Earnings Per Share

6 Months Ended

Dec. 31, 2011

Earnings Per Share [Abstract]

Earnings Per Share

NOTE 6 — EARNINGS PER SHARE

The following table discloses loss per share for the three and six months ended December 31, 2011 and December 31, 2010, respectively:

	Three months ended December 31,
	2011								2010
	Income (Loss)			Shares		Per Share Amount			Income (Loss)			Shares		Per Share Amount
Basic EPS
Net Income (loss)	$	(1,757,159	)		25,669,718	$	(0.07	)	$	(3,709,928	)		25,643,115	$	(0.14	)
Effect of dilutive securities - stock options and warrants		—			—	$	0.00			—			—	$	0.00
Diluted EPS
Net Income (loss)	$	(1,757,159	)		25,669,718	$	(0.07	)	$	(3,709,928	)		25,643,115	$	(0.14	)

	Six months ended December 31,
	2011								2010
	Income (Loss)			Shares		Per Share Amount			Income (Loss)			Shares		Per Share Amount
Basic EPS
Net Income (loss)	$	(2,577,756	)		25,669,718	$	(0.10	)	$	(4,328,341	)		25,642,666	$	(0.17	)
Effect of dilutive securities - stock options and warrants		—			—	$	0.00			—			—	$	0.00
Diluted EPS
Net Income (loss)	$	(2,577,756	)		25,669,718	$	(0.10	)	$	(4,328,341	)		25,642,666	$	(0.17	)

There was no dilution attributable to stock options since the Company was in a net loss position for the period. There were 753,460 and 442,758 options at December 31, 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 six-month period ended December 31, 2010 were warrants to acquire common shares issued as part of two separate exchange offerings. 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 common shares and are exercisable at any time before March 16, 2015 at a price of $1.75 per share. The warrants issued on March 16, 2010 were considered for potential dilution for the period ended December 31, 2011 but the exercise price of the warrants, $1.75 per warrant, was more than the average market price of the Company's common shares for the period. Additionally, since the Company was in a net loss position for the period, the warrants were not dilutive.