v3.21.2

Income Taxes (Tables)

3 Months Ended

Sep. 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 three months ended September 30, 2021 as follows:

Federal statutory rate		21	%
State tax, net of federal tax effect		5.04	%
Valuation allowance		-26	%
Effective tax rate		0	%

Schedule of Deferred Tax Assets and Liabilities

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

		September 30, 2021			June 30, 2021
Federal
Deferred tax assets		$	10,700,000		$	10,226,700
Less valuation allowance			(10,700,000)			(10,226,700)
Deferred tax liabilities			-			-
			-			-
State
Deferred tax assets			2,704,300			2,730,800
Less valuation allowance			(2,704,300)			(2,730,800)
Deferred tax liabilities			-			-
			-			-
Net Deferred Tax Assets		$	-		$	-

Schedule of Significant Components of Deferred Tax Assets

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

		September 30, 2021			June 30, 2021
Net operating loss carryforwards		$	13,007,900		$	12,579,200
Valuation allowance			(13,404,300)			(12,957,500)
Goodwill			243,800			(20,400)
Property and equipment			(19,200)			251,600
Development costs			31,500			27,900
Intangible assets			94,500			72,900
Inventory allowance			17,600			17,800
Warranty accrual and other			28,200			28,500
Net Deferred Tax Assets		$	-		$	-

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Schedule of Significant Components of Deferred Tax Assets.

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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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319

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