PROPERTY HELD FOR SALE AND DISCONTINUED OPERATIONS

6 Months Ended

Dec. 31, 2012

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

NOTE 4 – PROPERTY HELD FOR SALE AND DISCONTINUED OPERATIONS

As of December 31, 2011, the Company had listed for sale a 24-unit apartment complex located in Los Angeles, California . In January 2012, this property was sold for $4,370,000. The Company realized a gain on the sale of real estate of approximately $1,700,000, which was reported in the quarter ended March 31, 2012. The Company paid off the related mortgage note payable balance of $1,504,000 and received net proceeds of $2,564,000 after selling related costs.

The revenues and expenses from the operation of the held for sale property for respective periods are summarized as follows:

For the three months ended December 31,	2011
Revenues	$	92,000
Expenses		(63,000	)
Income from discontinued operations	$	29,000

For the six months ended December 31,	2011
Revenues	$	180,000
Expenses		(133,000	)
Income from discontinued operations	$	47,000