EARNINGS PER SHARE (Tables)

3 Months Ended

Sep. 30, 2014

Earnings Per Share [Abstract]

Schedule of income per share computed on the weighted average of outstanding common shares

	Three Months Ended
	September 30
	2014		2013
Net income	$	34,701	$	11,137
Preferred dividend requirements:
6% Prior Cumulative Preferred, $5 par value		15,000		15,000
5% Convertible Cumulative Preferred, $20 par value		17,018		17,018
Total dividend requirements		32,018		32,018
Net income (loss) - common stockholders	$	2,683	$	(20,881	)

	Three Months Ended
	September 30
	2014		2013
Weighted average 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 loss per share	$	0.00	$	(0.02	)
Diluted loss per share	$	0.00	$	(0.02	)

Schedule of total dividends in arrears, on a per share basis

	Three Months Ended
	September 30
	2014		2013
6% Convertible
Series A	$	17	$	16
Series B	$	16	$	16
5% Convertible
Series A	$	65	$	64
Series B	$	65	$	64