,116
31-60 Days Past Due	86,328	59,212
Greater than 60 Days Past Due	916,106	890,205
Total Past Due	1,668,162	1,644,533
Current	18,563,131	23,929,166
Total Trade Receivables	20,231,293	25,573,699
Recorded Investment > 60 Days and accruing	$ 268,375	$ 23,007

Trade Receivables, Net (Detai57

Trade Receivables, Net (Details 2) - USD ($)	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Allowance for doubtful debts
Beginning balance	$ 703,402	$ 731,475
Charge-offs	$ (26,199)	$ (736,738)
Recoveries
Provision	$ 33,347	$ 686,942
Other comprehensive income (fx differences)	(130,525)	21,723
Ending balance	580,025	703,402
Ending balance - individually evaluated for impairment	552,180	667,508
Ending balance - collectively evaluated for impairment	27,845	35,894
Reconciliation to bad debts expense in the Statement of Operations
Provision	33,347	686,942
Other bad debt expenses / credits not reflected in provision	25,441	108,169
Bad debt expenses	58,788	795,112
Trade receivables
Ending balance	20,231,293	25,573,699
Ending balance - individually evaluated for impairment	639,279	1,079,337
Ending balance - collectively evaluated for impairment	$ 19,592,014	$ 24,494,362

Trade Receivables, Net (Detai58

Trade Receivables, Net (Details 3) - USD ($)	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Receivables [Abstract]
Trade receivables	$ 639,279	$ 1,079,337
Total Financing Receivables	$ 639,279	$ 1,079,337

Trade Receivables, Net (Detai59

Trade Receivables, Net (Details 4) - USD ($)	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Schedule of impaired loans
Trade receivables - With no allowance recorded, Recorded Investment
Trade receivables - With an allowance recorded, Recorded Investment	$ 639,279	$ 1,079,337
Trade receivables - Total, Recorded Investment	$ 639,279	$ 1,079,337
Trade receivables - With no allowance recorded, Unpaid Principal Balance
Trade receivables - With an allowance recorded, Unpaid Principal Balance	$ 441,661	$ 797,842
Trade receivables - Total, Unpaid Principal Balance	$ 441,661	$ 797,842
Trade receivables - With no allowance recorded, Related allowance
Trade receivables - With an allowance recorded, Related allowance	$ 552,180	$ 667,508
Trade receivables - Total, Related allowance	$ 552,180	$ 667,508
Trade receivables - With no allowance recorded, Average recorded investment
Trade receivables - With an allowance recorded, Average recorded investment	$ 756,900	$ 1,354,838
Trade receivables - Total, Average recorded investment	$ 756,900	$ 1,354,838
Trade receivables - With no allowance recorded, Interest income recognized
Trade receivables - With an allowance recorded, Interest income recognized	$ 8,478	$ 78,488
Trade receivables - Total, Interest income recognised	$ 8,478	$ 78,488

Trade Receivables, Net (Detai60

Trade Receivables, Net (Details Textual)	12 Months Ended
	Jun. 30, 2015
Receivables [Abstract]
Trade receivables payment description	Trade receivables that are past their normal payment terms are overdue and once 30 days past due are considered delinquent. Minimum payment terms vary by product. The maximum payment term for all products is 122 days.

Terminal Financing Receivable61

Terminal Financing Receivables, Net (Details) - USD ($)	Jun. 30, 2015	Jun. 30, 2014
Receivables [Abstract]
Current	$ 111,364
Non Current	172,068
Terminal financing receivables, net	$ 283,432

Terminal Financing Receivable62

Terminal Financing Receivables, Net (Details 1)	Jun. 30, 2015USD ($)
12 months ended:
June 30, 2016	$ 111,364
Juna 30, 2017	125,273
June 30, 2018	46,795
Terminal financing receivables, net	$ 283,432

Terminal Financing Receivable63

Terminal Financing Receivables, Net (Details Textual) - 12 months ended Jun. 30, 2015	Total
Receivables [Abstract]
Leases term	30 months
Bearing effective interest rate per annum	12.49%

Inventory (Details)

