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Provision for Income Taxes (Tables) | 12 Months Ended
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Jun. 30, 2020
Income Tax Disclosure [Abstract] |
Schedule of components of the provision for income taxes | A summary of the components of the provision for income taxes for the years ended June 30, 2020 and 2019 is as follows:
|  | 2020 |  |  | 2019 |
Current tax expense - federal |  | $ | 190,801 |  |  | $ | 274,889 |
Current tax (benefit) expense - state |  |  | (1,158 | ) |  |  | 6,010 |
Deferred tax (benefit) expense |  |  | (44,122 | ) |  |  | 258,040 |
Provision for income taxes |  | $ | 145,521 |  |  | $ | 538,939 |
Schedule of effective income tax rates | The combined U.S. federal and state effective income tax rates of 11.1% and 18.7%, for 2020 and 2019 respectively, differed from the statutory U.S. federal income tax rate for the following reasons:
|  | 2020 |  |  | 2019 |
U.S. federal statutory income tax rate |  |  | 21.0 | % |  |  | 21.0 | %
Increase (reduction) in rate resulting from: |  |  |  |  |  |  |  |
State franchise tax, net of federal income tax benefit |  |  | (0.1 | ) |  |  | 0.2 |
ESOP cost versus Fair Market Value |  |  | 1.6 |  |  |  | 1.3 |
Dividend on allocated ESOP shares |  |  | (14.5 | ) |  |  | (3.0 | )
Stock-based compensation |  |  | 3.0 |  |  |  | 0.2 |
Foreign Derived Intangible Income Deduction |  |  | (0.2 | ) |  |  | (0.3 | )
Other |  |  | 0.3 |  |  |  | (0.7 | )
Effective tax rate |  |  | 11.1 | % |  |  | 18.7 | %
Schedule of deferred tax assets and liabilities | For the years ended June 30, 2020 and 2019 deferred income tax benefit and expense of $44,122 and $258,040, respectively, results from the changes in temporary differences for each year. The tax effects of temporary differences that give rise to deferred tax assets and deferred tax liabilities as of June 30, 2020 and 2019 are presented as follows:
|  | 2020 |  |  | 2019 |
Deferred tax assets: |  |  |  |  |  |  |  |
Accrued expenses |  | $ | 171,880 |  |  | $ | 164,388 |
ESOP |  |  | — |  |  |  | 17,702 |
Stock-based compensation |  |  | 56,280 |  |  |  | 56,382 |
Inventory - effect of uniform capitalization |  |  | 74,352 |  |  |  | 64,148 |
Other |  |  | 1,437 |  |  |  | 1,437 |
Total deferred tax assets |  | $ | 303,949 |  |  | $ | 304,057 |
Deferred tax liability: |  |  |  |  |  |  |  |
Property, plant and equipment - principally due |  |  |  |  |  |  |  |
to differences in depreciation methods |  | $ | 503,009 |  |  | $ | 541,150 |
Prepaid expenses |  |  | 33,893 |  |  |  | 39,982 |
Total deferred tax liability |  | $ | 536,902 |  |  | $ | 581,132 |
Net deferred tax liability |  | $ | (232,953 | ) |  | $ | (277,075 | )

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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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