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Income Taxes (Tables) | 12 Months Ended
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Jun. 30, 2024
Income Taxes |
Summary of income loss before income taxes |
|  | Year Ended June 30, |
|  | 2024 |  |  | 2023 |
Pretax income (loss): |  |  |  |  |  |
United States |  | $ | (8,562,920 | ) |  | $ | (5,697,853 | )
Foreign |  |  | 623,064 |  |  |  | 1,885,016 |
Loss before income taxes |  | $ | (7,939,856 | ) |  | $ | (3,812,837 | )
Summary of provision for income taxes |
|  | Year Ended June 30, |
|  | 2024 |  |  | 2023 |
Current: |  |  |  |  |  |
Federal tax |  | $ | - |  |  | $ | - |
State |  |  | 3,800 |  |  |  | 3,799 |
Foreign |  |  | 185,493 |  |  |  | 303,235 |
Total current |  |  | 189,293 |  |  |  | 307,034 |
Deferred: |  |  |  |  |  |  |  |
Federal tax |  |  | 17,000 |  |  |  | 3,000 |
State |  |  | - |  |  |  | - |
Foreign |  |  | (138,803 | ) |  |  | (76,000 | )
Total deferred |  |  | (121,803 | ) |  |  | (73,000 | )
Total income tax provision |  | $ | 67,490 |  |  | $ | 234,034 |
Reconciliation of income tax |
|  | Year Ended June 30, |
|  | 2024 |  |  | 2023 |
U.S. federal statutory tax rate |  |  | 21.0 | % |  |  | 21.0 | %
Income tax provision reconciliation: |  |  |  |  |  |  |  |
Tax at statutory rate: |  | $ | (1,667,370 | ) |  | $ | (800,696 | )
Net foreign income subject to lower tax rate |  |  | (99,300 | ) |  |  | (396,742 | )
State income taxes, net of federal benefit |  |  | (299,233 | ) |  |  | (303,366 | )
Valuation allowance |  |  | 1,026,000 |  |  |  | (3,331,277 | )
NOL expiration and adjustments |  |  | 1,325,111 |  |  |  | 4,015,752 |
GILTI |  |  | - |  |  |  | 192,452 |
Federal research and development and other credits |  |  | (150,873 | ) |  |  | 491,112 |
Stock-based compensation |  |  | (4,134 | ) |  |  | (34,976 | )
Other permanent differences |  |  | (64,794 | ) |  |  | (57,762 | )
Other, net |  |  | 2,083 |  |  |  | 459,537 |
|  | $ | 67,490 |  |  | $ | 234,034 |
Deferred tax assets and liabilities |
|  | Year Ended June 30, |
|  | 2024 |  |  | 2023 |
Deferred tax assets: |  |  |  |  |  |
Net operating loss carryforwards |  | $ | 9,544,000 |  |  | $ | 9,243,000 |
Stock-based compensation |  |  | 275,000 |  |  |  | 340,000 |
R&D and other credits |  |  | 1,935,000 |  |  |  | 1,787,000 |
Capitalized R&D expenses |  |  | 887,000 |  |  |  | 763,000 |
Inventories |  |  | 200,698 |  |  |  | 200,000 |
Accrued expenses and other |  |  | 150,000 |  |  |  | 15,000 |
Gross deferred tax assets |  |  | 12,991,698 |  |  |  | 12,348,000 |
Valuation allowance for deferred tax assets |  |  | (12,083,000 | ) |  |  | (11,057,000 | )
Total deferred tax assets |  |  | 908,698 |  |  |  | 1,291,000 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Depreciation and other |  |  | (602,895 | ) |  |  | (740,000 | )
Intangible assets |  |  | (509,000 | ) |  |  | (876,000 | )
Total deferred tax liabilities |  |  | (1,111,895 | ) |  |  | (1,616,000 | )
Net deferred tax assets (liabilities) |  | $ | (203,197 | ) |  | $ | (325,000 | )

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