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Income Taxes (Tables)

12 Months Ended

Jun. 30, 2022

Income Tax Disclosure [Abstract]

Schedule of Components of Income Taxes

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

Fiscal years ended June 30,		2022				2021
Current
Federal		$	1,510			$	(186	)
State			269				97
			1,779				(89	)
Deferred
Federal			(118	)			1,402
State			(46	)			191
			(164	)			1,593
		$	1,615			$	1,504

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Table of Contents

EVI Industries, Inc. and Subsidiaries

Notes to Consolidated Financial Statements

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

Fiscal years ended June 30,		2022				2021
Tax at the statutory rate		$	1,198			$	2,076
State income taxes, net of federal benefit			143				265
Nondeductible compensation			251				348
PPP Loan forgiveness			-				(1,462	)
Other			23				277
		$	1,615			$	1,504
Effective tax rate			28.3	%			15.2	%

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

Fiscal years ended June 30,		2022				2021
Deferred tax assets:
Allowance for doubtful accounts		$	298			$	182
Inventory capitalization			711				353
Stock compensation			697				557
Accrued liabilities			978				605
Other			58				69
			2,742				1,766

Deferred tax liabilities:
Goodwill			(3,850	)			(2,974	)
Depreciation			(1,855	)			(1,533	)
Intangible assets			(1,544	)			(1,268	)
Other			(159	)			(199	)
			(7,408	)			(5,974	)
Net deferred income tax (liabilities) assets		$	(4,666	)		$	(4,208	)

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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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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
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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

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-Publisher FASB
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-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
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