----

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|  X   | Quarterly Report Pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934. For the quarterly period ended March 31, 2010 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)                      |

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| PART I. FINANCIAL INFORMATION  |     |
|-------------------------------------|----------|
|                                | Item 1.  |   | C Condensed Financial Statements |   |
|                                |     |   |   |   |
|                                |     |   | Condensed Balance Sheets at March 31, 2010 (unaudited) and |   |
|                                |     |   | June 30, 2009 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 3 |
|                                |     |   |   |   |
|                                |     |   | Condensed Statements of Income – For The Nine and Three months |   |
|                                |     |   | ended March 31, 2010 and 2009 (unaudited) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 4 |
|                                |     |   |   |   |
|                                |     |   | Condensed Statements of Cash Flows - For The Nine months ended |   |
|                                |     |   | March 31, 2010 and 2009 (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 1A. |   | Risk Factors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 16 |
|                                |     |   |   |   |
|                                | Item 2.  |   | Unregistered Sales of Equity Securities and Use of Proceeds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 16 |
|                                |     |   |   |   |
|                                | Item 3.  |   | Defaults Upon Senior Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 16 |
|                                |     |   |   |   |
|                                | Item 4.  |   | (Removed and Reserved) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 16 |
|                                |     |   |   |   |
|                                | Item 5.  |   | Other Information  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 16 |
|                                |     |   |   |   |
|                                | Item 6.  |   | Exhibits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 17 |
|                                |     |   |   |   |
|                                |     |   | Signature  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 18 |
|                                |     |   |   |   |
|                                |     |   | Exhibit Index | 19 |

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|                                                                                                                                                                                                                   |   | March 31, 2010 (unaudited) |   |   | June 30, 2009 |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------|--------|--------|---------------|--------|
| ASSETS                                                                                                                                                                                                                 |   |                       |   |   |          |   |
| CURRENT ASSETS:                                                                                                                                                                                                        |   |                       |   |   |          |   |
| Cash                                                                                                                                                                                                                   |   | $                          | 2,263  |   |          | $      | 1,830 |   |
| Accounts receivable, net of allowance for doubtful accounts of $67 and $19                                                                                                                                             |   |                       | 124    |   |          |   | 41 |   |
| Other receivables                                                                                                                                                                                                      |   |                       | 3      |   |          |   | 9 |   |
| Dividend claims receivable                                                                                                                                                                                             |   |                       | 33     |   |          |   | 35 |   |
| Prepaid income taxes                                                                                                                                                                                                   |   |                       | 34     |   |          |   | 23 |   |
| Prepaid expenses and other assets                                                                                                                                                                                      |   |                       | 39     |   |          |   | 151 |   |
| Deferred income taxes, net                                                                                                                                                                                             |   |                       | 63     |   |          |   | 118 |   |
| Total current assets                                                                                                                                                                                                   |   |                       | 2,559  |   |          |   | 2,207 |   |
|         RENTAL PROPERTY, net                                                                                                                                                        |   |                       | 944    |   |          |   | 1,068 |   |
|         DEFERRED INCOME TAXES, net                                                                                                                                                       |   |                       | 260    |   |          |   | 245 |   |
|         PREPAID COMMISSIONS AND OTHER ASSETS                                                                                                                                             |   |                       | 138    |   |          |   | 184 |   |
| Total assets                                                                                                                                                                                                           |   | $                          | 3,901  |   |          | $      | 3,704 |   |
|     LIABILITIES AND SHAREHOLDERS’ EQUITY                                                                                                                                                          |   |                       |   |   |          |   |   |   |
| CURRENT LIABILITIES:                                                                                                                                                                                                   |   |                       |   |   |          |   |   |   |
| Accounts payable                                                                                                                                                                                                       |   | $                          | 121    |   |          | $      | 42 |   |
| Accrued dividends payable                                                                                                                                                                                              |   |                       | 33     |   |          |   | 35 |   |
| Accrued payroll and related liabilities                                                                                                                                                                                |   |                       | 33     |   |          |   | 313 |   |
| Accrued expenses                                                                                                                                                                                                       |   |                       | 5      |   |          |   | 6 |   |
| Unearned rents                                                                                                                                                                                                         |   |                       | 47     |   |          |   | 66 |   |
| Total current liabilities                                                                                                                                                                                              |   |                       | 239    |   |          |   | 462 |   |
|                                                                                                                                                                                                                   |   |                       |   |   |          |   |   |   |
| LONG TERM LIABILITIES:                                                                                                                                                                                                 |   |                       |   |   |          |   |   |   |
| Tenant deposits                                                                                                                                                                                                        |   |                       | 418    |   |          |   | 415 |   |
|             Long-term debt                                                                                                                                 |   |                       | 2,500  |   |          |   | 2,500 |   |
|                                 Total long term liabilities |   |                       | 2,918  |   |          |   | 2,915 |   |
|                                 Total liabilities           |   |                       | 3,157  |   |          |   | 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 March 31, 2010 and June 30, 2009                                                              |   |                       | -      |   |          |   | - |   |
| Retained earnings                                                                                                                                                                                                      |   |                       | 744    |   |          |   | 327 |   |
| Total shareholders’ equity                                                                                                                                                                                       |   |                       | 744    |   |          |   | 327 |   |
| Total liabilities and shareholders’ equity                                                                                                                                                                       |   | $                          | 3,901  |   |          | $      | 3,704 |   |

