INCOME TAXES (Tables)

12 Months Ended

Jun. 30, 2018

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The income tax provision in 2018 and 2017 consisted of the following:

Year Ended June 30,	2018		2017
Current:
Federal	$	414	$	19,822
State	25		425
Deferred	3,042,257		170,299
Total income tax provision	$	3,042,696	$	190,546

Schedule of Effective Income Tax Rate Reconciliation

The 2018 and 2017 tax results in an effective rate different than the federal statutory rate because of the following: 

Year Ended June 30,	2018			2017
Federal income tax (benefit) at statutory rate	$	(94,425	)	$	(262,851	)
State income tax (benefit), net of federal income tax benefit	(8,736		)	(32,287		)
Increase in valuation allowance	2,338,590			444,000
Stock-based compensation	91,179			51,197
Remeasurement of deferred income taxes	713,826			—
Other	2,262			(9,513		)
Total income tax provision	$	3,042,696		$	190,546

Schedule of Deferred Tax Assets and Liabilities

Temporary differences which give rise to deferred income tax assets and liabilities at June 30, 2018 and June 30, 2017 include: 

	2018			2017
Deferred income tax assets:
Deferred compensation	$	636,002		$	904,435
Stock-based compensation	420,247			621,966
Accrued expenses and reserves	896,428			1,280,181
Federal and state net operating loss carryforwards	659,680			751,021
Equipment and leasehold improvements	26,580			—
Valuation allowance	(2,638,589		)	(444,409		)
Total deferred income tax assets	348			3,113,194
Deferred income tax liabilities:
Equipment and leasehold improvements	—			(67,675		)
Other	(348		)	(3,262		)
Net deferred income tax assets	$	—		$	3,042,257

Summary of Valuation Allowance

The following are the changes in the valuation allowance, which are net of the impact for the remeasurement due to the TCJA: 

Year Ended June 30,	Balance, beginning of year			(Increase) in valuation allowance		Balance, end of year
2018	$	(444,409	)	(2,194,180	)	$	(2,638,589	)
2017	$	(409	)	(444,000	)	$	(444,409	)