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INCOME TAXES (Tables)

12 Months Ended

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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