Earnings Per Share

3 Months Ended

Sep. 30, 2011

Earnings Per Share [Abstract]

Earnings Per Share

NOTE 6 — EARNINGS PER SHARE

The following table discloses loss per share for the three months ended September 30, 2011 and September 30, 2010, respectively:

	Three months ended September 30,
	2011								2010
	Income (Loss) (Numerator)			Shares (Denominator)		Per Share Amount			Income (Loss) (Numerator)			Shares (Denominator)		Per Share Amount
Basic EPS
Net Income (loss)	$	(820,597	)		25,669,718	$	(0.03	)	$	(618,414	)		25,642,218	$	(0.02	)
Effect of dilutive securities - stock options and warrants		—			—	$	0.00			—			—		0
Diluted EPS
Net Income (loss)	$	(820,597	)		25,669,718	$	(0.03	)	$	(618,414	)		25,642,218	$	(0.02	)

There was no dilution attributable to stock options since the Company was in a net loss position for the period. There were 618,338 and 458,035 options at September 30, 2011 and 2010, respectively, with an exercise price higher than the average stock price for the periods.

Also included for consideration in the diluted earnings per share calculation for the three-month period ended September 30, 2011 and 2010 were warrants to acquire common shares issued as part of two separate exchanges more fully described in Note 8 – Note Payable and Common Stock Warrants. The warrants issued on September 3, 2009 include warrants to purchase 797,347 common shares, which expired on September 3, 2011. The warrants issued on March 16, 2010 include warrants to purchase 1,246,179 shares of common stock and are exercisable at any time before March 16, 2015 at a price of $1.75 per share. The warrants were considered for potential dilution for the period ended September 30, 2011 because the exercise price of the warrants, $1.75 per warrant, was less than the average market price of the Company's common shares for the period; however, since the Company was in a net loss position for the period, the warrants were not dilutive.