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|                                            |   | Nine Months     |   |   | Three Months    |   |
|-------------------------------------------------|--------|-----------------|--------|--------|-----------------|--------|
|                                            |   | Ended March 31, |   |   | Ended March 31, |   |
|                                            |   | 2010            |   |   | 2009            |   |   | 2010 |   |   | 2009 |   |
| RENTAL REVENUE -NET                        |   | $               | 2,061  |   |            | $      | 2,250 |   |   | $ | 602 |   |   | $ | 769 |   |
| TENANT REIMBURSEMENTS                           |   |            | 506    |   |            |   | 515 |   |   |   | 125 |   |   |   | 168 |   |
| TOTAL REVENUE                                   |   |            | 2,567  |   |            |   | 2,765 |   |   |   | 727 |   |   |   | 937 |   |
|                                            |   |            |   |   |            |   |   |   |   |   |   |   |   |   |   |   |
| OPERATING COSTS                                 |   |            | 1,822  |   |            |   | 1,864 |   |   |   | 550 |   |   |   | 523 |   |
| OPERATING COSTS - RELATED PARTY EXPENSES        |   |            | 4      |   |            |   | 14 |   |   |   | 2 |   |   |   | 1 |   |
| TOTAL OPERATING COSTS                           |   |            | 1,826  |   |            |   | 1,878 |   |   |   | 552 |   |   |   | 524 |   |
| OPERATING INCOME                                |   |            | 741    |   |            |   | 887 |   |   |   | 175 |   |   |   | 413 |   |
|                                            |   |            |   |   |            |   |   |   |   |   |   |   |   |   |   |   |
| INTEREST EXPENSE                                |   |            | (48    | )      |            |   | (102 | ) |   |   | (17 | ) |   |   | (17 | ) |
| INTEREST INCOME                                 |   |            | 2      |   |            |   | 10 |   |   |   | 1 |   |   |   | 1 |   |
| GAIN ON DISTRIBUTION OF INVESTMENTS             |   |            | -      |   |            |   | 2,284 |   |   |   | - |   |   |   | - |   |
| OTHER INCOME AND (EXPENSE)                      |   |            | (1     | )      |            |   | (1 | ) |   |   | - |   |   |   | (2 | ) |
| INCOME BEFORE TAXES                             |   |            | 694    |   |            |   | 3,078 |   |   |   | 159 |   |   |   | 395 |   |
| INCOME TAX PROVISION                            |   |            | 277    |   |            |   | 1,217 |   |   |   | 63 |   |   |   | 148 |   |
| NET INCOME                                      |   | $               | 417    |   |            | $      | 1,861 |   |   | $ | 96 |   |   | $ | 247 |   |
|                                            |   |            |   |   |            |   |   |   |   |   |   |   |   |   |   |   |
| WEIGHTED AVERAGE COMMON SHARES AND EQUIVALENTS: |   |            |   |   |            |   |   |   |   |   |   |   |   |   |   |   |
| Basic                                           |   |            | 1,251  |   |            |   | 1,251 |   |   |   | 1,251 |   |   |   | 1,252 |   |
| Diluted                                         |   |            | 1,253  |   |            |   | 1,251 |   |   |   | 1,253 |   |   |   | 1,252 |   |
|                                            |   |            |   |   |            |   |   |   |   |   |   |   |   |   |   |   |
| INCOME PER COMMON SHARE:                        |
| Basic                                           |   | $               | 0.33   |   |            | $      | 1.49 |   |   | $ | 0.08 |   |   | $ | 0.20 |   |
| Diluted                                         |   | $               | 0.33   |   |            | $      | 1.49 |   |   | $ | 0.08 |   |   | $ | 0.20 |   |

