EARNINGS (LOSS) PER SHARE (Tables)

9 Months Ended

Mar. 31, 2015

Earnings Per Share [Abstract]

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

	Three Months Ended March 31						Nine Months Ended March 31
	2015			2014			2015		2014
Net income (loss)	$	(34,803	)	$	(57,951	)	$	142,437	$	89,018
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	$	(66,821	)	$	(89,969	)	$	46,383	$	(7,036	)
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	$	(0.07	)	$	(0.09	)	$	0.05	$	(0.01	)
Diluted earnings (loss) per share	$	(0.07	)	$	(0.09	)	$	0.02	$	(0.01	)

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

	Nine Months Ended March 31
	2015		2014
6% Convertible
Series A	$	17	$	17
Series B	$	16	$	16
5% Convertible
Series A	$	66	$	65
Series B	$	66	$	65