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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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
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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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-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
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