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NOTE 12 - INCOME TAXES (Tables)

12 Months Ended

Jun. 30, 2021

Income Tax Disclosure [Abstract]

Components Of The Benefit Provision For Income Taxes

Components Of The Benefit Provision For Income Taxes
		Years Ended June 30
Current:		2021				2020
Federal		$				$	(187,255	)
State			1,136,514				513,204
Subtotal			1,136,514				325,949
Deferred:
Federal deferred taxes			2,718,046				1,953,349
State deferred taxes			136,960				165,480
Subtotal			2,855,006				2,118,829
Provision (Benefit) for Income Taxes - Net		$	3,991,520			$	2,444,778

Reconciliation Of Federal Statutory Income Tax Rate To Company's Effective Tax Rate

Reconciliation Of Federal Statutory Income Tax Rate To Company's Effective Tax Rate
		Years Ended June 30,
		2021				2020
Taxes at federal statutory rate			21.0	%			21.0	%
State and local income taxes (benefit), net of federal benefit			3.3	%			4.0	%
Non Controlling interest			(4.9	)%			(6.1	)%
Expiration of tax credits			4.6	%			0.2	%
Return to provision adjustments			6.1	%			—	%
Change in the valuation allowance			(20.0	)%			0.3	%
Other			12.5	%			(2.1	)%
Effective income tax rate			22.6	%			17.3	%

Components Of Company's Deferred Tax Assets And Liabilities

Components Of Company's Deferred Tax Assets And Liabilities
		June 30,
		2021				2020
Deferred tax assets:
Allowance for doubtful accounts		$	3,827,382			$	3,946,801
Non-deductible accruals			749,902				693,833
Net operating carryforwards			8,285,163				13,720,637
Tax credits			3,732,650				4,647,217
Inventory			66,316				69,940
Property and equipment and depreciation			187,632				168,371
Deferred Tax Assets - gross			16,849,045				23,246,799
Valuation allowance			(890,084	)			(4,437,042	)
Total deferred tax assets			15,958,961				18,809,757
Intangibles			(238,316	)			(234,106	)
Total deferred tax liabilities			(238,316	)			(234,106	)
Net deferred tax asset		$	15,720,645			$	18,575,651

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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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-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
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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.

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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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