EARNINGS PER SHARE

9 Months Ended

Mar. 31, 2023

EARNINGS PER SHARE

EARNINGS PER SHARE

NOTE 2       EARNINGS PER SHARE

The earnings per share was computed on the weighted average of outstanding common shares during the period. Diluted earnings per share are calculated by including contingently issuable shares with the weighted average shares outstanding.

	Three Months Ended				Nine Months Ended
	March 31st				March 31,
	2023		2022		2023		2022
Net Income (Loss)	$	(83,024)	$	(65,250)	$	228,824	$	95,567
Preferred Dividend Requirements:
6% Prior Cumulative Preferred, $5 Par Value		15,000		15,000		45,000		45,000
5% Convertible Cumulative Preferred, $20 Par Value		17,018		17,018		51,054		51,054
Total Dividend Requirements		32,018		32,018		96,054		96,054
Net Income (Loss) - Common Stockholders	$	(115,042)	$	(97,268)	$	132,770	$	(487)
Weighted Average Shares - Basic		969,834		969,834		969,834		969,834
Dilutive Effect of Contingently Issuable Shares		1,033,334		1,033,334		1,033,334		1,033,334
Weighted Average Shares - Diluted		2,003,168		2,003,168		2,003,168		2,003,168
Basic Earnings (Loss) per Share	$	(0.12)	$	(0.10)	$	0.14	$	(0.00)
Diluted (Anti-Diluted) Earnings (Loss) per Share	$	(0.12)	$	(0.10)	$	0.11	$	(0.00)

Cumulative Preferred Stock dividends in arrears at March 31, 2023 and 2022 totaled $8,813,292 and $8,685,220, respectively. Total dividends in arrears, on a per share basis, consist of the following:

	Nine Months Ended
	March 31,
	2023		2022
6% Convertible:
Series A	$	19	$	19
Series B	$	19	$	19
5% Convertible:
Series A	$	74	$	73
Series B	$	74	$	73

The 6% convertible prior cumulative preferred stock may, upon thirty days prior notice, be redeemed by the Corporation at $5.25 per share plus unpaid accrued dividends to date of redemption. In the event of voluntary liquidation, holders of this stock are entitled to receive $5.25 per share plus accrued dividends. It may be

exchanged for common stock at the option of the shareholders in the ratio of four common shares for one share of Series A and 3.75 common shares for one share of Series B.

NOTE 2       EARNINGS PER SHARE (cont.)

The Company has the privilege of redemption of 5% convertible cumulative preferred stock at $21 per share plus unpaid accrued dividends. In the event of voluntary or involuntary liquidation, holders of this stock are entitled to receive $20 per share plus unpaid accrued dividends. It may be exchanged for common stock at the option of the shareholders, in the ratio of 3.795 common shares for one of 5% convertible preferred stock.