----

----

|  X        | Quarterly      Report Pursuant to Section 13 or 15 (d) of the Securities Exchange Act of      1934. For the quarterly period ended December 31, 2009  or |
|---------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------|

|        | Transition      Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of      1934. For the transition period from _________ to    _________. |
|--------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  Delaware                                    |  94-1069729                     |
|---------------------------------------------------|--------------------------------------|
| (State      of incorporation)                     | (IRS      Employer Identification #) |
|  2064      Highway 116 North, Sebastopol, CA |  95472-2662                     |
| (Address      of principal executive offices)     | (Zip      Code)                      |

----

| PART      I. FINANCIAL INFORMATION  |         |
|------------------------------------------|--------------|
|                                     | Item      1. |     Condensed      Financial Statements |   |
|                                     |         |   |   |
|                                     |         | Condensed      Balance Sheets at December  31, 2009 (unaudited)    and |   |
|                                     |         | June      30, 2009 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .      . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 3 |
|                                     |         |   |   |
|                                     |         | Condensed      Statements of Income – For The Six and three months |   |
|                                     |         | ended      December 31, 2009 and 2008 (unaudited) . . . . . . . . . . . . . . . . . .      . . . . . . . . . . . . . . . . . . | 4 |
|                                     |         |   |   |
|                                     |         | Condensed Statements of Cash      Flows - For the Six months ended |   |
|                                     |         | December      31, 2009 and 2008 (unaudited) . . . . . . . . . . . . . . . . . . . . . .      . . . . . . . . . . . . . . . . . . . . | 5 |
|                                     |         |   |   |
|                                     |         | Notes      to Condensed Financial Statements (unaudited). . . . . . . . . . . . . . .      . . . . . . . . . . . . . . . . . . . | 6 |
|                                     |         |   |   |
|                                     | Item      2. | Management’s      Discussion and Analysis of Financial Condition |   |
|                                     |         | and      Results of Operations. . . . . . . . . . . . . . . . . . . . . . . . . . .      . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  | 11 |
|                                     |         |   |   |
|                                     | Item      4. | Controls      and Procedures. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .      . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  | 16 |
|                                     |         |   |   |
| PART      II. OTHER INFORMATION          | 16           |
|                                     |         |   |   |
|                                     | Item      1. | Legal      Proceedings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .      . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .      . | 16 |
|                                     |         |   |   |
|                                     | Item      2. | Unregistered      Sales of Equity Securities and Use of Proceeds. . . . . . . . . . . . . .      . . . . . . . . . . . . . . . | 16 |
|                                     |         |   |   |
|                                     | Item      3. | Defaults      Upon Senior Securities. . . . . . . . . . . . . . . . . . . . . . . .      . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 16 |
|                                     |         |   |   |
|                                     | Item      4. | Submission      of Matters to a Vote of Security Holders . . . . . . . . . . . . . .      . . . . . . . . . . . . . . . . . . . . . | 16 |
|                                     |         |   |   |
|                                     | Item      5. | Other      Information. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .      . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .      . | 16 |
|                                     |         |   |   |
|                                     | Item      6. | Exhibits.      . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .      . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .      . | 17 |
|                                     |         |   |   |
|                                     |         | Signature.      . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .      . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .      . | 18 |
|                                     |         |   |   |
|                                     |         | Exhibit      Index. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .      . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .      .  | 19 |

