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Income Taxes (Tables)

12 Months Ended

Jun. 30, 2019

Income Tax Disclosure [Abstract]

Summary of total tax expense and effective income tax rate

		Year Ended June 30,
		2019				2018
Pretax income:
United States		$	(4,649,593	)		$	359,027
Foreign			2,424,476				(126,000	)
Income before income taxes		$	(2,225,117	)		$	233,027

		Year Ended June 30,
		2019				2018
Current:
Federal tax		$	(9,352	)		$	57,315
State			23,423				-
Foreign			469,135				(117,852	)
Total current			483,206				(60,537	)
Deferred:
Federal tax			21,803				(510,125	)
State			(49,803	)			(72,875	)
Foreign			-				(183,540	)
Total deferred			(28,000	)			(766,540	)
Total income tax (benefit)		$	455,206			$	(827,077	)

Reconciliation of income tax

		Year Ended June 30,
		2019				2018
U.S. federal statutory tax rate			21.0	%			27.5	%
Income tax provision reconciliation:
Tax at statutory rate:		$	(467,275	)		$	64,082
Net foreign income subject to lower tax rate			(303,288	)			25,927
State income taxes, net of federal benefit			(26,380	)			(107,997	)
Valuation allowance			652,262				(11,763,000	)
Changes in statutory income tax rates			-				9,114,886
IRC 965 repatriation			202,026				1,809,603
GILTI			251,869				-
Federal research and development and other credits			(84,440	)			(163,165	)
Stock-based compensation			3,034				43,818
Change in fair value of derivative warrants			-				53,524
Other permanent differences			74,099				30,758
Other, net			153,299				64,487
		$	455,206			$	(827,077	)

Deferred tax assets and liabilities

		2019				2018
Deferred tax assets:
Net operating loss and credit carryforwards		$	16,044,000			$	16,282,000
Stock-based compensation			822,000				710,000
R&D and other credits			2,014,000				1,899,000
Capitalized R&D expenses			476,000				373,000
Inventory			156,000				143,000
Accrued expenses and other			111,000				83,000
Gross deferred tax assets			19,623,000				19,490,000
Valuation allowance for deferred tax assets			(16,725,000	)			(16,123,000	)
Total deferred tax assets			2,898,000				3,367,000
Deferred tax liabilities:
Depreciation and other			(277,000	)			(563,000	)
Intangible assets			(1,969,000	)			(2,180,000	)
Total deferred tax liabilities			(2,246,000	)			(2,743,000	)
Net deferred tax asset		$	652,000			$	624,000

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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
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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
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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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