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INCOME TAXES | 3 Months Ended
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Sep. 30, 2015
Income Tax Disclosure [Abstract] |
INCOME TAXES | 11. INCOME TAXES For the three months ended September 30, 2015, an income tax provision of $27 thousand (substantially all deferred income taxes) was recorded based upon income before provision before income taxes using an estimated annual effective income tax rate of 39% for the fiscal year ending June 30, 2016 net of a benefit for the tax effect of the change in the fair value of warrant liabilities which was treated discretely. For the three months ended September 30, 2014, an income tax benefit of $360 thousand (substantially all deferred income taxes) was recorded based upon a loss before benefit for income taxes using an estimated annual effective income tax rate of 56% for the fiscal year ended June 30, 2015 and a benefit for the tax effect of the change in the fair value of warrant liabilities which was treated discretely. A reconciliation of the federal statutory rate of 34% to the quarterly effective rate for the three months ended September 30, 2015 and 2014 is as follows:
|  | 2015 |  |  | 2014 |
Federal statutory rate |  |  | 34 | % |  |  | 34 | %
Effects of permanent differences |  |  | 2 | % |  |  | 14 | %
State income taxes, net of federal benefit |  |  | 3 | % |  |  | 8 | %
Subtotal |  |  | 39 | % |  |  | 56 | %
Change in fair value of warrant liabilities treated discretely |  |  | -32 | % |  |  | 29 | %
Other |  |  | - |  |  |  | 1 | %
|  |  | 7 | % |  |  | 86 | %
Deferred tax assets recorded on the balance sheets are as follows:
($ in thousands) |  |  |  |  |  |  |  |
Deferred Tax Assets: |  | September 30, 2015 |  |  | June 30, 2015 |
|  | (unaudited) |  |  |  |
Current |  | $ | 1,258 |  |  | $ | 1,258 |
Long-Term |  |  | 25,761 |  |  |  | 25,788 |
|  | $ | 27,019 |  |  | $ | 27,046 |

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 + Details
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