NOTE 11 - INCOME TAXES (Tables)

12 Months Ended

Jun. 30, 2020

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
Current:	2020			2019
Federal	$	(187,255	)	$	—
State		513,204			250,000
Subtotal		325,949			250,000
Deferred:
Federal deferred taxes		1,953,349			1,685,299	)
State deferred taxes		165,480			70,221
Subtotal		2,118,829			1,755,520	)
	$	2,444,778		$	2,005,520	)

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,
	2020			2019
Taxes at federal statutory rate		21.0	%		21.0	%
State and local income taxes (benefit), net of federal benefit		4.0	%		4.0	%
Non Controlling interest		(6.1	)%		(5.8	)%
Permanent differences		0.2	%		(3.5	)%
Change in the valuation allowance		0.3	%		(2.6	)%
Other		(2.1	)%		(4.2	)%
Effective income tax rate		17.3	%		8.9	%

Components Of Company's Deferred Tax Assets And Liabilities

Significant components of the Company's deferred tax assets and liabilities at June 30, 2020 and 2019 are as follows: 

	June 30,
	2020			2019
Deferred tax assets:
Allowance for doubtful accounts	$	3,946,801		$	3,011,480
Non-deductible accruals		693,833			861,345
Net operating carryforwards		13,720,637			16,448,054
Tax credits		4,647,217			4,601,801
Inventory		69,940			65,081
Property and equipment and depreciation		168,371			192,133
		23,246,799			25,179,894
Valuation allowance		(4,437,042	)		(4,242,147	)
Total deferred tax assets		18,809,757			20,937,747
Intangibles		(234,106	)		(243,267	)
Total deferred tax liabilities		(234,106	)		(243,267	)
Net deferred tax asset	$	18,575,651		$	20,694,480