Income Taxes (Tables)

12 Months Ended

Jun. 30, 2022

Income Tax Disclosure [Abstract]

Schedule of income from continuing operations before provision for income taxes

The components of income from continuing operations before provision for income taxes are as follows:

	June 30,
(in thousands)	2022		2021
United States	$	382	$	10,854
Total	$	382	$	10,854

Schedule of income tax provision

The components of the provision for income taxes are as follows:

	June 30,
(in thousands)	2022		2021
Federal	$	-	$	-
State		80		(85	)
		80		(85	)
Deferred tax expense (benefit)
Federal		755		475
State		226		376
		981		851
Total provision for income taxes	$	1,061	$	766

Schedule of effective income tax expense reconciliation

A reconciliation of income tax expense to the federal rate of 21% is as follows:

	June 30,					June 30,
(in thousands)	2022		2021			2022			2021
Income taxes at statutory rate	$	81	$	2,282			21.0	%		21.0	%
State taxes		289		306			75.5	%		2.8	%
Transaction costs		-		494			0.0	%		4.6	%
Stock-based compensation		464		(628	)		121.1	%		-5.8	%
PPP loan forgiveness		-		(1,387	)		0.0	%		-12.8	%
Federal research and development tax credit		-		(343	)		0.0	%		-3.2	%
Other, net		227		42			59.1	%		39.0	%
Total provision for income taxes	$	1,061	$	766			276.7	%		45.6	%

Schedule of deferred tax assets and liabilities

Deferred tax assets and liabilities are summarized as follows:

	June 30,
(in thousands)	2022			2021
Deferred tax assets:
Accruals	$	871		$	376
Captive		559			-
Operating loss carryforwards		12,251			10,809
Inventories		1,673			1,761
Investments		-			3,464
Interest		1,933			-
Stock compensation		1,289			-
Research and development tax credit carry forwards, net of uncertain tax position		3,793			4,104
Other		747			619
Deferred tax assets		23,116			21,133
Deferred tax liabilities:
Property, plant and equipment		(29,126	)		(26,501	)
Prepaid expenses		(626	)		(1,266	)
Intangible assets		(17,537	)		(9,173	)
Investments		(2,830	)		-
Inventories		(1,530	)		-
Change in accounting method		(1,446	)		(945	)
Deferred tax liabilities		(53,095	)		(37,885	)
Valuation allowance		-			-
Deferred tax liability, net	$	(29,979	)	$	(16,752	)

Schedule of unrecognized tax benefits liabilities

A reconciliation of the beginning and ending balances of unrecognized tax benefit is as follows:

	June 30,
(in thousands)	2022		2021
Balance, beginning of period	$	1,834	$	1,784
Tax position taken in prior period:		-
Gross increases		143		-
Gross decreases		-		(200	)
Tax position taken in current period:		-
Gross increases		-		250
Gross decreases		-		-
Lapse of statute of limitations		-		-
Settlements		-		-
Balance, end of period	$	1,977	$	1,834