FAIR VALUE MEASUREMENTS

9 Months Ended

Mar. 31, 2012

Fair Value Disclosures [Abstract]

Fair Value Disclosures [Text Block]

NOTE 6 - FAIR VALUE MEASUREMENTS

The carrying values of the Company’s non-financial instruments approximate fair value due to their short maturities (i.e., accounts receivable, other assets, accounts payable and other liabilities, due to securities broker and obligations for securities sold) or the nature and terms of the obligation (i.e., other notes payable and mortgage notes payable).

The assets measured at fair value on a recurring basis are as follows: 

As of March 31, 2012
Assets:	Level 1		Level 2		Level 3		Total
Cash equivalents - money market	$	3,000	$	-	$	-	$	3,000
Other investments - warrants		-		-		188,000		188,000
Investment in marketable securities:
Basic materials		1,887,000		-		-		1,887,000
Technology		1,682,000		-		-		1,682,000
Financial services		952,000		-		-		952,000
Energy		705,000		-		-		705,000
REITs and real estate companies		371,000		-		-		371,000
Other		511,000		-		-		511,000
		6,108,000		-		-		6,108,000
	$	6,111,000	$	-	$	188,000	$	6,299,000

As of June 30, 2011
Assets:	Level 1		Level 2		Level 3		Total
Cash equivalents - money market	$	3,000	$	-	$	-	$	3,000
Other investments - warrants		-				472,000		472,000
Investment in marketable securities:
Basic materials		2,594,000		-		-		2,594,000
Investment funds		1,905,000		-		-		1,905,000
Services		1,574,000		-		-		1,574,000
REITs and real estate companies		900,000		-		-		900,000
Financial services		856,000		-		-		856,000
Other		712,000		-		-		712,000
		8,541,000		-		-		8,541,000
	$	8,544,000	$	-	$	472,000	$	9,016,000

The fair values of investments in marketable securities are determined by the most recently traded price of each security at the balance sheet date. The fair value of the warrants was determined based upon a Black-Scholes option valuation model.

Financial assets that are measured at fair value on a non-recurring basis and are not included in the tables above include “Other investments, net (non-marketable securities),” that were initially measured at cost and have been written down to fair value as a result of impairment or adjusted to record the fair value of new instruments received (i.e., preferred shares) in exchange for old instruments (i.e., debt instruments). The following table shows the fair value hierarchy for these assets measured at fair value on a non-recurring basis as follows:

									Net loss for the nine months
Assets		Level 1		Level 2		Level 3		March 31, 2012		ended March 31, 2012
Other non-marketable investments	$	-	$	-	$	8,139,000	$	8,139,000	$	(427,000	)

									Net gain for the nine months
Assets		Level 1		Level 2		Level 3		June 30, 2011		ended March 31, 2011
Other non-marketable investments	$	-	$	-	$	8,726,000	$	8,726,000	$	5,238,000

Other investments in non-marketable securities are carried at cost net of any impairment loss. The Company has no significant influence or control over the entities that issue these investments. These investments are reviewed on a periodic basis for other-than-temporary impairment. The Company reviews several factors to determine whether a loss is other-than-temporary. These