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|                                                                              |   | 2010   |   |   | 2009   |   |
|-----------------------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|
| CASH FLOWS FROM OPERATING ACTIVITIES:                                             |   |   |   |   |   |   |
| Net income                                                                        |   | $      | 417    |   |   | $      | 1,861 |   |
| Adjustments to reconcile net income to net cash provided by operating activities: |   |   |   |   |   |   |   |   |
| Gains on distribution of investments                                              |   |   | -      |   |   |   | (2,284 | ) |
| Depreciation and amortization expense                                             |   |   | 124    |   |   |   | 130 |   |
| Deferred income tax provision                                                     |   |   | 40     |   |   |   | 329 |   |
| Changes in assets and liabilities:                                                |   |   |   |   |   |   |   |   |
| Accounts receivable                                                               |   |   | (131   | )      |   |   | (97 | ) |
| Allowance for doubtful accounts                                                   |   |   | 48     |   |   |   | - |   |
| Other receivables                                                                 |   |   | 6      |   |   |   | 7 |   |
| Prepaid income taxes                                                              |   |   | (11    | )      |   |   | 47 |   |
| Prepaid expenses and other assets                                                 |   |   | 112    |   |   |   | 91 |   |
| Prepaid commissions and other assets                                              |   |   | 46     |   |   |   | 48 |   |
| Accounts payable                                                                  |   |   | 79     |   |   |   | (7 | ) |
| Accrued payroll and related liabilities                                           |   |   | (280   | )      |   |   | (213 | ) |
| Income taxes payable                                                              |   |   | -      |   |   |   | (233 | ) |
| Accrued expenses                                                             |   |   | (1     | )      |   |   | (116 | ) |
| Unearned rents                                                                    |   |   | (19    | )      |   |   | (86 | ) |
| Tenant deposits                                                                   |   |   | 3      |   |   |   | 14 |   |
| Net cash provided by (used for) operating activities                              |   |   | 433    |   |   |   | (509 | ) |
|  CASH FLOWS FROM INVESTING ACTIVITIES:                                       |   |   |   |   |   |   |   |   |
| Capital expenditures                                                              |   |   | -      |   |   |   | (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                                                   |   |   | 433    |   |   |   | (634 | ) |
|                                                                              |   |   |   |   |   |   |   |   |
| CASH AT BEGINNING OF PERIOD                                                       |   |   | 1,830  |   |   |   | 2,604 |   |
| CASH AT END OF PERIOD                                                             |   | $      | 2,263  |   |   | $      | 1,970 |   |

| Supplemental Cash Flow Information |   |
|------------------------------------|--------|
|                               |   | 2010 |   |   | 2009 |   |
| Investment dividend (Note 3)       |   | $ |         - |   |   | $ | 2,648 |   |
| Interest paid                      |   | $ | 48 |   |   | $ | 106 |   |
| Taxes paid                         |   | $ | 250 |   |   | $ | 1,098 |   |

----

| (1) | Persuasive evidence of contractual arrangement exists (i.e. signed contract by both parties);                                              |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------|
| (2) | Delivery has occurred or services have been rendered (i.e. tenant has taken occupancy of the premises);                                    |
| (3) | The seller’s price to the buyer is fixed or determinable (i.e. lease terms and rates are specified in the signed contract); and |
| (4) | Collectability is reasonably assured (i.e. if collectible is considered unlikely, the Company does not recognize revenue).                 |

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| ·   | 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. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------|

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|                        |   | 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, March 31, 2010     |   |    | 21,000 |   |                            | $      | 8.02   |                                         |   |   | 7.67                                     |   |   | $ | - |   |
| Exercisable, March 31, 2010 |   |    | 21,000 |   |                            | $      | 8.02   |                                         |   |   | 7.67                                     |   |   | $ | - |   |

----

|                    | 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              | 8.15         | $   6.10 |   | 16,000 | $   6.10 |
| Over $10.00             | 5,000               | 6.71         | $ 13.05                 |   | 5,000 | $ 13.05 |
| Total                   | 21,000              | 7.67         | $   8.02 |   | 21,000 | $   8.02 |

| Year EndingJune 30,     |   | Amount  |       |
|-------------------------|--------|---------|------------|
| 2010                    |   |  $ | 541,000    |   |
| 2011                    |   |    | 2,132,000  |   |
| 2012                    |   |    | 1,898,000  |   |
| 2013                    |   |    | 1,274,000  |   |
| 2014                    |   |    | 738,000    |   |
| Thereafter through 2028 |   |    | 6,199,000  |   |
| Total                   |   | $       | 12,782,000 |   |

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| ·   | our disclosure controls and procedures were effective as of the end of the period covered by this report 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 as of the end of the period covered by this report 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. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | 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 + |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

----

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|  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 |