Significant Accounting Policies (Tables)

3 Months Ended

Sep. 30, 2019



	For the Three Months Ended September 30,
	2019	2018
Stock options	213,000	213,000
Convertible preferred stock	—	4,515,820
Total potential dilutive securities not included in income per share	213,000	4,728,820

The following table summarizes convertible preferred stock and securities that, if exercised would have an anti-dilutive effect

on earnings per share.



	For the Three Months Ended September 30,
	2019			2018
Numerator:
Numerator for basic earnings (loss) per share:
Net income (loss)	$	621,373		$	(47,736	)
Undeclared dividends on preferred stock	13,006			13,005
Net income (loss) applicable to common shareholders	$	608,367		$	(60,741	)
Numerator for diluted earnings per share:
Net income (loss) applicable to common shareholders	$	608,367		$	(60,741	)
Undeclared dividends on preferred stock	13,006			—
Net income (loss)	$	621,373		$	(60,741	)
Denominator:
Denominator for basic earnings (loss) per share - weighted average shares outstanding	7,415,329			7,415,329
Weighted average preferred stock converted to common stock	4,773,120			—
Denominator for diluted earnings (loss) per share - weighted average and assumed conversion	12,188,449		—	7,415,329
Net income (loss) per share:
Basic net income (loss) per share	$	0.08		$	(0.01	)
Diluted net income (loss) per share	$	0.05		$	(0.01	)



(in thousands)	Three Months Ended September 30,
	2019		2018
Beginning of Period	$	427	$	481
Additions	235		252
Revenue Recognized	235		235
End of Period	$	426	$	498