----

|                                                                                                                                                                        |   | December      31, 2009 (unaudited) |   |   | June      30, 2009 |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------------------|--------|--------|--------------------|--------|
| ASSETS                                                                                                                                                                      |   |                               |   |   |               |   |
| CURRENT      ASSETS:                                                                                                                                                        |   |                               |   |   |               |   |
| Cash      and cash equivalents                                                                                                                                              |   | $                                  | 2,084  |   |               | $      | 1,830 |   |
| Accounts      receivable, net of allowance for doubtful accounts of $74 and $19,      respectively.                                                                         |   |                               | 76     |   |               |   | 41 |   |
| Other      receivables                                                                                                                                                      |   |                               | -      |   |               |   | 9 |   |
| Dividend      claims receivable                                                                                                                                             |   |                               | 35     |   |               |   | 35 |   |
| Prepaid      income taxes                                                                                                                                                   |   |                               | 27     |   |               |   | 23 |   |
| Prepaid      expenses and other assets                                                                                                                                      |   |                               | 58     |   |               |   | 151 |   |
| Deferred      income taxes, net                                                                                                                                             |   |                               | 59     |   |               |   | 118 |   |
| Total      current assets                                                                                                                                                   |   |                               | 2,339  |   |               |   | 2,207 |   |
|             RENTAL PROPERTY, net                                                                                                              |   |                               | 985    |   |               |   | 1,068 |   |
|             DEFERRED INCOME TAXES, net                                                                                                        |   |                               | 257    |   |               |   | 245 |   |
|             PREPAID COMMISSIONS AND OTHER ASSETS                                                                                              |   |                               | 152    |   |               |   | 184 |   |
| Total      assets                                                                                                                                                           |   | $                                  | 3,733  |   |               | $      | 3,704 |   |
|          LIABILITIES AND SHAREHOLDERS’ EQUITY                                                                                                          |   |                               |   |   |               |   |   |   |
| CURRENT      LIABILITIES:                                                                                                                                                   |   |                               |   |   |               |   |   |   |
| Accounts      payable                                                                                                                                                       |   | $                                  | 33     |   |               | $      | 42 |   |
| Accrued      dividends payable                                                                                                                                              |   |                               | 35     |   |               |   | 35 |   |
| Accrued      payroll and related liabilities                                                                                                                                |   |                               | 31     |   |               |   | 313 |   |
| Accrued      expenses                                                                                                                                                       |   |                               | 14     |   |               |   | 6 |   |
| Unearned      rents                                                                                                                                                         |   |                               | 48     |   |               |   | 66 |   |
| Tenant      deposits                                                                                                                                                        |   |                               | 424    |   |               |   | 415 |   |
| Total      current liabilities                                                                                                                                              |   |                               | 585    |   |               |   | 877 |   |
|  LONG-TERM      DEBT                                                                                                                                                   |   |                               | 2,500  |   |               |   | 2,500 |   |
| Total      liabilities                                                                                                                                                      |   |                               | 3,085  |   |               |   | 3,377 |   |
|                                                                                                                                                                        |   |                               |   |   |               |   |   |   |
| SHAREHOLDERS’      EQUITY :                                                                                                                                           |   |                               |   |   |               |   |   |   |
| Preferred      stock: 2,500 shares authorized; no shares issued and      outstanding                                                                                        |   |                               | -      |   |               |   | - |   |
|          Common stock: 5,000 shares authorized, par value $0.0001; 1,251      shares issued and outstanding at December 31, 2009 and June 30,      2009 |   |                               | -      |   |               |   | - |   |
| Retained      earnings                                                                                                                                                      |   |                               | 648    |   |               |   | 327 |   |
| Total      shareholders’ equity                                                                                                                                       |   |                               | 648    |   |               |   | 327 |   |
| Total      liabilities and shareholders’ equity                                                                                                                       |   | $                                  | 3,733  |   |               | $      | 3,704 |   |

