(Loss) Earnings Per Share

9 Months Ended

Mar. 31, 2012

(Loss) Earnings Per Share [Abstract]

(Loss) Earnings Per Share

3. (Loss) earnings per Share

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

	Three Months Ended March 31,						Nine Months Ended March 31,
	2012			2011			2012			2011
Numerator:
Numerator for basic and diluted earnings per share
Net loss from continuing operations	$	(639,786	)	$	(1,808,183	)	$	(2,199,135	)	$	(3,829,774	)
Net (loss) income from discontinued operations		0			(113,302	)		(2,765,300	)		210,525
Net loss	$	(639,786	)	$	(1,921,485	)	$	(4,964,435	)	$	(3,619,249	)
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			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 income (loss) per share
Basic:
Continuing operations	$	(0.09	)	$	(0.24	)	$	(0.29	)	$	(0.51	)
Discontinued operations		0.00			(0.02	)		(0.37	)		0.03
	$	(0.09	)	$	(0.26	)	$	(0.66	)	$	(0.48	)
Diluted:
Continuing operations	$	(0.09	)	$	(0.24	)	$	(0.29	)	$	(0.51	)
Discontinued operations		0.00			(0.02	)		(0.37	)		0.03
	$	(0.09	)	$	(0.26	)	$	(0.66	)	$	(0.48	)

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.