PROPERTY HELD FOR SALE AND DISCONTINUED OPERATIONS

9 Months Ended

Mar. 31, 2013

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 March 31,	2012
Revenues	$	28,000
Expenses		(16,000)
Income from discontinued operations	$	12,000
For the nine months ended March 31,	2012
Revenues	$	208,000
Expenses		(149,000)
Income from discontinued operations	$	59,000