NOTE 11 - INCOME TAXES (Tables)

12 Months Ended

Jun. 30, 2018

Income Tax Disclosure [Abstract]

Components Of The Benefit Provision For Income Taxes

Components of the benefit for income taxes are as follows:

	Years Ended June 30,
	2018			2017			2016
Current:
Federal	$	185,000		$	250,000		$	360,496
State		265,000			357,235			—
Federal deferred taxes		(4,132,590	)		(4,552,702	)		(4,368,901	)
State deferred taxes		(787,160	)		(416,967	)		(278,866	)
AMT Credits		(1,200,000	)		—			—
	$	(5,669,750	)	$	(4,362,434	)	$	(4,287,271	)

Reconciliation Of Federal Statutory Income Tax Rate To Company's Effective Tax Rate

A reconciliation of the federal statutory income tax rate to the Company's effective tax rate as reported is as follows:

	Years Ended June 30,
	2018			2017			2016
Taxes at federal statutory rate		27.7	%		35.0	%		35.0	%
State and local income taxes (benefit), net of federal benefit		4.0	%		4.0	%		6.0	%
Permanent differences		0.1	%		0.1	%		0.2	%
Tax Cuts and Jobs Act Rate Change		(33.9	)%		(0.0	)%		(0.0	)%
Decrease in the valuation allowance		(24.5	)%		(73.0	)%		(89.8	)%
AMT Credits		(8.5	)%		(0.0	)%		(0.0	)%
True ups		(2.8	)%		5.0	%		(0.0	)%
Effective income tax rate		(37.9	)%		(28.9	)%		(48.6	)%

Components Of Company's Deferred Tax Assets And Liabilities

Significant components of the Company's deferred tax assets and liabilities at June 30, 2018 and 2017 are as follows: 

	June 30,
	2018			2017
Deferred tax assets:
Allowance for doubtful accounts	$	3,262,504		$	6,255,976
Non-deductible accruals		752,595			273,435
Net operating carryforwards		20,665,597			39,330,708
Tax credits		4,330,769			5,744,086
Inventory		55,514			130,430
Property and equipment and depreciation		213,781			298,426
		29,280,760			52,033,061
Valuation allowance		(6,591,749	)		(34,171,284	)
Total deferred tax assets		22,689,011			17,861,777
Intangibles		(239,011	)		(331,527	)
Total deferred tax liabilities		(239,011	)		(331,527	)
Net deferred tax asset	$	22,450,000		$	17,530,250