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INCOME TAXES (Tables)

12 Months Ended

Jun. 30, 2022

Income Tax Disclosure [Abstract]

SCHEDULE OF CONSOLIDATED PRE-TAX INCOME (LOSS)

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

 SCHEDULE OF CONSOLIDATED PRE-TAX INCOME (LOSS)

		Years Ended June 30,
		2022				2021
US operations		$	(1,140,443	)		$	1,944,974
Foreign operations			3,230,184				1,343,275
Net income before income taxes		$	2,089,741			$	3,288,249

SCHEDULE OF COMPONENTS OF PROVISION FOR INCOME TAXES

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

 SCHEDULE OF COMPONENTS OF PROVISION FOR INCOME TAXES

		Years Ended June 30,
		2022				2021
Current:
Federal		$	-			$	-
State and Local			2,800				113,152
Foreign			986,138				912,663
Deferred:
Federal			-				-
State and Local			-				802
Foreign			-				-
Provision for income taxes		$	988,938			$	1,026,617

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:

SCHEDULE OF RECONCILIATION OF TAXES AT STATUTORY FEDERAL INCOME TAX RATE INCOME TAX EXPENSE BENEFITS 

		Years Ended June 30,
		2022								2021
Income tax (benefit) provision at statutory rate		$	438,846				21.0	%		$	690,532				21.0	%
State income (benefit) taxes, net of federal tax benefit			145,864				7.0	%			229,520				7.0	%
Foreign earnings taxed at different rates			82,333				3.9	%			72,358				2.2	%
Change in valuation allowance for deferred tax assets			318,421				15	%			129,758				3.9	%
Other			3,474				0.2	%			(95,551	)			-2.9	%
Provision for income taxes		$	988,938				47.3	%		$	1,026,617				31.2	%

SCHEDULE OF DEFERRED INCOME TAX ASSETS AND LIABILITIES

Deferred income tax assets and liabilities as of June 30, 2022 and 2021 consist of tax effects of temporary differences related to the following:

 SCHEDULE OF DEFERRED INCOME TAX ASSETS AND LIABILITIES

		2022				2021
Net operating loss carry forwards		$	7,885,333			$	7,483,618
Other			80,311				79,675
Net deferred tax assets			7,965,644				7,563,293
Valuation allowance for deferred tax assets			(7,965,644	)			(7,563,293	)
Net deferred tax assets		$	-			$	-

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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

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-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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
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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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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(1)(Note 1))
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