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Income Taxes (Tables)

12 Months Ended

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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- References

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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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