XML 57 R38.htm IDEA: XBRL DOCUMENT v3.19.3
NOTE 11 - INCOME TAXES (Tables)
12 Months Ended
Jun. 30, 2019
Income Tax Disclosure [Abstract]  
Components Of The Benefit Provision For Income Taxes

 

Components of the provision (benefit) for income taxes are as follows:

 

   Years Ended June 30,
   2019  2018  2017
Current:         
Federal  $—     $185,000   $250,000 
State   250,000    265,000    357,235 
Subtotal   250,000     450,000    607,235 
Deferred:               
Federal deferred taxes   1,685,299    (4,132,590)   (4,552,702)
State deferred taxes   70,221    (787,160)   (416,967)
AMT Credits   —      (1,200,000)   —   
Subtotal   1,755,520    (6,119,750)   (4,969,669)
   $2,005,520   $(5,669,750)  $(4,362,434)

 

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,
   2019  2018  2017
Taxes at federal statutory rate   21.0%   27.7%   35.0%
State and local income taxes (benefit), net of federal benefit   4.0%   4.0%   4.0%
Non Controlling interest   (5.8)%   (6.8)%   (8.2)%
Permanent differences   (3.5)%   0.1%   0.1%
Tax Cuts and Jobs Act Rate Change   0%   (26.9)%   0%
Decrease in the valuation allowance   (2.6)%   (18.5)%   (55.7)%
AMT Credits   0%   (6.4)%   0%
Other   (4.2)%   (1.8)%   2.2%
Effective income tax rate   8.9%   (28.6)%   (22.6)%

 

Components Of Company's Deferred Tax Assets And Liabilities

 

Significant components of the Company's deferred tax assets and liabilities at June 30, 2019 and 2018 are as follows: 

 

   June 30,
   2019  2018
Deferred tax assets:          
Allowance for doubtful accounts  $3,011,480   $3,262,504 
Non-deductible accruals   861,345    752,595 
Net operating carryforwards   16,448,054    20,665,597 
Tax credits   4,601,801    4,330,769 
Inventory   65,081    55,514 
Property and equipment and depreciation   192,133    213,781 
    25,179,894    29,280,760 
Valuation allowance   (4,242,147)   (6,591,749)
Total deferred tax assets   20,937,747    22,689,011 
Intangibles   (243,267)   (239,011)
Total deferred tax liabilities   (243,267)   (239,011)
Net deferred tax asset  $20,694,480   $22,450,000