Note 15 - Income Taxes

9 Months Ended

Mar. 31, 2023

Notes to Financial Statements

Income Tax Disclosure [Text Block]

15.  Income Taxes 

The Company recognized a full valuation allowance on its deferred tax asset as of March 31, 2023 and June 30, 2022 and has recognized zero income tax expense for the three and nine months ended March 31, 2023.  The Company recognized $0.1 income tax benefit for the three and nine months ended March 31, 2022. The effective tax rate was 0% for the three and nine months ending March 31, 2023 and 2022.  The Company has historically had a full valuation allowance, which resulted in no net deferred tax asset or liability appearing on its statement of financial position. The Company recorded this valuation allowance after an evaluation of all available evidence (including the Company's history of net operating losses) that led to a conclusion that, based upon the more-likely-than-not standard of the accounting literature, these deferred tax assets were unrecoverable. The Company is forecasting a book and taxable net loss for its fiscal year end, June 30, 2023.  The Company reviews its tax positions quarterly for tax uncertainties. The Company did not have any uncertain tax positions as of March 31, 2023 or June 30, 2022.