INCOME TAXES (Tables)

12 Months Ended

Jun. 30, 2024

Income Tax Disclosure [Abstract]

SCHEDULE OF PROVISION FOR INCOME TAX (EXPENSE) BENEFIT

The provision for income tax (expense) benefit consists of the following:

For the years ended June 30,	2024			2023
Federal
Current tax expense	$	-		$	-
Deferred tax expense		-			(5,513,000	)
		-			(5,513,000	)
State
Current tax expense		(1,000	)		(1,000	)
Deferred tax expense		-			(2,398,000	)
		(1,000	)		(2,399,000	)
Total income tax expense	$	(1,000	)	$	(7,912,000	)

SCHEDULE OF STATUTORY FEDERAL INCOME TAX RATE

A reconciliation of the statutory federal income tax rate to the effective tax rate is as follows:

For the years ended June 30,	2024			2023
Statutory federal tax rate		21.0	%		21.0	%
State income taxes, net of federal tax benefit		8.8	%		-8.9	%
Provision to return adjustment		-6.6	%		11.8	%
Valuation allowance		-22.5	%		-193.4	%
Other		-0.7	%		2.1	%
		0.0	%		-167.4	%

SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES

The components of the Company’s deferred tax assets and (liabilities) as of June 30, 2024 and 2023 are as follows:

	2024			2023
Deferred tax assets
Net operating loss carryforward	$	14,359,000		$	13,073,000
Interest expense		5,157,000			3,185,000
Accruals and reserves		596,000			565,000
Depreciation		14,260,000			15,054,000
State tax credits		524,000			524,000
Capital loss carryforward		1,333,000			1,322,000
Other		111,000			61,000
Deferred tax assets before valuation allowance		36,340,000			33,784,000
Less Valuation allowance		(36,340,000	)		(33,784,000	)
Deferred tax assets after valuation allowance		-			-
Deferred tax liabilities
State taxes		-			-
		-			-
Net deferred tax assets	$	-		$	-

SCHEDULE OF UNRECOGNIZED TAX BENEFIT

Unrecognized Tax Benefits at June 30, 2023	$	1,665,000
Increase in tax positions taken		-
Decrease in tax positions taken		-
Unrecognized Tax Benefits at June 30, 2024	$	1,665,000