Provision for Income Taxes (Tables)

12 Months Ended

Jun. 30, 2024

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, 2024 and 2023 is as follows:

	2024			2023
Current tax expense - federal	$	2,515,865		$	1,059,743
Current tax (benefit) expense - state		(3,010	)		9,595
Deferred tax benefit		(1,032,981	)		(40,002	)
Provision for income taxes	$	1,479,874		$	1,029,336

Schedule of Effective Income Tax Rates

The combined U.S. federal and state effective income tax rates of 20.3% and 21.9%, for 2024 and 2023 respectively, differed from the statutory U.S. federal income tax rate for the following reasons:

	2024			2023
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
ESOP cost versus Fair Market Value		0.1			(0.2	)
Dividend on allocated ESOP shares		(0.3	)		—
Stock-based compensation		0.2			1.0
Other		(0.7	)		(0.1	)
Effective tax rate		20.3%			21.9%

Schedule of Deferred Tax Assets and Liabilities

deferred tax assets and deferred tax liabilities as of June 30, 2024 and 2023 are presented as follows:

	2024		2023
Deferred tax assets:
Accrued expenses	$	138,158	$	273,059
ESOP		32,698		24,407
Property, plant and equipment - principally due to differences in depreciation methods		601,358		—
Pension Withdrawal		162,153		—
Stock-based compensation		39,724		36,552
Total deferred tax assets	$	974,091	$	334,018
Deferred tax liability:
Property, plant and equipment - principally due to differences in depreciation methods	$	—	$	337,501
Inventory - effect of uniform capitalization		33,817		99,215
Prepaid expenses		45,120		35,129
Total deferred tax liability	$	78,937	$	471,845
Net deferred tax asset (liability)	$	895,154	$	(137,827	)