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Income Taxes
9 Months Ended
Mar. 31, 2015
Income Tax Disclosure [Abstract]  
Income Taxes

Note 10. – Income Taxes

Income tax benefit of $169 ($272 federal tax benefit and $103 state tax expense) and income tax benefit of $105 ($112 federal tax benefit and $7 state tax expense) was recorded for the three months ended March 31, 2015 and 2014, respectively. Income tax expense of $816 ($591 federal tax expense and $225 state tax expense) and income tax benefit of $200 ($190 federal tax benefit and $10 state tax benefit) was recorded for the nine months ended March 31, 2015 and 2014, respectively.

 

At March 31, 2015, the Company had $5,084 of estimated net operating loss carry-forwards for federal income tax purposes available for use in future years subject to the limitations of the provisions of Internal Revenue Code Section 382. At March 31, 2015, we have provided a partial valuation allowance against the deferred tax asset so that the net tax asset was $6,961. Based upon management’s assessment that it was more likely than not that a portion of its deferred tax asset (primarily its net operating losses subject to limitation) would not be recovered, the Company established a valuation allowance for the portion of the tax asset which management estimates will not be utilized.