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Income Taxes (Tables)

12 Months Ended

Jun. 30, 2019

Income Tax Disclosure [Abstract]

Schedule of Consolidated Pre-Tax Income (Loss)

Consolidated pre-tax income (loss) consists of the following:

		Years Ended June 30,
		2019				2018
US operations		$	(1,941,611	)		$	(1,319,680	)
Foreign operations			15,016,935				9,342,685
		$	13,075,324			$	8,023,005

Components of Provision for Income Taxes

The components of the provision for income taxes are as follows:

		Years Ended June 30,
		2019				2018
Current:
Federal		$	-			$	-
State and Local			-				-
Foreign			1,057,784				873,027
Deferred:
Federal			-				-
State and Local			-				-
Foreign			-				-
Provision for income taxes		$	1,057,784			$	873,027

Schedule of Reconciliation of Taxes at Statutory Federal Income Tax Rate Income Tax Expense Benefits

A reconciliation of taxes computed at the statutory federal income tax rate to income tax expense (benefit) is as follows:

		Years Ended June 30,
		2019								2018
Income tax (benefit) provision at statutory rate		$	2,745,818				21.0	%		$	2,246,441				28.0	%
State income (benefit) taxes, net of federal tax benefit			912,658				7.0	%			510,263				6.4	%
Foreign earnings taxed at different rates			(3,143,954	)			-24.0	%			(2,337,120	)			-29.1	%
Change in valuation allowance for deferred tax assets			356,905				3	%			414,850				5.2	%
Other			186,357				1.4	%			38,593				0.5	%
Provision for income taxes		$	1,057,784				8.1	%		$	873,027				10.9	%

Schedule of Deferred Income Tax Assets and Liabilities

Deferred income tax assets and liabilities as of June 30, 2019 and 2018 consist of tax effects of temporary differences related to the following:

		Years Ended June 30,
		2019				2018
Net operating loss carry forwards		$	6,994,268			$	6,936,896
Other			257,337				249,808
Net deferred tax assets			7,251,605				7,186,704
Valuation allowance for deferred tax assets			(7,251,605	)			(7,186,704	)
Net deferred tax assets		$	-			$	-

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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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-Publisher FASB
-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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-SubTopic 10
-Section 50
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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 income before income tax between domestic and foreign jurisdictions.

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-Name Accounting Standards Codification
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