Income Taxes

3 Months Ended

Sep. 30, 2022

Income Tax Disclosure [Abstract]

Income Taxes

Note 5. Income Taxes

Income tax benefit was estimated at $33,000, and the effective tax rate was (68.8%) for the three months ended September 30, 2022. Estimated income tax expense for the three months ended September 30, 2022 includes a discrete current tax benefit of $44,000 related to the exercise of stock options.

Income tax expense was estimated at $108,000, and the effective tax rate was 19.7% for the three months ended September 30, 2021. Estimated income tax expense for the three months ended September 30, 2021 included a discrete current tax benefit of $20,000 related to the exercise of stock options.

The Company is subject to U.S. federal and state income tax in multiple jurisdictions. With limited exceptions, years prior to the Company’s fiscal year ended June 30, 2019 are no longer open to U.S. federal, state or local examinations by taxing authorities. The Company is not under any current income tax examinations by any federal, state or local taxing authority. If any issues addressed in the Company’s tax audits are resolved in a manner not consistent with management’s expectations, the Company could be required to adjust its provision for income taxes in the period such resolution occurs.