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INCOME TAXES (Tables) | 12 Months Ended
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Jun. 30, 2023
Income Tax Disclosure [Abstract] |
Schedule of benefit (provision) for income taxes | The provision for income taxes for the years ended June 30, 2023, 2022 and 2021 is comprised of the following:
| Year ended June 30,
($ in thousands) | 2023 |  | 2022 |  | 2021
Current: |  |  |  |  |
Federal | $ | — |  |  | $ | — |  |  | $ | — |
State | (92) |  |  | (179) |  |  | (328) |
Foreign | — |  |  | — |  |  | — |
Total current | (92) |  |  | (179) |  |  | (328) |
Deferred: |  |  |  |  |
Federal | (62) |  |  | (18) |  |  | (12) |
State | (27) |  |  | 11 |  |  | (30) |
Foreign | — |  |  | — |  |  | — |
Total deferred | (89) |  |  | (7) |  |  | (42) |
Total income tax provision | $ | (181) |  |  | $ | (186) |  |  | $ | (370) |
Schedule of income tax benefit in the provision for income taxes | A reconciliation of the provision for income taxes for the years ended June 30, 2023, 2022 and 2021 to the indicated provision based on income (loss) before the provision for income taxes at the federal statutory rate of 21.0% for the fiscal years ended June 30, 2023, June 30, 2022, and June 30, 2021 is as follows:
| Year ended June 30,
($ in thousands) | 2023 |  | 2022 |  | 2021
U.S. federal statutory income tax rate | $ | (171) |  |  | $ | 319 |  |  | $ | 1,648 |
Effects of permanent differences |  |  |  |  |
Stock compensation | $ | (688) |  |  | $ | (184) |  |  | $ | 168 |
Other permanent differences | $ | (497) |  |  | $ | (106) |  |  | $ | 608 |
State income taxes, net of federal benefit | $ | (296) |  |  | $ | (275) |  |  | $ | 116 |
Changes related to prior years | $ | 51 |  |  | $ | — |  |  | $ | — |
Changes related to state tax rates | $ | (2,455) |  |  | $ | — |  |  | $ | — |
Changes in valuation allowances | $ | 3,942 |  |  | $ | 184 |  |  | $ | (2,927) |
Other | $ | (67) |  |  | $ | (124) |  |  | $ | 17 |
Effective income tax rate | $ | (181) |  |  | $ | (186) |  |  | $ | (370) |
Schedule of deferred tax assets and liabilities | The net deferred tax assets arose primarily from net operating loss carryforwards, as well as the use of different accounting methods for financial statement and income tax reporting purposes as follows:
| As of June 30,
($ in thousands) | 2023 |  | 2022
Deferred tax assets: |  |  |
Net operating loss carryforwards | $ | 42,614 |  |  | $ | 47,984 |
Asset reserves | 6,500 |  |  | 6,666 |
Deferred research and development | 2,856 |  |  | 1,503 |
Stock-based compensation | 3,798 |  |  | 3,416 |
Other | (978) |  |  | (143) |
| 54,790 |  |  | 59,426 |
Deferred tax liabilities: |  |  |
Intangibles | (3,689) |  |  | (4,316) |
Deferred tax assets, net | 51,101 |  |  | 55,110 |
Valuation allowance | (51,376) |  |  | (55,296) |
Deferred tax liabilities | $ | (275) |  |  | $ | (186) |
Summary of activity related to unrecognized income tax benefits | The following table summarizes the activity related to unrecognized income tax benefits:
| Year ended June 30,
($ in thousands) | 2023 |  | 2022 |  | 2021
Balance at the beginning of the year | $ | 572 |  |  | $ | 444 |  |  | $ | 207 |
Gross increases and decreases related to current period tax positions | — |  |  | — |  |  | — |
Gross increases and decreases related to prior period tax positions | 117 |  |  | 128 |  |  | 237 |
Balance at the end of the year | $ | 689 |  |  | $ | 572 |  |  | $ | 444 |
Schedule of Pre-Tax Income (Loss) | The components of pre-tax income (loss) are as follows:
| Year ended June 30,
($ in thousands) | 2023 |  | 2022 |  | 2021
U.S. income (loss) | $ | 996 |  |  | $ | (1,517) |  |  | $ | (8,335) |
Other income (loss) | (182) |  |  | — |  |  | — |
Total income (loss) | $ | 814 |  |  | $ | (1,517) |  |  | $ | (8,335) |

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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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 9 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-9 + Details
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