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Income Taxes (Tables)

12 Months Ended

Jun. 30, 2018

Income Tax Disclosure [Abstract]

Schedule of Components of Income Taxes

The following are the components of income taxes (in thousands):

Fiscal years ended June 30,		2018				2017
Current
Federal		$	1,192			$	1,712
State			542				314
			1,734				2,026
Deferred
Federal			562				(2	)
State			120				(1	)
			682				(3	)
		$	2,416			$	2,023

Schedule of Reconciliation of Income Tax Expense Computed at the Federal Statutory Tax Rate of Provision for Income Taxes

The reconciliation of income tax expense computed at the federal statutory tax rate of 28% and 34% for the fiscal years ended June 30, 2018 and 2017, respectively, to the provision for income taxes is as follows (in thousands):

Fiscal years ended June 30,		2018				2017
Tax at the statutory rate		$	1,788			$	1,765
State income taxes,      net of federal benefit			319				196
Other			309				62
		$	2,416			$	2,023
Effective tax rate			37.9%				38.9%

Schedule of Significant Components of the Company's Current and Noncurrent Deferred Tax Assets and Liabilities

Deferred income taxes reflect the net tax effect of temporary differences between the bases of assets and liabilities for financial reporting purposes and the bases used for income tax purposes.  Significant components of the Company’s current and noncurrent deferred tax assets and liabilities as of June 30, 2018 and 2017 were as follows (in thousands):

Fiscal years ended June 30,		2018				2017
Deferred tax assets:
Allowance for doubtful accounts		$	66			$	39
Inventory capitalization			303				94
Stock compensation			277				159
Other			74				86
			720				378
Deferred tax liabilities:
Goodwill Amortization			(664	)			(101	)
Depreciation			(614	)			(153	)
			(1,278	)			(254	)
Net deferred income tax (liabilities) assets		$	(558	)		$	124

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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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319

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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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319

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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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319

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