INCOME TAXES	9 Months Ended
Mar. 31, 2017
INCOME TAXES [Abstract]
INCOME TAXES	NOTE 5 - INCOME TAXES The establishment of valuation allowances requires significant judgment and is impacted by various estimates. Both positive and negative evidence, as well as the objectivity and verifiability of that evidence, is considered in determining the appropriateness of recording a valuation allowance on deferred tax assets. Under generally accepted accounting principles, the valuation allowance has been recorded to reduce the Company’s net deferred tax asset to an amount that is more likely than not to be realized and is based upon the uncertainty of the realization of certain federal and state deferred tax assets related to net operating loss carryforwards and other tax attributes. The Company’s net deferred tax assets have been fully reserved by a tax valuation allowance. No income tax expense was recorded for the nine months ended March 31, 2017 as it was not material due to the valuation allowance and net operating losses. The Company’s effective tax rate for the nine months ended March 31, 2016 was 13.1% reflecting estimated state income taxes. The Company’s tax benefit associated with taxable losses during the nine months ended March 31, 2017 was offset by a deferred tax valuation allowance. The Company’s tax expense associated with taxable income during the nine months ended March 31, 2016 was offset by the utilization of net operating loss carryforwards.

INCOME TAXES

9 Months Ended

Mar. 31, 2017

NOTE 5 - INCOME TAXES

The establishment of valuation allowances requires significant judgment and is impacted by various estimates. Both positive and negative evidence, as well as the objectivity and verifiability of that evidence, is considered in determining the appropriateness of recording a valuation allowance on deferred tax assets. Under generally accepted accounting principles, the valuation allowance has been recorded to reduce the Company’s net deferred tax asset to an amount that is more likely than not to be realized and is based upon the uncertainty of the realization of certain federal and state deferred tax assets related to net operating loss carryforwards and other tax attributes. The Company’s net deferred tax assets have been fully reserved by a tax valuation allowance.

No income tax expense was recorded for the nine months ended March 31, 2017 as it was not material due to the valuation allowance and net operating losses. The Company’s effective tax rate for the nine months ended March 31, 2016 was 13.1% reflecting estimated state income taxes. The Company’s tax benefit associated with taxable losses during the nine months ended March 31, 2017 was offset by a deferred tax valuation allowance. The Company’s tax expense associated with taxable income during the nine months ended March 31, 2016 was offset by the utilization of net operating loss carryforwards.