XML 52 R37.htm IDEA: XBRL DOCUMENT v3.24.2.u1
Income Taxes (Tables)
12 Months Ended
Jun. 30, 2024
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Taxes (Benefit) The following are the components of income taxes provision (benefit) (in thousands):
Fiscal years ended June 30,  2024  2023
       
Current          
Federal  $2,195   $3,137 
State   568    786 
    2,763    3,923 

Fiscal years ended June 30,  2024  2023
                 
Deferred                
Federal     516       220  
State     (41 )     137  
      475       357  
    $ 3,238     $ 4,280  
Schedule of Reconciliation Income Tax Expense Computed at the Federal Statutory Tax Rate The reconciliation of income tax expense computed at the federal statutory tax rate of 21% for the fiscal years ended June 30, 2024 and 2023 to the provision for income taxes is as follows (in thousands):
Fiscal years ended June 30,  2024   2023 
         
Tax at the statutory rate  $1,866   $2,940 
State income taxes, net of federal benefit   422    747 
Nondeductible compensation   885    558 
Other   65    35 
   $3,238   $4,280 
           
Effective tax rate   36.4%   30.6%
Schedule of Current and Noncurrent Deferred Tax Assets and Liabilities Significant components of the Company’s current and noncurrent deferred tax assets and liabilities as of June 30, 2024 and 2023 were as follows (in thousands):
As of June 30,  2024   2023 
         
Deferred tax assets:        
Allowance for doubtful accounts  $281   $418 
Inventory capitalization   966    1,074 
Stock compensation   1,039    1,013 
Accrued liabilities   1,581    1,073 
Other   163    116 
    4,030    3,694 
           
Deferred tax liabilities:          
Goodwill   (5,755)   (4,946)
Depreciation   (2,228)   (2,104)
Intangible assets   (1,348)   (1,472)
Other   (197)   (195)
    (9,528)   (8,717)
Net deferred income tax (liabilities) assets  $(5,498)  $(5,023)