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Income Taxes (Tables)

12 Months Ended

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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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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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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Tabular disclosure of the change in unrecognized tax benefits.

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