INCOME (LOSS) PER SHARE

12 Months Ended

Jun. 30, 2015

Earnings Per Share [Abstract]

INCOME (LOSS) PER SHARE

NOTE 6 INCOME (LOSS) PER SHARE

The income (loss) per share for the years ended June 30, 2015 and 2014, respectively, was computed on the weighted average of outstanding common shares during the year as follows:

	2015		2014
Net Income	$	140,909	$	50,268
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 Income (Loss) - Common Stockholders	$	12,837	$	(77,804	)

		2015		2014
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	$	0.01	$	(0.08	)
Diluted Earnings (Loss) per Share	$	0.01	$	(0.08	)

Contingently issuable shares were not included in the 2014 diluted earnings per common share as they would have an antidilutive effect upon earnings per share.