v3.21.2

Income Taxes (Tables)

12 Months Ended

Jun. 30, 2021

Income Tax Disclosure [Abstract]

Schedule of Effective Tax Rate Differed from Federal Statutory Income Tax Rate

The Company’s effective tax rate differed from the federal statutory income tax rate for the years ended June 30, 2021 and 2020 as follows:

Federal statutory rate	21%
State tax, net of federal tax effect	5.5%
Valuation allowance	27%
Effective tax rate	0%

Schedule of Deferred Tax Assets and Liabilities

The Company’s deferred tax assets and liabilities as of June 30, 2021 and 2020, are summarized as follows:

		2021			2020
Federal
Deferred tax assets		$	10,226,700		$	4,825,100
Less valuation allowance			(10,226,700)			(4,825,100)
Deferred tax liabilities			-			-
			-			-
State
Deferred tax assets			2,730,800			1,290,900
Less valuation allowance			(2,730,800)			(1,290,900)
Deferred tax liabilities			-			-
			-			-
Net Deferred Tax Assets		$	-		$	-

Schedule of Significant Components of Deferred Tax Assets

The significant components of deferred tax assets as of June 30, 2021 and 2020, are as follows:

		2021			2020
Net operating loss carryforwards		$	12,579,200		$	5,767,000
Valuation allowance			(12,957,500)			(6,116,000)
Property and equipment			(20,400)			(10,500)
Goodwill			251,600			278,900
Intangible assets			72,900			35,800
Development costs			27,900			-
Inventory allowance			17,800			17,800
Warranty accrual			28,500			27,000
Net Deferred Tax Assets		$	-		$	-

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Tabular disclosure of the components of net deferred tax asset.

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- Definition

Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
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