XML 39 R25.htm IDEA: XBRL DOCUMENT v3.22.2.2
Note 7 - Income Taxes (Tables)
12 Months Ended
Jun. 30, 2022
Notes Tables  
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]
  

For the fiscal year

 
  

ended June 30,

 
  

2022

  

2021

 
         

Current - Federal

 $-  $- 

Current - State and local

  (289)  (619)

Deferred - Federal and state

  (402)  (1,190)

Change in valuation allowance

  1,932   2,575 

Income tax benefit, net

 $1,241  $766 
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]
  

For the fiscal year

 
  

ended June 30,

 
  

2022

  

2021

 

Statutory federal income tax rate

  (21.0)%  (21.0)%

Statutory state income tax rate

  (9.0)%  (9.5)%

Other state income tax rate

  (2.5)%  (2.5)%

Change in valuation allowance

  85.6%  34.8%

PPP Note forgiveness

  -%  7.4 

Other temporary differences

  (5.2)%  1.4%

Non-deductible expenses

  (0.1)%  0.0%

Effective income tax rate

  47.8%  10.6%
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]
  

June 30,

 
  

2022

  

2021

 

Deferred Tax Assets

        

Net operating loss

 $5,166  $5,691 

Capital loss carryover

  299   299 

Valuation adjustment on investment in iBio, Inc.

  186   186 

Depreciation

  (157)  (158)

Inventory

  149   128 

Other

  296   195 

Valuation allowance

  (1,141)  (3,073)

Total deferred tax asset, net

 $4,798  $3,268