----

|                                                       |   | Six      Months        |   |   | Three      Months      |   |
|------------------------------------------------------------|--------|------------------------|--------|--------|------------------------|--------|
|                                                       |   | ended      December 31 |   |   | Ended      December 31 |   |
|                                                       |   | 2009                   |   |   | 2008                   |   |   | 2009 |   |   | 2008 |   |
| RENTAL      REVENUE -NET                              |   | $                      | 1,459  |   |                   | $      | 1,481 |   |   | $ | 742 |   |   | $ | 747 |   |
| TENANT      REIMBURSEMENTS                                 |   |                   | 381    |   |                   |   | 347 |   |   |   | 169 |   |   |   | 163 |   |
| TOTAL      REVENUE                                         |   |                   | 1,840  |   |                   |   | 1,828 |   |   |   | 911 |   |   |   | 910 |   |
|                                                       |   |                   |   |   |                   |   |   |   |   |   |   |   |   |   |   |   |
| OPERATING      COSTS                                       |   |                   | 1,272  |   |                   |   | 1,341 |   |   |   | 599 |   |   |   | 598 |   |
| OPERATING      COSTS - RELATED PARTY EXPENSES              |   |                   | 2      |   |                   |   | 13 |   |   |   | 1 |   |   |   | 3 |   |
| TOTAL      OPERATING COSTS                                 |   |                   | 1,274  |   |                   |   | 1,354 |   |   |   | 600 |   |   |   | 601 |   |
| OPERATING      INCOME                                      |   |                   | 566    |   |                   |   | 474 |   |   |   | 311 |   |   |   | 309 |   |
|                                                       |   |                   |   |   |                   |   |   |   |   |   |   |   |   |   |   |   |
| INTEREST      EXPENSE                                      |   |                   | (32    | )      |                   |   | (85 | ) |   |   | (16 | ) |   |   | (54 | ) |
| INTEREST      INCOME                                       |   |                   | 1      |   |                   |   | 9 |   |   |   | - |   |   |   | 1 |   |
| GAIN      ON DISTRIBUTION OF INVESTMENTS                   |   |                   | -      |   |                   |   | 2,284 |   |   |   | - |   |   |   | 1 |   |
| OTHER      INCOME                                          |   |                   | -      |   |                   |   | 1 |   |   |   | - |   |   |   | 1 |   |
| INCOME      BEFORE TAXES                                   |   |                   | 535    |   |                   |   | 2,683 |   |   |   | 295 |   |   |   | 258 |   |
| INCOME      TAX PROVISION                                  |   |                   | 214    |   |                   |   | 1,069 |   |   |   | 117 |   |   |   | 105 |   |
| NET      INCOME                                            |   | $                      | 321    |   |                   | $      | 1,614 |   |   | $ | 178 |   |   | $ | 153 |   |
|                                                       |   |                   |   |   |                   |   |   |   |   |   |   |   |   |   |   |   |
| WEIGHTED      AVERAGE COMMON SHARES AND  EQUIVALENTS: |   |                   |   |   |                   |   |   |   |   |   |   |   |   |   |   |   |
| Basic                                                      |   |                   | 1,251  |   |                   |   | 1,251 |   |   |   | 1,251 |   |   |   | 1,252 |   |
| Diluted                                                    |   |                   | 1,252  |   |                   |   | 1,251 |   |   |   | 1,254 |   |   |   | 1,252 |   |
|                                                       |   |                   |   |   |                   |   |   |   |   |   |   |   |   |   |   |   |
| INCOME      PER COMMON SHARE:                              |
| Basic                                                      |   | $                      | 0.26   |   |                   | $      | 1.29 |   |   | $ | 0.14 |   |   | $ | 0.12 |   |
| Diluted                                                    |   | $                      | 0.26   |   |                   | $      | 1.29 |   |   | $ | 0.14 |   |   | $ | 0.12 |   |

----

|                                                                                        |   | 2009   |   |   | 2008   |   |
|---------------------------------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|
| CASH      FLOWS FROM OPERATING ACTIVITIES:                                                  |   |   |   |   |   |   |
| Net      income                                                                             |   | $      | 321    |   |   | $      | 1,614 |   |
| Adjustments      to reconcile net income to net cash provided by operating      activities: |   |   |   |   |   |   |   |   |
| Gains      on distribution of investments                                                   |   |   | -      |   |   |   | (2,284 | ) |
| Depreciation      and amortization expense                                                  |   |   | 83     |   |   |   | 86 |   |
| Deferred      income tax provision                                                          |   |   | 47     |   |   |   | 296 |   |
| Changes      in assets and liabilities:                                                     |   |   |   |   |   |   |   |   |
| Accounts      receivable                                                                    |   |   | (90    | )      |   |   | (21 | ) |
| Allowance      for doubtful accounts                                                        |   |   | 55     |   |   |   | - |   |
| Other      receivables                                                                      |   |   | 9      |   |   |   | 7 |   |
| Prepaid      income taxes                                                                   |   |   | (4     | )      |   |   | 47 |   |
| Prepaid      expenses and other assets                                                      |   |   | 93     |   |   |   | 72 |   |
| Prepaid      commissions and other assets                                                   |   |   | 32     |   |   |   | 33 |   |
| Accounts      payable                                                                       |   |   | (9     | )      |   |   | (7 | ) |
| Accrued      payroll and related liabilities                                                |   |   | (282   | )      |   |   | (217 | ) |
| Income      taxes payable                                                                   |   |   | -      |   |   |   | (233 | ) |
| Accrued      expenses                                                                  |   |   | 8      |   |   |   | (111 | ) |
| Unearned      rents                                                                         |   |   | (18    | )      |   |   | - |   |
| Tenant      deposits                                                                        |   |   | 9      |   |   |   | 20 |   |
| Net      cash provided by (used for) operating activities                                   |   |   | 254    |   |   |   | (698 | ) |
|  CASH      FLOWS FROM INVESTING ACTIVITIES:                                            |   |   |   |   |   |   |   |   |
| Capital      expenditures                                                                   |   |   | -      |   |   |   | (179 | ) |
| Net      cash used for investing activities                                                 |   |   | -      |   |   |   | (179 | ) |
|  CASH      FLOWS FROM FINANCING ACTIVITIES:                                            |   |   |   |   |   |   |   |   |
| Tax      expense from exercise of stock options                                             |   |   | -      |   |   |   | (11 | ) |
| Exercise      of stock options                                                              |   |   | -      |   |   |   | 65 |   |
| Net      cash provided by financing activities                                              |   |   | -      |   |   |   | 54 |   |
| NET      INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                                   |   |   | 254    |   |   |   | (823 | ) |
|                                                                                        |   |   |   |   |   |   |   |   |
| CASH      AND CASH EQUIVALENTS AT BEGINNING OF PERIOD                                       |   |   | 1,830  |   |   |   | 2,604 |   |
| CASH      AND CASH EQUIVALENTS AT END OF PERIOD                                             |   | $      | 2,084  |   |   | $      | 1,781 |   |

