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Income Taxes (Tables) | 12 Months Ended
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Jun. 30, 2023
Income Tax Disclosure [Abstract] |
Schedule of effective income tax rate reconciliation | Income Taxes The Company’s effective income tax rate for the years ended June 30, 2023 and 2022 was 14.3% and (10.0%), respectively, which differed from the amount computed by applying the applicable U.S. federal statutory corporate income tax rate of 21% in each period as a result of the following factors:
| Year ended June 30,
| 2023 |  | 2022
| in thousands
Statutory rate | $ | (10,667) |  |  | $ | (1,520) |
IRC Section 162(m) limitation (a) | 588 |  |  | 506 |
Change in valuation allowance | 4,297 |  |  | 2,738 |
Permanent adjustments | 457 |  |  | 662 |
Prior year true-up and other | 157 |  |  | 389 |
Income from entities not subject to taxation | 605 |  |  | 302 |
State tax | (2,678) |  |  | (2,354) |
Provision for income taxes | $ | (7,241) |  |  | $ | 723 |
___________________________________ (a)Reflects the permanent addback for the Section 162(m) limitation, which limits the deduction of compensation for the five highest paid officers to $1,000,000.
Schedule of provision for income taxes | Provision for income taxes consisted of the following for the years ended June 30, 2023 and 2022:
| Year ended June 30,
| 2023 |  | 2022
| in thousands
Current: |  |  |
Federal | $ | 3,709 |  |  | $ | (998) |
State | 575 |  |  | (339) |
Total current tax expense | 4,284 |  |  | (1,337) |
Deferred: |  |  |
Federal | (10,263) |  |  | 1,408 |
State | (1,262) |  |  | 652 |
Total deferred tax expense | (11,525) |  |  | 2,060 |
Total provision for income taxes | $ | (7,241) |  |  | $ | 723 |
Schedule of components of deferred tax assets and liabilities | The significant components of deferred tax assets and liabilities were as follows for the years ended June 30, 2023 and 2022:
| Year ended June 30,
| 2023 |  | 2022
| in thousands
Deferred tax assets: |  |  |
Amortization | $ | 629 |  |  | $ | 686 |
Federal net operating losses | 17,147 |  |  | 3,083 |
State net operating losses | 5,701 |  |  | 4,048 |
Provision for uncollectible accounts | 1,114 |  |  | 869 |
Accrued vacation | 835 |  |  | 828 |
Reported and estimated claims | 1,164 |  |  | 1,025 |
Stock-based compensation | 449 |  |  | 185 |
Accrued bonuses | 582 |  |  | 102 |
Interest Expense | 791 |  |  | 496 |
Lease liability | 6,784 |  |  | — |
Other | — |  |  | 6 |
Total deferred tax assets | 35,196 |  |  | 11,328 |
Valuation allowance | (8,347) |  |  | (4,050) |
Deferred tax assets, net of valuation allowance | 26,849 |  |  | 7,278 |
Deferred tax liabilities: |  |  |
Goodwill | (6,697) |  |  | (9,108) |
Depreciation | (13,137) |  |  | (8,430) |
Equity investment | (5,019) |  |  | (5,429) |
Prepaid expenses | (1,792) |  |  | (2,072) |
ROU asset | (6,436) |  |  | — |
Other | (4) |  |  | — |
Total deferred tax liabilities | (33,085) |  |  | (25,039) |
Net deferred tax liability | $ | (6,236) |  |  | $ | (17,761) |

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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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- Definition 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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-2 + Details
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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 -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 12 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-12 + Details
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