Earnings (Loss) Per Share

6 Months Ended

Dec. 31, 2011

Earnings (Loss) Per Share [Abstract]

Earnings (Loss) Per Share

3. Earnings (Loss) per Share

The following table sets forth the computation of basic and diluted net loss per share:

	Three Months Ended December 31,						Six Months Ended December 31,
	2011			2010			2011			2010
Numerator:
Numerator for basic and diluted earnings per share
Net loss from continuing operations	$	(1,071,811	)	$	(889,149	)	$	(1,559,349	)	$	(2,021,591	)
Net income (loss) from discontinued operations		(2,463,189	)		(159,450	)		(2,765,300	)		323,828
Net loss	$	(3,535,000	)	$	(1,048,599	)	$	(4,324,649	)	$	(1,697,763	)
Denominator:
Denominator for basic earnings per share–weighted average shares		7,526,430			7,526,430			7,526,430			7,526,430
Effect of dilutive securities:
Stock options and warrants		0			0			0			0
Shares reserved for future exchange		0			0
Denominator for diluted earnings per share–weighted average and assumed conversion		7,526,430			7,526,430			7,526,430			7,526,430
Net (loss) income per share
Basic:
Continuing operations	$	(0.14	)	$	(0.12	)	$	(0.21	)	$	(0.27	)
Discontinued operations		(0.33	)		(0.02	)		(0.37	)		0.04
	$	(0.47	)	$	(0.14	)	$	0.58		$	(0.23	)
Diluted:
Continuing operations	$	(0.14	)	$	(0.12	)	$	(0.21	)	$	(0.27	)
Discontinued operations		(0.33	)		(0.02	)		(0.37	)		0.04
	$	(0.47	)	$	(0.14	)	$	0.58		$	(0.23	)

The impact of dilutive securities was omitted from the earnings per share calculation in all periods presented as they would reduce the loss per share and thus were anti-dilutive.