7. Equity

6 Months Ended

Dec. 31, 2012

Equity [Abstract]

SHAREHOLDERS' EQUITY

The Company did not issue any Class A Common Stock during the six months ended December 31, 2012. Stock-based compensation recognized during the period was valued at $68,300.

During the six months ended December 31, 2012, the Company recognized a comprehensive unrealized gain on marketable securities held in the amount of $114,300, reported in the Condensed Consolidated Statement of Changes in Shareholders’ Equity, to reflect the increase in value of Marketable Securities – Restricted held at December 31, 2012. See Note A – Basis of Presentation and Recent Accounting Policies and Pronouncements for additional discussion of fair value of financial instruments and marketable securities.

In December 2011, the Company announced that its board of directors had authorized a stock repurchase program whereby the Company could repurchase up to 2 million shares of its outstanding common stock through December of 2012. As of December 31, 2012 the Company had repurchases under the program totaling 44,200 shares at a cost of approximately $30,300, or $.69 per share, all of which were purchased and retired prior to July 1, 2012.

The Company has authorized 25,000,000 shares of Preferred Stock of which 5,000,000 shares were allocated to a class known as Series A Convertible Preferred Stock; 500,000 shares were allocated to Series B Preferred Stock; 500,000 shares were allocated to Series D Convertible Preferred Stock and 750,000 were allocated to Series E Convertible Preferred Stock. At December 31, 2012 and June 30, 2012 no shares of preferred stock were outstanding. See Footnote 16 – Shareholders’ Equity in the Company’s Form 10-K for the year ended June 30, 2012 for additional discussion of the Company’s authorized and allocated preferred shares.