5. Land, Property and Equipment

3 Months Ended

Sep. 30, 2012

Property, Plant and Equipment [Abstract]

LAND, PROPERTY AND EQUIPMENT

Land, Property and Equipment at September 30, 2012 and June 30, 2012 consist of the following:

		June 30, 2012		Additions		Transfers		Sept. 30, 2012
Land and improvements	$	1,383,400	$	3,900	$	-	$	1,387,300
Office furniture and equipment		48,700		2,600		-		51,300
Water disposal facility		-		-		2,628,700		2,628,700
Production equipment		79,500		110,400		-		189,900
Construction in progress		2,056,100		707,100		(2,628,700)		134,500
Total		3,567,700		824,000		-		4,391,700
Less accumulation depreciation		(43,100)		(15,400)		-		(58,500)
Net book value	$	3,524,600	$	808,600	$	-	$	4,333,200