EARNINGS PER SHARE

9 Months Ended

Mar. 31, 2016

Earnings Per Share [Abstract]

EARNINGS PER SHARE

NOTE 2 EARNINGS PER SHARE

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

Contingently issuable shares were not included in the diluted earnings for the three months ended March 31, 2016, the three months ended March 31, 2015, and the nine months ended March 31, 2016 as they would have an antidilutive effect upon earnings per share.

	Three Months Ended						Nine Months Ended
	March 31						March 31
	2016			2015			2016			2015
Net Income (Loss)	$	(78,515	)	$	(34,803	)	$	(9,579	)	$	142,437
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	$	(110,533	)	$	(66,821	)	$	(105,633	)	$	46,383
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 per Share	$	(0.11	)	$	(0.07	)	$	(0.11	)	$	0.05
Diluted Earnings per Share	$	(0.11	)	$	(0.07	)	$	(0.11	)	$	0.02

Cumulative Preferred Stock dividends in arrears at March 31, 2016 and 2015 totaled $7,916,788 and $7,788,716, respectively. Total dividends in arrears, on a per share basis, consist of the following:

	Nine Months Ended
	March 31
	2016		2015
6% Convertible
Series A	$	17	$	17
Series B		17		16
5% Convertible
Series A	$	67	$	66
Series B		67		66

The 6% convertible prior cumulative preferred stock may, upon thirty days prior notice, be redeemed by the Corporation at $5.25 a 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 4 common shares for one share of Series A and 3.75 common shares for one share of Series B.

The Company has the privilege of redemption of 5% convertible cumulative preferred stock at $21.00 a share plus unpaid accrued dividends. In the event of voluntary or involuntary liquidation, holders of this stock are entitled to receive $20.00 a 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 preferred.