PREFERRED DIVIDENDS	9 Months Ended
Mar. 31, 2015
Preferred Dividends
PREFERRED DIVIDENDS	The Company's Series B Preferred are held by affiliates of the Company, consisting of the Chief Executive Officer, his spouse, and a director. Prior to the Series B Restructuring described under Note 1, holders of Series B Preferred were entitled to a 15.00% annual dividend payable quarterly in cash, which annual dividend increased to 18.00% effective July 1, 2015. In connection with the Series B Restructuring, the Company amended the Certificate of Designation of the Relative Rights, Powers and Preference of the Series B Preferred to decrease the rate at which the Series B Preferred accrues dividends to 7% per annum, if such dividends are paid by the Company in cash, and to 9% if the Company elects to pay such dividends in PIK Shares. As a result of the amendment to the Series B Restructuring consummated on March 31, 2015, in the event the Company elects to pay dividends in PIK Shares, shares of a newly created non-voting, non-convertible Series B-1 Preferred Stock will be issued, rather than shares of Series B Preferred.

- Definition

The entire disclosure for auction market preferred securities. Disclosure includes the pertinent rights and privileges of the various securities outstanding such as dividend and liquidation preference, participating rights, pertinent dates and voting rights. Auction Market Preferred Stock (AMPS, a/k/a DARTS - Dutch Auction Rate Transferable Securities) is a form of equity security that has priority over common stock in, among other things, the payment of dividends. The securities are characterized by frequent rate setting intervals that lower their interest rate risk, preservation of principal as the securities are sold at par (current interest rates, market conditions, credit worthiness/quality, etc.) are taken into account when interest rates are re-priced. If redeemable, the auction market preferred securities are redeemable solely at the option of the issuer.

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