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INCOME TAXES (Tables)

12 Months Ended

Jun. 30, 2022

Income Tax Disclosure [Abstract]

Components Of The Provision For Income Taxes

Components Of The Provision For Income Taxes
		Years Ended June 30,
Current:		2022				2021
Federal		$				$	-
State			2,440,594				1,136,514
Subtotal			2,440,594				1,136,514
Deferred:
Federal deferred taxes			2,935,921				2,718,046
State deferred taxes			157,972				136,960
Subtotal			3,093,893				2,855,006
Provision (Benefit) for Income Taxes - Net		$	5,534,487			$	3,991,520

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,
		2022				2021
Taxes at federal statutory rate			21.0	%			21.0	%
State and local income taxes (benefit), net of federal benefit			4.2	%			3.3	%
Non Controlling interest			(5.5	)%			(4.9	)%
Expiration of tax credits			2.0	%			4.6	%
Return to provision adjustments			0.7	%			6.1	%
NYS Audit Settlement			4.5	%			3.2	%
Change in the valuation allowance			(2.0	)%			(20.0	)%
Other			(0.6	)%			9.3	%
Effective income tax rate			24.3	%			22.6	%

Components Of Company’s Deferred Tax Assets And Liabilities

Components Of Company’s Deferred Tax Assets And Liabilities
		June 30,
		2022				2021
Deferred tax assets:
Allowance for doubtful accounts		$	4,239,903			$	3,827,382
Non-deductible accruals			707,400				749,902
Net operating carryforwards			4,820,010				8,285,163
Tax credits			3,346,509				3,732,650
Inventory			98,945				66,316
Property and equipment and depreciation			71,576				187,632
Deferred Tax Assets - gross			13,284,343				16,849,045
Valuation allowance			(441,865	)			(890,084	)
Total deferred tax assets			12,842,478				15,958,961
Intangibles			(215,726	)			(238,316	)
Total deferred tax liabilities			(215,726	)			(238,316	)
Net deferred tax asset		$	12,626,752			$	15,720,645

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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
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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.

+ 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
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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
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