Inventory (Details) - USD ($)	Jun. 30, 2015	Jun. 30, 2014
Inventory [Texual]
Inventories	$ 157,144	$ 18,450
Terminals [Member]
Inventory [Texual]
Inventories	146,650
Prepaid gift cards or other [Member]
Inventory [Texual]
Inventories	$ 10,494	$ 18,450

Other Assets (Details)

Other Assets (Details) - USD ($)	Jun. 30, 2015	Jun. 30, 2014
Other current assets
Research & development grant receivable	$ 555,289	$ 555,780
Insurance claim receivable	0	32,085
Prepayment	53,561	43,697
Other assets	171,001	206,143
Total other assets, current	$ 779,851	$ 837,705

Intangible Assets (Details)

Intangible Assets (Details) - USD ($)	Jun. 30, 2015	Jun. 30, 2014
Summary of intangible assets
Accumulated amortization	$ (2,959,925)	$ (2,976,060)
Intangible assets, net	2,914,253	3,632,536
Moneytech and mPayments software [Member]
Summary of intangible assets
Intangible assets, net	$ 5,874,178	$ 6,608,596

Intangible Assets (Details 2)

Intangible Assets (Details 2)	Jun. 30, 2015USD ($)
Intangible Assets [Abstract]
2,016	$ 544,412
2,017	544,412
2,018	544,412
2,019	544,412
2,020	544,412
Thereafter	192,193
Total	$ 2,914,253

Intangible Assets (Details Text

Intangible Assets (Details Textual) - USD ($)	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Intangible Assets (Textual)
Amortization expense included in cost of revenues	$ 569,774	$ 526,233
Minimum [Member]
Intangible Assets (Textual)
Intangible assets are amortized, Useful life	10 years
Maximum [Member]
Intangible Assets (Textual)
Intangible assets are amortized, Useful life	12 years

Goodwill (Details)

Goodwill (Details) - USD ($)	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Goodwill [Abstract]
Acquisition cost of Moneytech POS Pty Ltd.	$ 82,560	$ 101,265
Fixed assets received	(45,994)	(56,414)
Liability assumed	21,505	26,376
Acquisition cost assigned to goodwill	$ 58,071	$ 71,227

Trade and Other Payables (Detai

Trade and Other Payables (Details) - USD ($)	Jun. 30, 2015	Jun. 30, 2014
Trade And Other Payables [Abstract]
Trade payables	$ 1,923,404	$ 6,195,424
Accrued consulting costs	561,073	561,073
Employee benefits	245,159	161,906
Other liabilities	384,549	105,555
Total payables	$ 3,114,185	$ 7,023,958

Line of Credit and Cash Reser71

Line of Credit and Cash Reserve Liabilities (Details) - USD ($)	Jun. 30, 2015	Jun. 30, 2014
Line of Credit and Cash Reserve Liabilities and Subordinated Notes, Net
Wholesale loan facility	$ 6,052,789	$ 27,746,303
Cash reserve liabilities	1,257,984	878,747
Total line of credit and cash reserve liabilities	$ 7,310,773	$ 28,625,050

Line of Credit and Cash Reser72

Line of Credit and Cash Reserve Liabilities (Details Textual) AUD in Millions	12 Months Ended
	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Apr. 16, 2015USD ($)	Apr. 10, 2015AUD	Jun. 30, 2014AUD
Line Of Credit And Cash Reserve Liabilities [Textual]
Secured debt	$ 25,000,000				AUD 40
Interest expense	1,412,578	$ 1,695,288
Subordinated notes	$ 18,471,471			AUD 25
Maximum [Member]
Line Of Credit And Cash Reserve Liabilities [Textual]
Line of credit facility			$ 40,000,000
Minimum [Member]
Line Of Credit And Cash Reserve Liabilities [Textual]
Line of credit facility			$ 25,000,000

Shareholder's Loan (Details)

Shareholder's Loan (Details) - USD ($)	Jun. 30, 2015	Jun. 30, 2014
Shareholder's Loan [Abstract]
Shareholder's loan	$ 38,392	$ 47,100

Shareholder's Loan (Details Tex

Shareholder's Loan (Details Textual) - Jun. 30, 2015 - AUD	Total
Shareholder's Loan [Textual]
Loan Payable	AUD 50,000
Interest payable, percentage	8.00%
Loan payable due date	September 30, 2017

