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
 6 Months Ended
Dec. 31, 2011
Earnings Per Share [Text Block]
NOTE 4 – EARNINGS/(LOSS) PER SHARE:

Basic earnings per share is 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 six months ended December 31, 2011
 
Net Loss
   
Shares
   
Per Share
 
 Basic loss per share:
  $ (1,139,141 )     56,269,445     $ (0.02 )
 Dividend to preferred shareholders
    -                  
 Net income available to common shareholders
                       
 Effect of dilutive securities *
                       
 Stock options
                       
 Warrants
                       
 Diluted loss per share
  $ (1,139,141 )     56,269,445     $ (0.02 )
                         
                         
 For the six months ended December 31, 2010
 
Net Income
   
Shares
   
Per Share
 
 Basic income per share:
  $ 3,502,717       43,955,210     $ 0.08  
 Dividend to preferred shareholders
    -             $ -  
 Net income available to common shareholders
                       
 Effect of dilutive securities
                       
 Stock options
            1,271,378          
 Warrants
            1,420,439          
 Diluted income per share
  $ 3,502,717       46,647,027     $ 0.08  
                         
* As there is a loss, these securities are anti-dilutive. The basic and diluted loss per share is the same for the six months ended December 31, 2011