Provision for Income Taxes (Tables)

12 Months Ended

Jun. 30, 2023

Provision for Income Taxes [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, 2023 and 2022 is as follows:

	2023			2022
Current tax expense - federal	$	1,059,743		$	313,705
Current tax expense - state		9,595			4,978
Deferred tax (benefit) expense		(40,002	)		9,271
Provision for income taxes	$	1,029,336		$	327,954

Schedule of Effective Income Tax Rates

The combined U.S. federal and state effective income tax rates

	2023			2022
U.S. federal statutory income tax rate		21.0	%		21.0	%
Increase (reduction) in rate resulting from:
State franchise tax, net of federal income tax benefit		0.2			0.3
ESOP cost versus Fair Market Value		(0.2	)		(1.3	)
Dividend on allocated ESOP shares		—			(3.1	)
Stock-based compensation		1.0			4.0
Rate Differential on Net Operating Loss Carryback		—			(0.1	)
Other		(0.1	)		(0.2	)
Effective tax rate		21.9	%		20.6	%

Schedule of Deferred Tax Assets and Liabilities

deferred tax assets and deferred tax liabilities as of June 30, 2023 and 2022 are presented as follows:

	2023			2022
Deferred tax assets:
Accrued expenses	$	273,059		$	204,774
ESOP		24,407			14,237
Stock-based compensation		36,552			33,719
Total deferred tax assets	$	334,018		$	252,730
Deferred tax liability:
Property, plant and equipment - principally due to differences in depreciation methods	$	337,501		$	374,566
Inventory - effect of uniform capitalization		99,215			19,276
Prepaid expenses		35,129			36,716
Total deferred tax liability	$	471,845		$	430,558
Net deferred tax liability	$	(137,827	)	$	(177,828	)