Subordinated Notes, Net (Detail

Subordinated Notes, Net (Details) AUD in Millions	Jun. 30, 2015USD ($)	Apr. 10, 2015AUD	Jun. 30, 2014USD ($)
Subordinated Notes Net [Abstract]
Subordinated notes issued	$ 19,200,000
Issuance costs	(766,873)
Subordinated notes, net proceeds	18,433,127
Issuance costs amortised	38,344
Subordinated notes, net	$ 18,471,471	AUD 25

Subordinated Notes, Net (Deta76

Subordinated Notes, Net (Details 1) - USD ($)	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Subordinated Notes Net [Abstract]
Issuance costs amortized during the year	$ 41,839
Interest paid during the year	325,277
Reported as Interest expense in cost of revenue	$ 367,116

Subordinated Notes, Net (Deta77

Subordinated Notes, Net (Details Textual)	1 Months Ended	12 Months Ended
	Apr. 30, 2015AUD	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)
Subordinated Notes Net (Textual)
Subordinated notes issued	AUD 25,000,000
Notes maturity period	7 Years
Issuance costs	AUD 998,533
Proceeds from issuance of subordinated notes, net	AUD 24,001,467	$ 20,113,229
Subordinated borrowing, interest rate	4.65%
BBSW rate	2.26%
Interest expense in cost of revenue | $		$ 367,116

Stockholder's Equity (Details)

Stockholder's Equity (Details) - $ / shares	Feb. 11, 2014	Oct. 29, 2013	Jun. 30, 2015	Jul. 16, 2015	Jun. 30, 2014	Oct. 03, 2013
Stockholders' Equity (Textual)
Preferred stock, shares authorized			1,000,000		1,000,000
Preferred stock, par value			$ 0.01		$ 0.01
Preferred stock, shares issued
Preferred stock, shares outstanding
Common stock, shares authorized			50,000,000		50,000,000
Common stock, par value			$ 0.001		$ 0.001
Common stock, shares issued			7,671,632		7,671,632
Common stock, shares outstanding			7,671,632		7,671,632
Number of shares cancelled		150,000
Subsequent Event [Member]
Stockholders' Equity (Textual)
Preferred stock, shares authorized				10,000
Common stock, shares authorized				12,000,000
Note holder [Member]
Stockholders' Equity (Textual)
Number of remaining shares delivered	100,000
Marco Garibaldi [Member]
Stockholders' Equity (Textual)
Number of shares cancelled	2,140,000
Preferred Stock [Member]
Stockholders' Equity (Textual)
Description of preferred stock voting rights			Under the terms of the Series B Preferred Stock Certificate of Designation, the holder(s) of the Series B Preferred Shares have the right, until June 30, 2018, to (A) elect the majority of the Company’s Board of Directors and (B) vote on all other matters to come before the holders of common stock (the “Common Stock ”
Temporary Equity, Description			After June 30, 2018, the Series B Preferred Shares shall have no voting rights and shall be redeemable by the Company for the sum of one tenth of a cent ($0.001) per Series B Preferred Share.
Reduction in number of shares authorized						1,000,000
Reduced par value amount of authorized shares						$ 0.10
Common Stock [Member]
Stockholders' Equity (Textual)
Reduction in number of shares authorized						50,000,000
Reduced par value amount of authorized shares						$ 0.001
Preferred Class B [Member]
Stockholders' Equity (Textual)
Preferred stock, shares authorized			5,000		5,000
Preferred stock, par value			$ 0.001		$ 0.001
Preferred stock, shares issued			5,000		5,000
Preferred stock, shares outstanding			5,000		5,000

Stock Compensation (Details)

Stock Compensation (Details) - shares	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Stock Options/Stock Compensation [Abstract]
Granted but not issued, Beginning balance, Shares		338,368
Issued
Granted		170,632
Cancelled		(150,000)
Granted but not issued, Ending balance, Shares

Stock Compensation (Details Tex

Stock Compensation (Details Textual) - $ / shares	1 Months Ended
	Jul. 23, 2013	Jun. 30, 2014
Stock Compensation (Textual)
Common stock shares cancelled		170,632
Restricted Stock [Member]
Stock Compensation (Textual)
Common stock, shares issued	170,632
Stock price at grant date	$ 2.02