| Supplemental Cash Flow      Information |   |
|-----------------------------------------|--------|
|                                    |   | 2009 |   |   | 2008 |   |
| Investment      dividend (Note 3)       |   | $ |         - |   |   | $ | 2,648 |   |
| Interest      paid                      |   | $ | 32 |   |   | $ | 88 |   |
| Taxes      paid                         |   | $ | 170 |   |   | $ | 984 |   |

----

----

| ·          | Level      1: Defined as observable inputs, such as quoted prices in active markets      for identical assets. |
|--------------------------------|----------------------------------------------------------------------------------------------------------------|

| ·          | Level      2: Defined as observable inputs other than Level 1 prices. This includes      quoted prices for similar assets or liabilities in an active market,      quoted prices for identical assets and liabilities in markets that are not      active, or other inputs that are observable or can be corroborated by      observable market data for substantially the full term of the assets or      liabilities. |
|--------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·          | Level      3: Defined as unobservable inputs for which little or no market data      exists, therefore requiring an entity to develop its own      assumptions. |
|--------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

|                                |   | Options |   |   | Weighted      Average Exercise Price |   |   | Weighted      Average Remaining Contractual Years |   |   | Aggregate      Intrinsic Value (in thousands) |   |
|-------------------------------------|--------|---------|--------|--------|--------------------------------------|--------|--------|---------------------------------------------------|--------|--------|-----------------------------------------------|--------|
| Balance,      June 30, 2009         |   |    | 21,000 |   |                                 | $      | 8.02   |                                              |   |   |                                          |   |   |   |
| Granted                             |   |    | -      |   |                                 |   | -      |                                              |   |   |                                          |   |   |   |
| Exercised                           |   |    | -      |   |                                 |   | -      |                                              |   |   |                                          |   |   |   |
| Cancelled                           |   |    | -      |   |                                 |   | -      |                                              |   |   |                                          |   |   |   |
| Balance,      December 31, 2009     |   |    | 21,000 |   |                                 | $      | 8.02   |                                              |   |   | 7.92                                          |   |   | $ | - |   |
| Exercisable,      December 31, 2009 |   |    | 21,000 |   |                                 | $      | 8.02   |                                              |   |   | 7.92                                          |   |   | $ | - |   |

|                |        |   | Options      outstanding |   |   | Options      exercisable |   |
|---------------------|-------------|--------|--------------------------|--------|--------|--------------------------|--------|
|                |        |   |                     |   |   | Weighted-                |   |   |   |   |   |   |   |   |   |   |
|                |        |   |                     |   |   | average                  |   |   | Weighted- |   |   |   |   |   | Weighted- |   |
|                |        |   |                     |   |   | Remaining                |   |   | Average |   |   |   |   |   | Average |   |
|                |        |   | Number of           |   |   | Contractual              |   |   | Exercise |   |   | Number of |   |   | Exercise |   |
| Exercise      Price |        |   | Shares                   |   |   | Life      (years)        |   |   | Price |   |   | Shares |   |   | Price |   |
|                | $5.00-$7.00 |   |                     |   | 16,000 |                     |   |   | 8.40 |   |   | $ | 6.10 |   |   |   | 16,000 |   |   | $ | 6.10 |   |
| Over      $10.00    |        |   |                     | 5,000  |   |                     |   | 6.96 |   |   | $ | 13.05 |   |   |   | 5,000 |   |   | $ | 13.05 |   |
| Total               |        |   |                     | 21,000 |   |                     |   | 7.92 |   |   | $ | 8.02 |   |   |   | 21,000 |   |   | $ | 8.02 |   |

