PREFERRED DIVIDENDS	9 Months Ended
Mar. 31, 2016
Preferred Dividends
PREFERRED DIVIDENDS	The Company's Series B Preferred Stock (“Series B Preferred”) is held by certain affiliates of the Company, consisting of the Chief Executive Officer, his spouse, and a director. Prior to February 2015, holders of Series B Preferred were entitled to a 15.00% annual dividend payable quarterly in cash, which would have increased to 18.00% effective July 1, 2015. In February 2015, the Company amended the Certificate of Designation of the Relative Rights, Powers and Preference of the Series B Preferred (the “Certificate of Designation”) 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 by the issuance of additional shares of Series B Preferred (“PIK Shares”). In March 2015, the Company modified the Certificate of Designation to allow for the issuance of non-voting, non-convertible shares of Series B-1 Preferred Stock ("Series B-1 Preferred"), rather than Series B Preferred, as PIK Shares.

PREFERRED DIVIDENDS

9 Months Ended

Mar. 31, 2016

The Company's Series B Preferred Stock (“Series B Preferred”) is held by certain affiliates of the Company, consisting of the Chief Executive Officer, his spouse, and a director. Prior to February 2015, holders of Series B Preferred were entitled to a 15.00% annual dividend payable quarterly in cash, which would have increased to 18.00% effective July 1, 2015.

In February 2015, the Company amended the Certificate of Designation of the Relative Rights, Powers and Preference of the Series B Preferred (the “Certificate of Designation”) 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 by the issuance of additional shares of Series B Preferred (“PIK Shares”). In March 2015, the Company modified the Certificate of Designation to allow for the issuance of non-voting, non-convertible shares of Series B-1 Preferred Stock ("Series B-1 Preferred"), rather than Series B Preferred, as PIK Shares.