Stock Options (Details)

Stock Options (Details) - shares	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Stock Options/Stock Compensation [Abstract]
Outstanding at July 1	350,000	100,000
Granted		250,000
Exercised
Expired
Outstanding at June 30	350,000	350,000
Exercisable at June 30	172,812	101,990

Stock Options (Details 1)

Stock Options (Details 1) - $ / shares	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options (Outstanding)	350,000	350,000	100,000
Weighted Average Remaining Life (Years) (Outstanding)	4 years 7 months 28 days	5 years 4 months 28 days
Weighted Average Exercise Price (Outstanding)	$ 1.96	$ 2.09
Options (Exercisable)	172,812	101,990
Weighted Average Exercise Price (Exercisable)	$ 1.94	$ 1.90
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise Price	1.30	1.30
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise Price	$ 2.50	$ 2.50

Stock Options (Details Textual)

Stock Options (Details Textual)	Sep. 09, 2015shares	Sep. 30, 2013shares	Aug. 22, 2013USD ($)$ / sharesshares	Jul. 19, 2013USD ($)Directors$ / sharesshares	Apr. 19, 2013USD ($)$ / sharesshares	Jun. 30, 2015USD ($)shares	Jun. 30, 2014USD ($)shares
Stock Options [Textual]
Option expense | $						$ 143,060	$ 194,979
Stock Option [Member]
Stock Options [Textual]
Performance based stock options award					100,000
Exercise price | $ / shares			$ 1.30		$ 2.50
Performance Based Stock Options vested						14,500	41,660
Estimated life			3 years		3 years
Volatility rate			843.00%		351.00%
Risk free interest rate			82.00%		0.35%
Rate of dividend yield			0.00%		0.00%
Grant date fair value of options | $			$ 32,500		$ 249,995
Stock option granted			25,000
Expiration date			Aug. 22, 2016
Grant year life					3 years
Stock Option [Member] | Subsequent Event [Member]
Stock Options [Textual]
Stock option granted	2,225,000
Award vesting rights description	The options vest over 12 month (150,000 options) and 24 month (2,075,000 options) periods and may be exercised for a period of 10 years with exercise prices of $0.40 (1,225,000 options) and $0.44 (1,000,000 options) per option.
Omnibus Incentive Plan [Member] | Stock Option [Member]
Stock Options [Textual]
Exercise price | $ / shares				$ 2.02
Estimated life				7 years
Volatility rate				755.00%
Risk free interest rate				2.02%
Rate of dividend yield				0.00%
Grant date fair value of options | $				$ 454,500
Stock option granted				75,000
Number of non-employee directors | Directors				3
Option Vested		2,083		2,083
Additional shares				2,095
Expiration date				Jun. 30, 2020

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($)	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Related Party Transactions [Textual]
Consulting services fees	$ 128,353	$ 226,076

Income Tax (Details)

Income Tax (Details) - USD ($)	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Summary of income tax expense
Income tax expense - current
Income tax expense - deferred	$ 180,446	$ 327,539
Total	$ 180,446	$ 327,539
Australia [Member]
Summary of income tax expense
Income tax expense - current
Income tax expense - deferred	$ 180,446	$ 327,539
Total	$ 180,446	$ 327,539
United States [Member]
Summary of income tax expense
Income tax expense - current
Income tax expense - deferred
Total

Income Tax (Details 1)

Income Tax (Details 1) - USD ($)	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Components of income before income tax
Loss from continuing operations	$ (1,020,797)	$ (565,448)
Net loss from discontinued operations		(301,280)
Loss before Income tax	$ (840,351)	(237,909)
Income tax	$ 180,446	$ 327,539
Effective tax rate	(21.00%)	(61.00%)
Australia [Member]
Components of income before income tax
Loss from continuing operations	$ (156,461)	$ 623,336
Net loss from discontinued operations
Loss before Income tax	$ (156,461)	$ 623,336
Income tax	$ 180,446	$ 327,539
Effective tax rate	(115.00%)	53.00%
United States [Member]
Components of income before income tax
Loss from continuing operations	$ (683,890)	$ (861,245)
Net loss from discontinued operations		(301,280)
Loss before Income tax	$ (683,890)	$ (1,162,525)
Income tax
Effective tax rate

