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Income Taxes (Tables)

12 Months Ended

Jun. 30, 2020

Income Tax Disclosure [Abstract]

Schedule of expense or (benefit) for income taxes

		June 30,
		2020				2019
Income tax expense
Current income taxes
U.S. federal		$	30,985			$	—
U.S. state			—				—
Total current   income taxes		$	30,985			$	—

		June 30,
		2020				2019
Deferred income taxes
U.S. federal		$	—			$	—
U.S. state			—				—
Total deferred income tax benefit		$	—			$	—

Schedule of statutory federal income tax rate to actual rates based on income or loss before income taxes

		June 30,
		2020				2019
Income tax expense attributable to:
Federal		$	(3,255,706	)		$	(2,509,246	)
State, net of federal benefit			(862,690	)			(13,452	)
Foreign tax rate less than federal rate			(2,645	)			—
Permanent differences			312,525				—
Restricted stock awards			—				816,505
Changes in valuation allowance			3,884,440				85,455
Provision to return adjustment			(45,134	)			—
Losses from flow-through entity not subject to tax			—				1,640,066
Other adjustments			195				(19,328	)
Effective income tax expense		$	30,985			$	—

Schedule of changes in Noncurrent deferred tax assets and liabilities

		June 30,
		2020				2019
Noncurrent deferred tax assets:
Employee compensation		$	378,003			$	—
Debt issuance costs			323,183				—
Revenue recognition			156,022				22,226
Federal and state net operating loss			4,082,297				63,229
Foreign net operating loss			258,083				—
Total deferred tax assets		$	5,197,588			$	85,455
Noncurrent deferred tax liabilities:
Fixed assets			(653,819)				—
Intangibles			(1,808,960)				—
Deferred tax liabilities		$	(2,462,779)			$	—
Valuation allowance			(2,734,809	)			(85,455	)
Deferred taxes after valuation allowance		$	—			$	—

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- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
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- Definition

Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(h)(1)(i))
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Tabular disclosure of the change in unrecognized tax benefits.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 55
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-URI http://asc.fasb.org/extlink&oid=121610041&loc=d3e36027-109320

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-Publisher FASB
-Name Accounting Standards Codification
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