7. Equity

3 Months Ended

Sep. 30, 2013

Equity [Abstract]

SHAREHOLDERS' EQUITY

The Company did not issue any Common Stock during the three months ended September 30, 2013.

During the three months ended September 30, 2013, the Company recognized a comprehensive unrealized gain on marketable securities held in the amount of $25,400, reported in the Condensed Consolidated Statement of Changes in Shareholders’ Equity, to reflect the increase in value of Marketable Securities – Restricted held at September 30, 2013.  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 over the next 12 months.  The stock repurchase program was extended, under the same limitation, through December 31, 2013.  For the three months ended September 30, 2013, the Company had repurchases under the program for a total of 50,000 shares at a cost of approximately $22,900, or $.46 per share.

The Company has authorized 25,000,000 shares of Preferred Stock of which 5,000,000 shares have been allocated to Series A, 500,000 have been allocated to Series B, 400,000 have been allocated to Series C, 500,000 have been allocated to Series D, and 750,000 have been allocated to Series E.  At September 30, 2013 and June 30, 2013 no Preferred Stock of any series are issued or outstanding.  Refer to the Company’s Form 10-K for the fiscal year ended June 30, 2013 for additional discussion of the Company’s authorized and allocated preferred shares.