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v3.20.2

Income Taxes (Tables) | 12 Months Ended
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Jun. 30, 2020
Income Taxes |
Schedule of provision for income taxes | The provision for income taxes consists of the following for the years ended June 30, 2020 and 2019:
|  | Years Ended
|  | June 30,
|  | 2020 |  | 2019
Current |  |  |  |  |  |
Federal |  | $ | — |  | $ | —
State |  |  | 2,201 |  |  | 2,088
Foreign (Mexico) |  |  | 5,635 |  |  | 24,952
Deferred |  |  |  |  |  |
Federal |  |  | — |  |  | —
Foreign |  |  | — |  |  | —
State |  |  | — |  |  | —
Provision for income tax expense |  | $ | 7,836 |  | $ | 27,040
Schedule of reconciliation of the effective income tax rate | The reconciliation of the effective income tax rate to the federal statutory rate is as follows:
|  | Years Ended |
|  | June 30, |
|  | 2020 |  | 2019 |
Federal income tax rate |  | 21.0 | % | 21.0 | %
State tax, net of federal benefit |  | 5.0 | % | 5.0 | %
Permanent differences |  | 3.2 | % | 4.8 | %
Change in valuation allowance |  | (30.4) | % | (33.6) | %
Effective income tax rate |  | (1.2) | % | (2.8) | %
Schedule of deferred tax assets and liabilities | Significant components of the Company’s deferred tax assets and liabilities at June 30, 2020 and 2019 are as follows:
|  | June 30, |  | June 30,
|  | 2020 |  | 2019
Deferred tax assets: |  |  |  |  |  |
Federal net operating loss carryforward |  | $ | 2,508,894 |  | $ | 2,587,483
State net operating loss carryforward |  |  | 354,752 |  |  | 387,834
Intangibles amortization |  |  | 156,196 |  |  | 156,196
Stock based compensation |  |  | 1,551,272 |  |  | 1,351,437
Other |  |  | 186,901 |  |  | 176,403
Total deferred tax assets |  |  | 4,758,015 |  |  | 4,659,353
Deferred tax liability: |  |  |  |  |  |
Fixed asset depreciation |  |  | 49,167 |  |  | 46,299
Net deferred tax assets |  |  | 4,807,182 |  |  | 4,705,652
Less valuation allowance |  |  | (4,807,182) |  |  | (4,705,652)
|  | $ | — |  | $ | —

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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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- 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 + Details
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