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Income Taxes (Tables)

12 Months Ended

Jun. 30, 2021

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,
		2021				2020
Pretax income (loss):
United States		$	(5,265,813	)		$	(3,739,527	)
Foreign			3,014,477				5,370,454
Income (loss) before income taxes		$	(2,251,336	)		$	1,630,927

The components of the provision for income taxes are as follows:

		Year Ended June 30,
		2021				2020
Current:
Federal tax		$	-			$	-
State			18,563				3,047
Foreign			403,352				767,951
Total current			421,915				770,998
Deferred:
Federal tax			510,069				4,931
State			1,931				(11,931	)
Foreign			-				-
Total deferred			512,000				(7,000	)
Total income tax provision		$	933,915			$	763,998

Reconciliation of income tax

		Year Ended June 30,
		2021				2020
U.S. federal statutory tax rate			21.0	%			21.0	%
Income tax provision reconciliation:
Tax at statutory rate:		$	(472,782	)		$	342,495
Net foreign income subject to lower tax rate			(169,276	)			(497,959	)
State income taxes, net of federal benefit			(196,719	)			(75,415	)
Valuation allowance			(1,400,450	)			344,793
NOL expiration and adjustments			3,516,695				(206,807	)
GILTI			310,431				835,101
Federal research and development and other credits			(74,288	)			(71,962	)
Stock-based compensation			(265,485	)			-
Other permanent differences			(67,893	)			(183,367	)
Other, net			(246,318	)			277,119
		$	933,915			$	763,998

Deferred tax assets and liabilities

		Year Ended June 30,
		2021				2020
Deferred tax assets:
Net operating loss carryforwards		$	13,585,000			$	16,039,000
Stock-based compensation			563,000				868,000
R&D and other credits			2,177,000				2,108,000
Capitalized R&D expenses			564,000				487,000
Inventories			253,000				218,000
Accrued expenses and other			347,000				99,000
Gross deferred tax assets			17,489,000				19,819,000
Valuation allowance for deferred tax assets			(15,644,000	)			(17,044,000	)
Total deferred tax assets			1,845,000				2,775,000
Deferred tax liabilities:
Depreciation and other			(255,000	)			(390,000	)
Intangible assets			(1,443,000	)			(1,726,000	)
Total deferred tax liabilities			(1,698,000	)			(2,116,000	)
Net deferred tax assets		$	147,000			$	659,000

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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

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-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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