Quarterly report pursuant to Section 13 or 15(d)

Note 4 - Earnings/(Loss) Per Share

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Note 4 - Earnings/(Loss) Per Share
 9 Months Ended
Mar. 31, 2012
Earnings Per Share [Text Block]
NOTE 4 – EARNINGS/(LOSS) PER SHARE:

Basic earnings per share are computed based on the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share is computed based on the weighted average number of shares of common stock plus the effect of dilutive potential common shares outstanding during the period using the treasury stock method. Dilutive potential common shares include outstanding stock options, warrants, and stock awards.

The components of basic and diluted earnings per share were as follows:

 For the nine months ended March 31, 2012
 
Net Income
   
Shares
   
Per Share
 
 Basic income per share:
  $ 545,086       57,953,872     $ 0.01  
 Dividend to preferred shareholders
    -                  
 Net income available to common shareholders
                       
 Effect of dilutive securities
                       
 Stock options
            87,910          
 Warrants
            317,416          
 Diluted loss per share
  $ 545,086       58,359,198     $ 0.01  
                         
                         
 For the nine months ended March 31, 2011
 
Net Income
   
Shares
   
Per Share
 
 Basic income per share:
  $ 6,821,147       46,355,789     $ 0.15  
 Dividend to preferred shareholders
    -             $ -  
 Net income available to common shareholders
                       
 Effect of dilutive securities
                       
 Stock options
            1,069,541          
 Warrants
            147,720          
 Diluted income per share
  $ 6,821,147       47,573,050     $ 0.14