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Income Taxes (Tables)

12 Months Ended

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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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

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-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
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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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-Section 50
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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.

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-Topic 740
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-Name Accounting Standards Codification
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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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-Name Accounting Standards Codification
-Section S99
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