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Income Taxes (Tables) | 12 Months Ended
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Jun. 30, 2020
Income Tax Disclosure [Abstract] |
Summary of total tax expense and effective income tax rate | For financial reporting purposes, income before income taxes includes the following components:
|  | Year Ended June 30, |
|  | 2020 |  |  | 2019 |
Pretax income (loss): |  |  |  |  |  |
United States |  | $ | (3,739,527 | ) |  | $ | (4,649,593 | )
Foreign |  |  | 5,370,454 |  |  |  | 2,424,476 |
Income (loss) before income taxes |  | $ | 1,630,927 |  |  | $ | (2,225,117 | )
The components of the provision for income taxes are as follows:
|  | Year Ended June 30, |
|  | 2020 |  |  | 2019 |
Current: |  |  |  |  |  |
Federal tax |  | $ | - |  |  | $ | (9,352 | )
State |  |  | 3,047 |  |  |  | 23,423 |
Foreign |  |  | 767,951 |  |  |  | 469,135 |
Total current |  |  | 770,998 |  |  |  | 483,206 |
Deferred: |  |  |  |  |  |  |  |
Federal tax |  |  | 4,931 |  |  |  | 21,803 |
State |  |  | (11,931 | ) |  |  | (49,803 | )
Foreign |  |  | - |  |  |  | - |
Total deferred |  |  | (7,000 | ) |  |  | (28,000 | )
Total income tax provision |  | $ | 763,998 |  |  | $ | 455,206 |
Reconciliation of income tax |
|  | Year Ended June 30, |
|  | 2020 |  |  | 2019 |
U.S. federal statutory tax rate |  |  | 21.0 | % |  |  | 21.0 | %
Income tax provision reconciliation: |  |  |  |  |  |  |  |
Tax at statutory rate: |  | $ | 342,495 |  |  | $ | (467,275 | )
Net foreign income subject to lower tax rate |  |  | (497,959 | ) |  |  | (303,288 | )
State income taxes, net of federal benefit |  |  | (75,415 | ) |  |  | (26,380 | )
Valuation allowance |  |  | 344,793 |  |  |  | 652,262 |
IRC 965 repatriation |  |  | (206,807 | ) |  |  | 202,026 |
GILTI |  |  | 835,101 |  |  |  | 251,869 |
Federal research and development and other credits |  |  | (71,962 | ) |  |  | (84,440 | )
Stock-based compensation |  |  | - |  |  |  | 3,034 |
Other permanent differences |  |  | (183,367 | ) |  |  | 74,099 |
Other, net |  |  | 277,119 |  |  |  | 153,299 |
|  | $ | 763,998 |  |  | $ | 455,206 |
Deferred tax assets and liabilities |
|  | 2020 |  |  | 2019 |
Deferred tax assets: |  |  |  |  |  |
Net operating loss and credit carryforwards |  | $ | 16,039,000 |  |  | $ | 16,044,000 |
Stock-based compensation |  |  | 868,000 |  |  |  | 822,000 |
R&D and other credits |  |  | 2,108,000 |  |  |  | 2,014,000 |
Capitalized R&D expenses |  |  | 487,000 |  |  |  | 476,000 |
Inventories |  |  | 218,000 |  |  |  | 156,000 |
Accrued expenses and other |  |  | 99,000 |  |  |  | 111,000 |
Gross deferred tax assets |  |  | 19,819,000 |  |  |  | 19,623,000 |
Valuation allowance for deferred tax assets |  |  | (17,044,000 | ) |  |  | (16,725,000 | )
Total deferred tax assets |  |  | 2,775,000 |  |  |  | 2,898,000 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Depreciation and other |  |  | (390,000 | ) |  |  | (277,000 | )
Intangible assets |  |  | (1,726,000 | ) |  |  | (1,969,000 | )
Total deferred tax liabilities |  |  | (2,116,000 | ) |  |  | (2,246,000 | )
Net deferred tax asset |  | $ | 659,000 |  |  | $ | 652,000 |

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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 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319 + 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 -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 + Details
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