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INCOME TAXES (Tables) | 12 Months Ended
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Jun. 30, 2017
Income Tax Disclosure [Abstract] |
Schedule of Components of Income Tax Expense (Benefit) | The income tax provision in 2017 and 2016 consisted of the following:
Year Ended June 30, |  | 2017 |  | 2016
Current: |  |  |  |  |  |
Federal |  | $ | 19,822 |  |  | $ | 169,350 |
State |  | 425 |  |  | 2,675 |
Deferred |  | 170,299 |  |  | 702,013 |
Total income tax provision |  | $ | 190,546 |  |  | $ | 874,038 |
Schedule of Effective Income Tax Rate Reconciliation | The 2017 and 2016 tax results in an effective rate different than the federal statutory rate because of the following:
Year Ended June 30, |  | 2017 |  | 2016
Federal income tax (benefit) expense at statutory rate |  | $ | (262,851 | ) |  | $ | 769,433 |
State income tax (benefit) expense, net of federal income tax benefit |  | (32,287 | ) |  | 91,660 |
Increase (decrease) in valuation allowance |  | 444,000 |  |  | (370,000 | )
Stock-based compensation |  | 51,197 |  |  | 447,180 |
Other |  | (9,513 | ) |  | (64,235 | )
Total income tax provision |  | $ | 190,546 |  |  | $ | 874,038 |
Schedule of Deferred Tax Assets and Liabilities | Temporary differences which give rise to deferred income tax assets and liabilities at June 30, 2017 and June 30, 2016 include:
|  | 2017 |  | 2016
Deferred income tax assets: |  |  |  |  |  |
Deferred compensation |  | $ | 904,435 |  |  | $ | 864,954 |
Stock-based compensation |  | 621,966 |  |  | 603,159 |
Accrued expenses and reserves |  | 1,280,181 |  |  | 1,390,910 |
Federal and state net operating loss carryforwards |  | 751,021 |  |  | 418,296 |
Valuation allowance |  | (444,409 | ) |  | (409 | )
Other |  | — |  |  | 5,979 |
Total deferred income tax assets |  | 3,113,194 |  |  | 3,282,889 |
Deferred income tax liabilities: |  |  |  |  |  |
Equipment and leasehold improvements |  | (67,675 | ) |  | (67,390 | )
Other |  | (3,262 | ) |  | (2,943 | )
Net deferred income tax assets |  | $ | 3,042,257 |  |  | $ | 3,212,556 |
Summary of Valuation Allowance | The following are the changes in the valuation allowance:
Year Ended June 30, |  | Balance, beginning of year |  | (Increase) decrease in valuation allowance |  | Balance, end of year
2017 |  | $ | (409 | ) |  | (444,000 | ) |  | $ | (444,409 | )
2016 |  | $ | (370,409 | ) |  | 370,000 |  |  | $ | (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=84230637&loc=d3e32639-109319 + Details
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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/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319 + Details
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