7. EARNINGS (LOSS) PER SHARE

9 Months Ended

Mar. 31, 2021

Earnings Per Share [Abstract]

EARNINGS PER SHARE

NOTE 7 – EARNINGS PER SHARE

We report earnings per share in accordance with ASC 260, “Earnings Per Share.” Basic earnings per share are computed using the weighted average number of shares outstanding during the period. Diluted earnings per share represent basic earnings per share adjusted to include the potentially dilutive effect of outstanding stock options by using the treasury stock method that the proceeds we receive from an in-the-money option exercise are used towards repurchasing common shares in the market. For the three and nine months ended March 31, 2021 and 2020, we have calculated the diluted effect of common stock arising from 485,000 and 255,291 stock options, respectively.

The weighted average number of shares outstanding used to compute loss per share is as follows:

	Three Months ended March 31,				Nine Months Ended March 31,
	2021		2020		2021		2020
Net income attributable to Parent Company	$	3,938,553	$	988,308	$	17,715,524	$	1,823,124
Weighted-average shares of common stock outstanding:
Basic shares outstanding		11,581,629		10,580,576		11,271,168		10,574,841
Dilutive effect of common stock equivalents arising from stock options		210,663		119,197		210,662		119,197
Diluted shares outstanding		11,792,292		10,699,773		11,481,830		10,694,038
Basic income per share	$	0.34	$	0.09	$	1.57	$	0.17
Diluted income earnings per share	$	0.33	$	0.09	$	1.54	$	0.17