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INCOME TAXES (Tables) | 12 Months Ended
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Jun. 30, 2020
Income Tax Disclosure [Abstract] |
Schedule of provision for income taxes | The provision for income taxes consists of the following amounts (in thousands):
|  | Years Ended June 30, |
|  | 2020 |  |  | 2019 |
Current: |  |  |  |  |  |
Federal |  | $ | 1,542 |  |  | $ | (140 | )
State |  |  | 270 |  |  |  | 21 |
Deferred: |  |  |  |  |  |  |  |
Federal |  |  | (243 | ) |  |  | 1,079 |
State |  |  | 221 |  |  |  | 339 |
Income tax expense |  | $ | 1,790 |  |  | $ | 1,299 |
Schedule of reconciliation federal statutory income tax rates | The effective income tax rate from income (loss) from continuing operations differs from the United States statutory income tax rates for the reasons set forth in the table below (in thousands, except percentages).
|  | Years Ended June 30, |
|  | 2020 |  |  | 2019 |
|  | Amount |  |  | Percent Pretax Income |  |  | Amount |  |  | Percent Pretax Income |
Income before income taxes |  | $ | 7,902 |  |  |  | 100 | % |  | $ | 5,447 |  |  |  | 100 | %
Computed “expected” income tax expense on income before income taxes |  | $ | 1,659 |  |  |  | 21 | % |  | $ | 1,135 |  |  |  | 21 | %
State tax, net of federal benefit |  |  | 440 |  |  |  | 6 | % |  |  | 281 |  |  |  | 5 | %
Tax incentives |  |  | (85 | ) |  |  | (1 | %) |  |  | (85 | ) |  |  | (1 | %)
Change in valuation allowance |  |  | (227 | ) |  |  | (3 | %) |  |  | 11 |  |  |  | — |
Tax law changes |  |  | — |  |  |  | — |  |  |  | (8 | ) |  |  | — |
Domestic production deduction |  |  | — |  |  |  | — |  |  |  | 8 |  |  |  | — |
Other |  |  | 3 |  |  |  | — |  |  |  | (43 | ) |  |  | (1 | %)
Income tax expense |  | $ | 1,790 |  |  |  | 23 | % |  | $ | 1,299 |  |  |  | 24 | %
Schedule of deferred income tax assets and liabilities | Significant components of our deferred tax assets and liabilities for federal and state income taxes are as follows (in thousands):
|  | June 30, |
|  | 2020 |  |  | 2019 |
Deferred tax assets: |  |  |  |  |  |  |  |
Federal & state NOL carryforward |  | $ | 21 |  |  | $ | 23 |
Research & other credits |  |  | 65 |  |  |  | 347 |
Reserves and accruals |  |  | 438 |  |  |  | 431 |
Stock based compensation |  |  | 110 |  |  |  | 9 |
Unrealized losses |  |  | 455 |  |  |  | — |
Inventory |  |  | 334 |  |  |  | 357 |
Other intangibles |  |  | — |  |  |  | 37 |
Other |  |  | — |  |  |  | 147 |
Total gross deferred tax assets |  | $ | 1,423 |  |  | $ | 1,351 |
Less: valuation allowance |  |  | (543 | ) |  |  | (477 | )
Total deferred tax assets |  |  | 880 |  |  |  | 874 |
|  | June 30, |
|  | 2020 |  |  | 2019 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Property and equipment, principally due to differing depreciation methods |  | $ | (577 | ) |  | $ | (527 | )
Deferred state tax |  |  | (33 | ) |  |  | (81 | )
Other |  |  | (11 | ) |  |  | (6 | )
Total gross deferred tax liabilities |  |  | (621 | ) |  |  | (614 | )
Net deferred tax assets |  | $ | 259 |  |  | $ | 260 |
Schedule of accrual unrecognized tax benefits | Information with respect to our accrual for unrecognized tax benefits is as follows (in thousands):
|  | June 30, |
|  | 2020 |  |  | 2019 |
Unrecognized tax benefits: |  |  |  |  |  |  |  |
Beginning balance |  | $ | 490 |  |  | $ | 462 |
Additions based on federal tax positions related to the current year |  |  | 15 |  |  |  | 11 |
Additions based on state tax positions related to the current year |  |  | 13 |  |  |  | 11 |
Additions for tax positions of prior years |  |  | 55 |  |  |  | 6 |
Reductions due to lapses in statutes of limitation |  |  | (49 | ) |  |  | — |
Ending balance |  | $ | 524 |  |  | $ | 490 |

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