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Income Taxes (Tables) | 12 Months Ended
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Jun. 30, 2025
Income Tax Disclosure [Abstract] |
Schedule of Provision for Income Taxes | The provision for income taxes includes the following:
|  | For the years ended June 30, |
(in thousands) |  | 2025 |  |  | 2024 |
Current |  | $ | (130 | ) |  | $ | 101 |
Deferred |  |  | 216 |  |  |  | - |
Income tax expense |  | $ | 86 |  |  | $ | 101 |
Reconciliation of Expected Federal Income Tax Expense | The following table reconciles the expected corporate federal income tax expense, computed by multiplying the Company's income (loss) before income taxes by the statutory tax rate of 21%, to the total tax expense.
|  | For the years ended June 30, |
(in thousands) |  | 2025 |  |  | 2024 |
Federal tax expense (benefit) at statutory rate |  | $ | 2,777 |  |  | $ | (194 | )
State taxes net of federal impact |  |  | 552 |  |  |  | 702 |
Change in valuation allowance |  |  | (3,848 | ) |  |  | (1,932 | )
Provision to return and other deferred tax |  |  | (145 | ) |  |  | (157 | )
Net operating loss and credit expirations |  |  | 713 |  |  |  | 1,642 |
Other |  |  | 37 |  |  |  | 40 |
Income tax expense |  | $ | 86 |  |  | $ | 101 |
Schedule of Tax Effect of Temporary Differences of Deferred Tax Assets and Liabilities | The tax effect of temporary differences that give rise to significant portions of the Company's deferred tax assets and liabilities are as follows:
|  | As of June 30, |
(in thousands) |  | 2025 |  |  | 2024 |
Deferred Tax Assets: |  |  |  |  |  |
Net operating loss carryforwards |  | $ | 2,099 |  |  | $ | 2,643 |
Accruals and allowances not deductible for tax purposes |  |  | 230 |  |  |  | 1,089 |
Identifiable intangible assets |  |  | 445 |  |  |  | 342 |
Stock based and accrued compensation |  |  | 1,665 |  |  |  | - |
Unrealized loss on investments |  |  | - |  |  |  | 2,359 |
Investment in partnerships |  |  | 3,076 |  |  |  | 2,861 |
Interest expense carryforward |  |  | 873 |  |  |  | - |
Other |  |  | 450 |  |  |  | 1,000 |
Total deferred tax assets, gross |  | $ | 8,838 |  |  | $ | 10,294 |
Less: valuation allowance |  | $ | (6,278 | ) |  | $ | (10,112 | )
Total deferred tax assets, net |  | $ | 2,560 |  |  | $ | 182 |
Deferred Tax Liabilities: |  |  |  |  |  |
Unrealized gain on investment |  |  | (2,250 | ) |  |  |
Other |  |  | (526 | ) |  |  | (182 | )
Total deferred tax liabilities, gross |  | $ | (2,776 | ) |  | $ | (182 | )
Total deferred tax liabilities, net |  | $ | (216 | ) |  | $ | - |
Schedule of Gross Unrecognized Tax Benefit Activity | During the years ended June 30, 2025 and 2024, the total amount of gross unrecognized tax benefit activity was as follows:
(in thousands) |  |  |
Balance as of June 30, 2023 |  | $ | 508 |
Balance as of June 30, 2024 |  | $ | 508 |
Lapse of statute of limitations |  |  | (176 | )
Balance as of June 30, 2025 |  | $ | 332 |
The Company’s policy is to include interest and penalties related to unrecognized tax benefits in tax expense on the Company’s consolidated statements of operations.

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