EARNINGS PER SHARE

12 Months Ended

Jun. 30, 2016

Earnings Per Share [Abstract]

EARNINGS PER SHARE

NOTE J - EARNINGS PER SHARE

As required by Accounting Standards Codification Topic 260 - Earnings per Share (“Topic 260"), the following table sets forth the computation of basic and diluted earnings per share:

	Years Ended June 30,
	2016			2015
Numerator:
Net Income (loss)	$	109,569		$	(218,271	)
Adjustment for basic earnings per share:
Dividend requirements on preferred stock		(19,410	)		(19,410	)
Numerator for basic earnings per share- Net income (loss) available to common stockholders	$	90,159		$	(237,681	)
Effect of dilutive securities:
Numerator for diluted earnings per share- Net income (loss) available to common stockholder	$	90,159		$	(237,681	)
Denominator:
Denominator for basic earnings per share- Weighted-average common shares		8,060,388			8,060,388
Effect of dilutive securities: Stock options		110			—
Weighted-average Dilutive potential common shares		194,100			—
Denominator for dilutive earnings per share- Adjusted weighted-average shares and assumed conversions		8,254,598			8,060,388
Basic Net Income (Loss) per share	$	0.01		$	(0.03	)
Diluted Net Income (Loss) per share	$	0.01		$	(0.03	)