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NOTE 11 - INCOME TAXES (Tables) | 12 Months Ended
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Jun. 30, 2018
Income Tax Disclosure [Abstract] |
Components Of The Benefit Provision For Income Taxes | Components of the benefit for income taxes are as follows:
|  | Years Ended June 30,
|  | 2018 |  | 2017 |  | 2016
Current: |  |  |  |  |  |
Federal |  | $ | 185,000 |  |  | $ | 250,000 |  |  | $ | 360,496 |
State |  |  | 265,000 |  |  |  | 357,235 |  |  |  | — |
Federal deferred taxes |  |  | (4,132,590 | ) |  |  | (4,552,702 | ) |  |  | (4,368,901 | )
State deferred taxes |  |  | (787,160 | ) |  |  | (416,967 | ) |  |  | (278,866 | )
AMT Credits |  |  | (1,200,000 | ) |  |  | — |  |  |  | — |
|  | $ | (5,669,750 | ) |  | $ | (4,362,434 | ) |  | $ | (4,287,271 | )
Reconciliation Of Federal Statutory Income Tax Rate To Company's Effective Tax Rate | A reconciliation of the federal statutory income tax rate to the Company's effective tax rate as reported is as follows:
|  | Years Ended June 30,
|  | 2018 |  | 2017 |  | 2016
Taxes at federal statutory rate |  |  | 27.7 | % |  |  | 35.0 | % |  |  | 35.0 | %
State and local income taxes (benefit), net of federal benefit |  |  | 4.0 | % |  |  | 4.0 | % |  |  | 6.0 | %
Permanent differences |  |  | 0.1 | % |  |  | 0.1 | % |  |  | 0.2 | %
Tax Cuts and Jobs Act Rate Change |  |  | (33.9 | )% |  |  | (0.0 | )% |  |  | (0.0 | )%
Decrease in the valuation allowance |  |  | (24.5 | )% |  |  | (73.0 | )% |  |  | (89.8 | )%
AMT Credits |  |  | (8.5 | )% |  |  | (0.0 | )% |  |  | (0.0 | )%
True ups |  |  | (2.8 | )% |  |  | 5.0 | % |  |  | (0.0 | )%
Effective income tax rate |  |  | (37.9 | )% |  |  | (28.9 | )% |  |  | (48.6 | )%
Components Of Company's Deferred Tax Assets And Liabilities | Significant components of the Company's deferred tax assets and liabilities at June 30, 2018 and 2017 are as follows:
|  | June 30,
|  | 2018 |  | 2017
Deferred tax assets: |  |  |  |  |  |  |  |
Allowance for doubtful accounts |  | $ | 3,262,504 |  |  | $ | 6,255,976 |
Non-deductible accruals |  |  | 752,595 |  |  |  | 273,435 |
Net operating carryforwards |  |  | 20,665,597 |  |  |  | 39,330,708 |
Tax credits |  |  | 4,330,769 |  |  |  | 5,744,086 |
Inventory |  |  | 55,514 |  |  |  | 130,430 |
Property and equipment and depreciation |  |  | 213,781 |  |  |  | 298,426 |
|  |  | 29,280,760 |  |  |  | 52,033,061 |
Valuation allowance |  |  | (6,591,749 | ) |  |  | (34,171,284 | )
Total deferred tax assets |  |  | 22,689,011 |  |  |  | 17,861,777 |
Intangibles |  |  | (239,011 | ) |  |  | (331,527 | )
Total deferred tax liabilities |  |  | (239,011 | ) |  |  | (331,527 | )
Net deferred tax asset |  | $ | 22,450,000 |  |  | $ | 17,530,250 |

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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://www.xbrl.org/2003/role/presentationRef -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://www.xbrl.org/2003/role/presentationRef -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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