Income Taxes (Tables)

12 Months Ended

Jun. 30, 2022

Income Tax Disclosure [Abstract]

Schedule of Provision for Income Taxes

The provision for income taxes includes the following:

	For the years ended June 30,
(in thousands)	2022			2021
Current	$	106		$	1,608
Deferred	$	(85	)	$	67
Total	$	21		$	1,675

Reconciliation of Expected Federal Income Tax Expense (Benefit)

The following table reconciles the expected corporate federal income tax expense (benefit), computed by multiplying the Company's loss before income taxes by the statutory tax rate of 21% to the total tax expense.

	For the years ended June 30,
(in thousands)	2022			2021
Federal tax benefit at statutory rate	$	(3,153	)	$	(1,437	)
State taxes net of federal impact		(504	)		(289	)
Permanent adjustments		750			32
Change in valuation allowance		(27,527	)		(95,294	)
Provision to return true-up		159			(61	)
Deferred remeasurement		287			(249	)
Net operating loss and credit expirations		30,059			99,071
Stock compensation adjustment		(42	)		(53	)
Other		(8	)		(45	)
Total tax expense	$	21		$	1,675

Schedule of Tax Effect of Temporary Differences of Deferred Tax Assets and Liabilities

The tax effect of temporary differences that give rise to significant portions of the Company's deferred tax assets and liabilities are as follows:

	As of June 30,
(in thousands)	2022			2021
Deferred Tax Assets:
Net operating loss carryforwards	$	190,535		$	217,216
Accruals and allowances not deductible for tax purposes		1,646			1,411
Acquired intangibles		13			-
Stock based compensation		603			621
Unrealized loss on investment		5,361			5,326
Lease liability		1,005			1,436
Investment in partnerships		10,464			11,482
Interest expense carryforward		560			-
Total deferred tax assets, gross	$	210,188		$	237,492
Less: valuation allowance	$	(207,085	)	$	(234,612	)
Total deferred tax assets, net	$	3,103		$	2,880
Deferred Tax Liabilities:
Right to use asset	$	(951	)	$	(1,348	)
Acquired intangibles		-			(207	)
Convertible debt discount		(213	)		-
Goodwill		(2,225	)		(1,696	)
Total deferred tax liabilities	$	(3,389	)	$	(3,251	)
Total deferred tax liabilities, net (indefinite-lived assets)	$	(286	)	$	(371	)

Schedule of Federal Net Operating Loss Carryforwards

The following table reflects federal NOL carryforwards that will expire beginning in the fiscal year ended June 30, 2023 (in thousands):

Fiscal Year of Expiration	Federal NOL carryforwards
2023		131,077
2024		60,132
2025		117,277
2026 through 2037		486,542
Indefinite		26,039
Total	$	821,067

Schedule of Gross Unrecognized Tax Benefit Activity

During the years ended June 30, 2022 and 2021, the total amount of gross unrecognized tax benefit activity was as follows (in thousands):

Balance as of June 30, 2020	$	44,380
Reductions for tax positions of prior years		(93	)
Lapse of statute of limitations		(8,268	)
Balance as of June 30, 2021		36,019
Addition for tax positions of prior years		509
Reductions for tax positions of prior years		(71	)
Lapse of statute of limitations		(4,127	)
Balance as of June 30, 2022	$	32,330