INCOME (LOSS) PER SHARE

12 Months Ended

Jun. 30, 2012

Earnings Per Share [Abstract]

INCOME (LOSS) PER SHARE

NOTE 6 - INCOME (LOSS) PER SHARE

The income (loss) per share was computed on the weighted average of outstanding common shares during the year as follows:

	2012			2011
Net income (loss)	$	(100,886	)	$	9,347
Preferred dividend requirements:
6% Prior Cumulative Preferred, $5 par value		60,000			60,000
5% Convertible Cumulative Preferred, $20 par value		68,072			68,072
Total dividend requirements		128,072			128,072
Net loss - common stockholders	$	(228,958	)	$	(118,725	)

	2012			2011
Weighted average of shares - Basic		969,834			969,834
Dilutive effect of contingently issuable shares		1,033,334			1,033,334
Weighted Average Shares – Diluted		2,003,168			2,003,168
Basic earnings (loss) per share	$	(0.24	)	$	(0.12	)
Diluted earnings per share	$	(0.24	)	$	(0.12	)