INCOME (LOSS) PER SHARE

12 Months Ended

Jun. 30, 2016

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, 2016 and 2015, respectively, was computed on the weighted average of outstanding common shares during the year as follows:

	2016			2015
Net Income	$	33,596		$	140,909
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	$	(94,476	)	$	12,837
		2016			2015
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	$	(0.10	)	$	0.01
Diluted Earnings (Loss) per Share	$	(0.10	)	$	0.01

Contingently issuable shares were not included in the 2016 diluted earnings per common share as they would have an antidilutive effect upon earnings per share.