Income Taxes (Tables)

12 Months Ended

Jun. 30, 2016

Income Tax Disclosure [Abstract]

Schedule of deferred tax assets and liabilities

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities are presented below:

	June 30,
	2016			2015
Deferred tax assets - current
Bad debt reserves	$	-		$	44,697
Inventory reserves		-			490,789
Accruals and allowances		-			13,796
License fee and other income		-			7,886
Net operating loss carryforwards		-			1,561,548
Net deferred tax assets - current	$	-		$	2,118,716
Deferred tax assets / (liabilities) - non-current
Bad debt reserves	$	34,151		$	-
Inventory reserves		624,808			-
Accruals and allowances		148,479			-
License fee and other income		2,139			-
Net operating loss carryforwards		2,204,637			628,730
Tax credits		406,070			842,739
Stock based compensation		839,611			161,580
Deferred gain - HIFU and Labcaire		156,275			163,610
Amortization		(599,802	)		(574,523	)
Depreciation		195,048			167,597
Other		12,004			12,709
		4,023,420			1,402,442
Valuation Allowance		(628,730	)		(628,730	)
Net deferred tax assets - non-current	$	3,394,690		$	773,712
Total net deferred tax asset	$	3,394,690		$	2,892,428

Schedule of significant components of the income tax expense (benefit)

Significant components of the income tax expense (benefit) attributable to continuing operations are as follows:

	Year ended June 30,
	2016			2015			2014
Current:
Federal	$	4,962		$	59,686		$	24,613
State		17,012			44,361			6,017
Total current		21,974			104,047			30,630
Deferred:
Federal		(558,133	)		(2,845,039	)		-
State		(37,192	)		(43,640	)		-
Total deferred		(595,325	)		(2,888,679	)		-
	$	(573,351	)	$	(2,784,632	)	$	30,630

Schedule of reconciliation of income tax expense (benefit)

The reconciliation of income tax expense (benefit) computed at the Federal statutory tax rates to income tax expense (benefit) is as follows:

	Year ended June 30,
	2016			2015			2014
Tax at federal statutory rates	$	(646,828	)	$	856,604		$	393,451
State income taxes, net of federal benefit		(13,319	)		29,278			3,971
Research credit		(49,593	)		(70,401	)		(140,044	)
Stock-based compensation		191,827			303,398			236,941
Deferred tax asset adjustments (1)		(100,939	)		-			-
Valuation allowance		-			(3,914,045	)		(486,106	)
Travel and entertainment		35,010			21,508			21,587
Other		10,491			(10,974	)		830
	$	(573,351	)	$	(2,784,632	)	$	30,630

(1) Relates to the correction of two errors from the fiscal 2015 tax provision in fiscal 2016 as the net impact was not material.