----

| Year      EndingJune      30, |   | Amount  |      |
|-------------------------------|--------|---------|-----------|
| 2010                          |   |  $ | 1,364,000 |   |
| 2011                          |   |    | 2,670,000 |   |
| 2012                          |   |    | 2,050,000 |   |
| 2013                          |   |    | 1,270,000 |   |
| 2014                          |   |    | 527,000   |   |
| Thereafter      through 2023  |   |    | 1,753,000 |   |
| Total                         |   | $       | 9,634,000 |   |

----

----

----

----

----

| ·          | our      disclosure controls and procedures were effective to ensure that      information required to be disclosed by us in the reports we file or      submit under the Securities Exchange Act of 1934 is recorded, processed,      summarized and reported within the time periods specified in the SEC’s      rules and forms, and |
|--------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·          | our      disclosure controls and procedures were effective to ensure that      information required to be disclosed by us in the reports we file or      submit under the Securities Exchange Act of 1934 was accumulated and      communicated to our management, including our Chief Executive Officer and      Chief Financial Officer, as appropriate to allow timely decisions      regarding required disclosure. |
|--------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                             |                                                                                                                                                                                   |                  |
|----------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------|
|                             |                                                                                                                                                                                   | Number      of Shares |
|                             |                                                                                                                                                                                   | Voted      For        | Voted      Against |  Withheld |
|                             |                                                                                                                                                                                   |                  |   |   |
|           1. | To      elect four directors to hold office until the Annual Meeting of      Stockholders to be held in 2010 or until their respective successors have      been elected or appointed. |                  |   |   |
|                             |              Walker R. Stapleton                                                                                                                    | 936,952               |   | 116,276 |
|                             |         David      J. Bugatto                                                                                                                  | 948,717               |   | 104,511 |
|                             |              Robert W. C. Davies                                                                                                                    | 952,505               |   | 100,723 |
|                             |         David      A. Janke                                                                                                                    | 952,505               |   | 100,723 |
|                             |                                                                                                                                                                                   |                  |   |   |
| 2.                               | To      ratify the appointment of the accounting firm of Macias Gini &      O’Connell LLP as independent auditors for the fiscal year ending June 30,      2010.             | 1,052,729             | 500 | - |
|                             |                                                                                                                                                                                   |                  |   |   |
|     3.       | For      transaction of such other business as may come before the      meeting.                                                                                                       | 932,901               | 25,921 | 94,406 |

----

|   | 31.1 | Chief      Executive Officer Certification of Periodic Financial Report Pursuant to      Section 302 of the Sarbanes-Oxley Act of2002* |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------|

|   | 31.2 | Chief      Financial Officer Certification of Periodic Financial Report Pursuant to      Section 302 of the Sarbanes-Oxley Act of2002* |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------|

|   | 32.1 | Chief      Executive Officer and Chief Financial Officer Certification Pursuant to 18      U.S.C. Section 1350, as adopted pursuant to Section 906 of the      Sarbanes-Oxley Act of 2002 + |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ________________________ |
|--------|--------------------------|

----

----

|  EXHIBIT      INDEX                                                                                                    |
|----------------------------------------------------------------------------------------------------------------------------------|
| Exhibit      No.                                                                                                                 | Document      Description |
| 31.1                                                                                                                        | Chief      Executive Officer Certification of Periodic Financial Report Pursuant to      Section 302 of the Sarbanes-Oxley Act of 2002* |
| 31.2                                                                                                                        | Chief      Financial Officer Certification of Periodic Financial Report Pursuant to      Section 302 of the Sarbanes-Oxley Act of 2002* |
| 32.1                                                                                                                             | Chief      Executive Officer and Chief Financial Officer Certification Pursuant to 18      U.S.C. Section 1350, as adopted pursuant to Section 906 of the      Sarbanes-Oxley Act of 2002 + |
|  *      Filed      herewith +      Furnished      herewith |

----