Income Tax (Details 2)

Income Tax (Details 2)	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Schedule of income tax rate reconciliation
US statutory rates	34.00%	34.00%
Tax rate difference	(4.00%)	(4.00%)
Research and development grant income	23.00%	31.00%
Research and development grant eligible expenditure	(30.00%)	(28.00%)
Research and development grant eligible amortisation	(20.00%)	(27.00%)
USA losses	(24.00%)	(67.00%)
Other
Tax expenses at actual rate	(21.00%)	(61.00%)
Australia [Member]
Schedule of income tax rate reconciliation
US statutory rates	34.00%	34.00%
Tax rate difference	(4.00%)	(4.00%)
Research and development grant income	121.00%	(26.00%)
Research and development grant eligible expenditure	(156.00%)	25.00%
Research and development grant eligible amortisation	(109.00%)	23.00%
USA losses
Other	(1.00%)	1.00%
Tax expenses at actual rate	(115.00%)	53.00%
United States [Member]
Schedule of income tax rate reconciliation
US statutory rates	34.00%	34.00%
Tax rate difference	(4.00%)	(4.00%)
Research and development grant income
Research and development grant eligible expenditure
Research and development grant eligible amortisation
USA losses	(30.00%)	(30.00%)
Other
Tax expenses at actual rate

Income Tax (Details 3)

Income Tax (Details 3) - USD ($)	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Components of deferred tax expense
Tax losses carried forward	$ 204,548	$ 331,073
Doubtful debts reserve	(2,144)	14,939
Accruals	(21,958)	(18,473)
Deferred tax expense, Total	180,508	327,547
Australia [Member]
Components of deferred tax expense
Tax losses carried forward	204,548	331,073
Doubtful debts reserve	(2,144)	14,939
Accruals	(21,958)	(18,473)
Deferred tax expense, Total	$ 180,446	$ 327,539
United States [Member]
Components of deferred tax expense
Tax losses carried forward
Doubtful debts reserve
Accruals
Deferred tax expense, Total

Income Tax (Details 4)

Income Tax (Details 4) - USD ($)	Jun. 30, 2015	Jun. 30, 2014
Components of deferred tax assets
Tax losses carried forward	$ 875,244	$ 1,303,475
Doubtful debts reserve	174,008	211,021
Accruals	66,587	56,991
Deferred tax assets	1,115,839	1,571,487
Deferred tax assets - current	230,400	282,600
Deferred tax assets - non current	885,439	1,288,887
Deferred tax assets	1,115,839	1,571,487
Australia [Member]
Components of deferred tax assets
Tax losses carried forward	875,244	1,303,475
Doubtful debts reserve	174,008	211,021
Accruals	66,587	56,991
Deferred tax assets	1,115,839	1,571,487
Deferred tax assets - current	230,400	282,600
Deferred tax assets - non current	885,439	1,288,887
Deferred tax assets	$ 1,115,839	$ 1,571,487
United States [Member]
Components of deferred tax assets
Tax losses carried forward
Doubtful debts reserve
Accruals
Deferred tax assets
Deferred tax assets - current
Deferred tax assets - non current
Deferred tax assets

Income Tax (Details Textual)

Income Tax (Details Textual) - Jun. 30, 2015 - USD ($)	Total
Income Tax (Textual)
Net operating loss carry forward	$ 161,500
Australia [Member] | Money tech [Member]
Income Tax (Textual)
Net operating loss carry forward	2,917,479
United States [Member]
Income Tax (Textual)
Net operating loss carry forward	$ 13,000,000
NOL Carried forward period	20 years

