Adjustment for Freddie Mac Interest (Tables)

12 Months Ended

Jun. 30, 2013

Accounting Changes And Error Corrections [Abstract]

Effect on Prior Year Balance Sheet and Statement of Operations Related to Adjustment for Interest Income on Residential Loans

The applicable effect on the prior year balance sheet and statement of operations related to the adjustment for interest income on residential loans is as follows:

	June 30, 2012
Statement of Financial Condition:
Accrued expenses and other liabilities as previously reported	$	24,224,709
Adjustment for interest income on residential loans sold		599,745
Accrued expenses and other liabilities as adjusted	$	24,824,454
Retained earnings as previously reported	$	(26,119,855	)
Net impact of adjustment for interest income on residential loans sold		(599,745	)
Retained earnings (accumulated deficit) as adjusted	$	(26,719,600	)
Total stockholders’ equity as previously reported	$	70,730,621
Net impact of adjustment for interest income on residential loans sold		(599,745	)
Total stockholders’ equity as adjusted	$	70,130,876
	For the year ended June 30, 2012
Statement of Operations:
Interest and divdends income on loans as previously reported	$	28,382,546
Adjustment for interest income on residential loans sold		(599,745	)
Interest and divdends income on loans as adjusted	$	27,782,801
Total interest and dividends income	$	29,847,913
Adjustment for interest income on residential loans sold		(599,745	)
Total interest and dividends income as adjusted	$	29,248,168
Net interest income as previously reported	$	21,973,522
Adjustment for interest income on residential loans sold		(599,745	)
Net interest income as adjusted	$	21,373,777
Net interest income after provision for loan losses as previously reported	$	14,991,522
Adjustment for interest income on residential loans sold		(599,745	)
Net interest income as adjusted	$	14,391,777
Income (loss) before federal income taxes as previously reported	$	(1,550,076	)
Adjustment for interest income on residential loans sold		(599,745	)
Income (loss) before federal income taxes as adjusted	$	(2,149,821	)
Net income (loss) as previously reported	$	(1,331,077	)
Adjustment for interest income on residential loans sold		(599,745	)
Net income (loss) as adjusted	$	(1,930,822	)
Basic earnings (loss) per share as previously reported	$	(0.05	)
Adjustment for interest income on residential loans sold		(0.03	)
Basic earnings (loss) per share as adjusted	$	(0.08	)