(LOSS) EARNINGS PER SHARE

12 Months Ended

Jun. 30, 2022

Earnings Per Share [Abstract]

(LOSS) EARNINGS PER SHARE

NOTE 7 – (LOSS) EARNINGS PER SHARE

We report (loss) earnings per share in accordance with ASC 260, “Earnings Per Share.” Basic (loss) earnings per share are computed using the weighted average number of shares outstanding during the period. Diluted (loss) 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 year ended June 30, 2022, we were in a net loss position and have excluded 766,001 stock options from the calculation of diluted net loss per share because these securities are anti-dilutive. For the year ended June 30, 2021, we have calculated the diluted effect of common stocks arising from 484,000 stock options.

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

	Year Ended June 30,
	2022			2021
Net (loss) income attributable to Parent Company	$	(3,762,848	)	$	17,699,035
Weighted-average shares of common stock outstanding:
Basic		11,613,812			11,350,946
Dilutive effect of common stock equivalents arising from stock options		–			241,955
Diluted Outstanding shares		11,613,812			11,592,901
Basic (loss) earnings per share attributable to Parent Company stockholders	$	(0.32	)	$	1.56
Diluted (loss) earnings per share attributable to Parent Company stockholders	$	(0.32	)	$	1.53