Geographic Segment Informatio91

Geographic Segment Information (Details) - USD ($)	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Summary of geographic segment information
Revenue	$ 4,740,855	$ 5,810,936
Cost of revenue	3,418,492	3,056,524
Total Expenses	2,924,109	3,707,114
Other Income (Expense)	761,395	714,793
Net Income (Loss) before tax from continuing operations	$ (840,351)	(237,909)
Discontinued operations		(301,280)
Assets	$ 33,362,460	42,251,766
Debt	28,934,821	35,696,108
Australia [Member]
Summary of geographic segment information
Revenue	4,740,855	5,810,936
Cost of revenue	3,418,492	3,056,524
Total Expenses	2,924,109	2,544,589
Other Income (Expense)	761,395	714,793
Net Income (Loss) before tax from continuing operations	$ (156,461)	$ 623,336
Discontinued operations
Assets	$ 33,362,460	$ 42,251,766
Debt	$ 28,934,821	$ 35,135,035
USA [Member]
Summary of geographic segment information
Revenue
Cost of revenue
Total Expenses		$ 1,162,525
Other Income (Expense)
Net Income (Loss) before tax from continuing operations	$ (683,890)	$ (1,162,525)
Discontinued operations		$ (301,280)
Assets
Debt		$ 561,073
Elimination [Member]
Summary of geographic segment information
Revenue
Cost of revenue
Total Expenses
Other Income (Expense)
Net Income (Loss) before tax from continuing operations
Discontinued operations
Assets
Debt

Geographic Segment Informatio92

Geographic Segment Information (Details Textual)	12 Months Ended
	Jun. 30, 2015Regions
Geographic Segment Information (Textual)
Number of operated regions	2

Equity Investment (Details)

Equity Investment (Details) - USD ($)	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jan. 16, 2013
Equity Method Investment
Equity method investment, ownership percentage	37.50%
Gain on equity method investment	$ 743
Investment in equity affiliate	$ 681
360 Market Pty. Limited [Member]
Equity Method Investment
Equity method investment, ownership percentage			37.50%
Equity method investments fair value			$ 0

Commitments (Details)

Commitments (Details)	Jun. 30, 2015USD ($)
Schedule of future minimum rental payments for operating leases
Fiscal 2,016	$ 130,511
2,017	21,597
Future minimum rental payments required under operating leases, Total	$ 152,108

Commitments (Details Textual)

Commitments (Details Textual)	12 Months Ended
	Jun. 30, 2015USD ($)m²Office	Jun. 30, 2015AUDm²Office	Jun. 30, 2014USD ($)
Commitments and Contingencies (Textual)
Number of offices | Office	2	2
Rent expense | $	$ 125,562		$ 137,695
Office One [Member]
Commitments and Contingencies (Textual)
Lease expiration date	Aug. 31, 2016	Aug. 31, 2016
Rent expense		AUD 168,725
Office and operations space pursuant to lease agreement | m²	350	350
Office Two [Member]
Commitments and Contingencies (Textual)
Lease expiration date	Jul. 31, 2015	Jul. 31, 2015
Rent expense		AUD 1,420

Subsequent Events (Details)

Subsequent Events (Details) - $ / shares	Sep. 09, 2015	Jul. 16, 2015	Jul. 23, 2013
Subsequent Event [Line Items]
Share-based compensation arrangement by share-based payment award, vesting period	10 years
Subsequent Event [Member]
Subsequent Event [Line Items]
Share-based compensation arrangement by share-based payment award, shares issued	2,225,000
Minimum [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Option Vested	150,000
Share-based compensation arrangement by share-based payment award, options, vested exercisable	1,000,000
Share-based compensation arrangement by share-based payment award, vesting period	12 months
Options, exercise price	$ 0.40
Maximum [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Option Vested	2,075,000
Share-based compensation arrangement by share-based payment award, options, vested exercisable	1,225,000
Share-based compensation arrangement by share-based payment award, vesting period	24 months
Options, exercise price	$ 0.44
Restricted Stock [Member]
Subsequent Event [Line Items]
Restricted shares at fair value per share			$ 2.02
Restricted Stock [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Restricted shares at fair value per share	$ 0.40
Officer [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Restricted shares granted	(960,000)
Director [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Restricted shares granted	(160,000)
Ordinary Shares [Member] | Minimum [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Number of shares issued during period, increase (decrease)		12,000,000
Ordinary Shares [Member] | Maximum [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Number of shares issued during period, increase (decrease)		50,000,000
Preference Shares [Member] | Minimum [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Number of shares issued during period, increase (decrease)		10,000