Income Taxes (Tables)

12 Months Ended

Jun. 30, 2017

Schedule of components of income tax expense

The components of income tax (expense) benefit from operations are as follows (in thousands):



	Year Ended June 30,
	2017			2016
Current
Federal	$	—		$	29
State and local	(2		)	(4		)
Total tax (expense) benefit	$	(2	)	$	25

Schedule of effective income tax rate reconciliation

A reconciliation of the reported income tax (expense) benefit to the amount that would result by applying the U.S. Federal statutory rate to the loss before income taxes to the actual amount of income tax (expense) benefit recognized follows (in thousands):



	Year Ended June 30,
	2017			2016
Expected benefit	$	3,996		$	4,576
State tax expense	(2		)	(4		)
Change in temporary tax adjustments not recognized	(3,905		)	(4,414		)
Other permanent items	(91		)	(133		)
Total income tax (expense) benefit	$	(2	)	$	25

Schedule of deferred tax assets and liabilities

The Company’s deferred tax assets as of June 30, 2017 and 2016 consist of the following (in thousands):



	Year Ended June 30,
	2017			2016
Deferred tax assets:
Net operating loss carryforwards	$	20,439		$	15,704
Alternative minimum tax credit carryforwards	857			857
Accrued expenses and other timing	1,344			1,473
Total gross deferred tax assets	$	22,640		$	18,034
Less — valuation allowance	(22,195		)	(17,939		)
Net deferred tax assets	$	445		$	95
Deferred tax liabilities:
Property and equipment, principally due to differences in depreciation	$	(445	)	$	(95	)
Total gross deferred tax liabilities	$	(445	)	$	(95	)
Net deferred tax assets (liabilities)	$	—		$	—

Schedule of uncertain tax benefit reserves

The Company’s change in uncertain tax benefit reserves during 2017 and 2016 were as follows (in thousands):



	2017		2016
Balance at July 1	$	—	$	76
Additions for tax positions of current period	—		—
Additions for tax positions of prior years	—		—
Decreases for tax positions of prior years	—		(76		)
Balance at June 30	$	—	$	—