Income Taxes (Tables)

12 Months Ended

Jun. 30, 2020

Income Taxes

Schedule of income tax expense (benefit)

	June 30, 2020		June 30, 2019
Current tax expense (benefit):
Federal	$	(30,589)	$	(73,075)
State		—		(12,578)
		(30,589)		(85,653)
Deferred tax expense (benefit):
Federal		30,589		30,589
State		—		—
		30,589		30,589
Total income tax expense (benefit)	$	—	$	(55,064)

Schedule of net deferred tax asset

	June 30, 2020		June 30, 2019
Deferred tax assets
Federal net operating loss	$	6,619,829	$	6,858,921
Other real estate owned		683,379		708,259
State loss and contribution		2,963,488		3,050,448
Unrealized loss on available for sale securities				—
Bad debt reserve		368,687		352,489
Pension		719,294		226,412
Other assets		67,370		74,554
Total deferred tax assets		11,422,047		11,271,083
Deferred tax liabilities
Pension				—
Deferred loan fees		(91,078)		(131,008)
Depreciation		(212,240)		(113,769)
FHLB dividends				—
Unrealized gain on available for sale securities		(153,067)		(55,112)
Other liabilities		(66,045)		(72,573)
Total deferred tax liabilities		(522,430)		(372,462)
Valuation allowance		(10,899,617)		(10,868,032)
Net deferred tax asset	$	—	$	30,589

Schedule of reconciliation of statutory to effective rates

	June 30, 2020				June 30, 2019
			Percent of				Percent of
			Pretax				Pretax
	Amount		Income		Amount		Income
Reconciliation of statutory to effective rates
Federal income taxes at statutory rate	$	229,340	21.00	%	$	(95,425)	21.00	%
Adjustments for
True up of payable(s)		47,207	4.32	%		(78,506)	17.28	%
State income taxes, net of valuation allowance		—	—	%		(12,578)	2.77	%
Federal valuation allowance		(281,400)	(25.77)	%		114,767	(25.26)	%
Other - Net		4,853	0.45	%		16,678	(3.67)	%
Effective income taxes - operations	$	—	0.00	%	$	(55,064)	12.12	%