Provision for Income Taxes (Tables)

12 Months Ended

Jun. 30, 2019

Income Tax Disclosure [Abstract]

Schedule of components of the provision for income taxes

A summary of the components of the provision for income taxes for the years ended June 30, 2019 and 2018 is as follows:

	2019		2018
Current tax expense - federal	$	274,889	$	880,213
Current tax expense (benefit) - state		6,010		(2,009	)
Deferred tax expense		258,040		115,075
Provision for income taxes	$	538,939	$	993,279

Schedule of effective income tax rates

	2019			2018
U.S. federal statutory income tax rate		21.0	%		28.1	%
Increase (reduction) in rate resulting from:
State franchise tax, net of federal income tax benefit		0.2			(0.1	)
ESOP cost versus Fair Market Value		1.3			1.1
Dividend on allocated ESOP shares		(3.0	)		(2.9	)
Qualified production activities		—			(2.1	)
Stock-based compensation		0.2			0.1
Foreign Derived Intangible Income Deduction		(0.3	)		—
Other		(0.7	)		0.2
Effective tax rate		18.7	%		24.4	%

Schedule of deferred tax assets and liabilities

	2019			2018
Deferred tax assets:
Accrued expenses	$	164,388		$	203,150
ESOP		17,702			32,875
Stock-based compensation		56,382			51,140
Inventory - effect of uniform capitalization		64,148			53,863
Unrealized loss on investment securities		—			1,060
Other		1,437			1,437
Total deferred tax assets	$	304,057		$	343,525
Deferred tax liability:
Property, plant and equipment - principally due
to differences in depreciation methods	$	541,150		$	361,218
Prepaid expenses		39,982			—
Total deferred tax liability	$	581,132		$	361,218
Net deferred tax liability	$	(277,075	)	$	(17,693	)