v3.20.4

Income Taxes (Tables) | 3 Months Ended | 12 Months Ended
--- | --- | ---
Sep. 30, 2020 | Jun. 30, 2020
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, 2020 and 2019 as follows:
Federal statutory rate |  | 21%
State tax, net of federal tax effect |  | 5.31%
Valuation allowance |  | -26%
Effective tax rate |  | 0%
| The Company’s effective tax rate differed from the federal statutory income tax rate for the years ended June 30, 2020 and 2019 as follows:
Federal statutory rate | 21%
State tax, net of federal tax effect | 5.31%
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, 2020 and June 30, 2020, are summarized as follows:
|  |  | September 30, 2020 |  | June 30, 2020
| Federal |  |  |
|  | Deferred tax assets | $ 7,216,100 |  | $ 4,825,100
|  | Less valuation allowance | (7,216,100) |  | (4,825,100)
|  | Deferred tax liabilities | - |  | -
|  |  | - |  | -
| State |  |  |  |
|  | Deferred tax assets | 1,926,900 |  | 1,290,900
|  | Less valuation allowance | (1,926,900) |  | (1,290,900)
|  | Deferred tax liabilities | - |  | -
|  |  | - |  | -
|  | Net Deferred Tax Assets | $ - |  | $ -
| The Company’s deferred tax assets and liabilities as of June 30, 2020 and 2019, are summarized as follows:
| 2020 |  | 2019
Federal |  |  |
Deferred tax assets | $ 4,825,100 |  | $ 2,980,100
Less valuation allowance | (4,825,100) |  | (2,980,100)
Deferred tax liabilities | - |  | -
State |  |  |
Deferred tax assets | 1,290,900 |  | 866,300
Less valuation allowance | (1,290,900) |  | (866,300)
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, 2020 and June 30, 2020, are as follows:
|  | September 30, 2020 |  | June 30, 2020
Net operating loss carryforwards | $ 8,681,800 |  | $ 5,767,000
Valuation allowance | (9,143,000) |  | (6,116,000)
Goodwill | 273,600 |  | 278,900
Property and equipment | (10,200) |  | (10,500)
Intangible assets | 153,000 |  | 35,800
Inventory allowance | 17,800 |  | 17,800
Warranty accrual and other | 27,000 |  | 27,000
| Net Deferred Tax Assets | $ - |  | $ -
| The significant components of deferred tax assets as of June 30, 2020 and 2019, are as follows:
| 2020 |  | 2019
Net operating loss carryforwards | $ 5,767,000 |  | $ 3,826,100
Valuation allowance | (6,116,000) |  | (3,846,400)
Property and equipment | (10,500) |  | (7,100)
Goodwill | 278,900 |  | -
Intangible assets | 35,800 |  | -
Inventory allowance | 17,800) |  | 5,400
Warranty accrual | 27,000 |  | 22,000
Net Deferred Tax Assets | $ - |  | $ -

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- Definition 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=84230637&loc=d3e32687-109319 + Details
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