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INCOME TAXES (Tables) | 12 Months Ended
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Jun. 30, 2014
Income Tax Disclosure [Abstract] |
Schedule of Components of Income Tax Expense (Benefit) | The income tax provision in 2014 and 2013 consisted of the following:
Year Ended June 30, |  | 2014 |  | 2013
Current: |  |  |  |  |  |
Federal |  | $ | (1,863,204 | ) |  | $ | 1,697,085 |
State |  | 69,984 |  |  | (156,039 | )
Deferred |  | (2,608,369 | ) |  | 729,720 |
Total income tax provision (benefit) |  | $ | (4,401,589 | ) |  | $ | 2,270,766 |
Schedule of Effective Income Tax Rate Reconciliation | The 2014 and 2013 tax results in an effective rate different than the federal statutory rate because of the following:
Year Ended June 30, |  | 2014 |  | 2013
Federal income tax expense (benefit) at statutory rate |  | $ | (3,382,307 | ) |  | $ | 2,617,484 |
State income tax expense (benefit), net of federal income tax benefit |  | (285,802 | ) |  | 147,516 |
Increase in valuation allowance |  | 148,000 |  |  | 21,890 |
Stock-based compensation |  | 58,187 |  |  | 49,561 |
Adjustments for unrecognized tax benefits |  | (546,113 | ) |  | (449,938 | )
Federal income tax credits |  | (187,349 | ) |  | — |
Other |  | (206,205 | ) |  | (115,747 | )
Total income tax provision (benefit) |  | $ | (4,401,589 | ) |  | $ | 2,270,766 |
Schedule of Deferred Tax Assets and Liabilities | Temporary differences which give rise to deferred income tax assets and liabilities at June 30, 2014 and June 30, 2013 include:
|  | 2014 |  | 2013
Deferred income tax assets: |  |  |  |  |  |
Deferred compensation |  | $ | 858,434 |  |  | $ | 886,750 |
Stock-based compensation |  | 714,350 |  |  | 524,387 |
Accrued expenses and reserves |  | 2,701,144 |  |  | 1,177,771 |
Federal and state net operating loss carryforwards |  | 371,744 |  |  | 267,944 |
Valuation allowance |  | (370,409 | ) |  | (222,409 | )
Other |  | 22,806 |  |  | — |
Total deferred income tax assets |  | 4,298,069 |  |  | 2,634,443 |
Deferred income tax liabilities: |  |  |  |  |  |
Equipment and leasehold improvements |  | (98,717 | ) |  | (22,025 | )
Capitalized research and development costs |  | — |  |  | (1,015,838 | )
Other |  | — |  |  | (5,597 | )
Net deferred income tax assets |  | $ | 4,199,352 |  |  | $ | 1,590,983 |
Deferred Tax Assets as Presented on Consolidated Balance Sheets | Deferred income tax assets as presented on the consolidated balance sheets:
|  | 2014 |  | 2013
Current deferred income tax assets |  | $ | 2,576,023 |  |  | $ | 1,171,453 |
Noncurrent deferred income tax assets |  | 1,623,329 |  |  | 419,530 |
Net deferred income tax assets |  | $ | 4,199,352 |  |  | $ | 1,590,983 |
Accrued Interest, Tax Position, Unauthorized Transactions | As part of the unauthorized transactions, the Company has accrued interest of $0 and $49,150 as of June 30, 2014 and 2013, respectively.
|  | 2014 |  | 2013
Accrued interest at beginning of year |  | $ | 49,150 |  |  | $ | 150,624 |
Interest charges to expense |  | 24,575 |  |  | 44,014 |
Interest charges reversed |  | (73,725 | ) |  | (145,488 | )
Accrued interest at end of year |  | $ | — |  |  | $ | 49,150 |
Summary of Positions for which Significant Change in Unrecognized Tax Benefits is Reasonably Possible | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
|  | 2014 |  | 2013
Unrecognized tax benefits at beginning of year |  | $ | 696,113 |  |  | $ | 1,146,051 |
Gross increases - tax positions in prior years |  | 25,000 |  |  | — |
Reductions due to lapse in statute |  | (546,113 | ) |  | (249,938 | )
Reductions based on settlements with taxing authorities |  | — |  |  | (200,000 | )
Unrecognized tax benefits at end of year |  | $ | 175,000 |  |  | $ | 696,113 |
Summary of Valuation Allowance | The following are the changes in the valuation allowance:
Year Ended June 30, |  | Balance, beginning of year |  | Increase in valuation allowance |  | Release of valuation allowance |  | Balance, end of year
2014 |  | $ | (222,409 | ) |  | (148,000 | ) |  | — |  |  | $ | (370,409 | )
2013 |  | $ | (200,486 | ) |  | (21,923 | ) |  | — |  |  | $ | (222,409 | )

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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 Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 + Details
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