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INCOME TAXES (Tables)

12 Months Ended

Jun. 30, 2024

Income Tax Disclosure [Abstract]

SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES

The Company has incurred losses since inception. A current state income tax provision of $3,000 has been recorded for state minimum and net worth taxes. Significant components of the Company’s net deferred tax assets and liabilities are shown in the table below.

SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES 

		Year ended June 30,
		2024				2023				2022
						Restated				Restated
Deferred tax assets:
Net operating loss carryforwards		$	21,553,000			$	20,941,000			$	20,780,000
Research and development credit carryforward			27,000				27,000				27,000
Capitalized research and development expenses			1,987,000				1,320,000				–
Stock compensation			638,000				971,000				1,636,000
Disallowed interest expense			431,000				–				–
Lease liability			567,000				736,000				802,000
Other, net			1,785,000				1,366,000				943,000
Gross deferred tax assets			26,988,000				25,361,000				24,188,000
Less valuation allowance			(26,483,000	)			(24,696,000	)			(23,461,000	)
Total deferred tax assets			505,000				665,000				727,000
Deferred tax liabilities:
Right of use asset			(505,000	)			(665,000	)			(727,000	)
Total deferred tax liabilities			(505,000	)			(665,000	)			(727,000	)
Total net deferred tax liabilities		$	–			$	–			$	–

SCHEDULE OF EFFECTIVE INCOME TAX RATE RECONCILIATION

The provision for income taxes on earnings subject to income taxes differs from the statutory federal rate at June 30, 2024 and 2023, due to the following:

SCHEDULE OF EFFECTIVE INCOME TAX RATE RECONCILIATION 

		Year ended June 30,
		2024				2023				2022
						Restated				Restated
Federal income taxes at 21%		$	(1,749,000	)		$	(1,625,000	)		$	(3,459,000	)
State income taxes, net			(546,000	)			(485,000	)			(1,151,000	)
Permanent differences and other			241,000				152,000				102,000
Other true ups			270,000				725,000				(113,000	)
Change in valuation allowance			1,787,000				1,235,000				4,621,000
Provision for income taxes		$	3,000			$	2,000			$	-

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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/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-2

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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://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

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