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8. EARNINGS PER SHARE
 12 Months Ended
Jun. 30, 2012
Earnings Per Share [Abstract]  
NOTE 8 - EARNINGS PER SHARE

We report earnings per share in accordance with ASC 260, “Earnings Per Share.”  Basic earnings (loss) per share are computed using the weighted average number of shares outstanding during the period. Diluted earnings per share represent basic earnings per share adjusted to include the potentially dilutive effect of outstanding stock options. For the year ended June 30, 2012, we are in a net loss position and has excluded 1,328,170 stock options from the calculation of diluted net loss per share because these securities are anti-dilutive. The weighted average number of shares outstanding used to compute earnings per share is as follows:

 

    Year Ended June 30,  
    2012     2011  
Net income (loss) attributable to parent company   $ (128,974 )   $ 4,545,529  
Weighted-average shares of common stock outstanding:                
         Basic     11,858,813       12,279,927  
         Dilutive effect of common stock equivalents arising from stock options     –       183,658  
Diluted Outstanding shares     11,858,813       12,463,585  
Basic earnings (loss) per share   $ (0.01 )   $ 0.37  
Diluted earnings (loss) per share   $ (0.01 )   $ 0.36