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INCOME TAXES (Tables) | 12 Months Ended
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Jun. 30, 2018
Income Tax Disclosure [Abstract] |
Schedule of Components of Income Tax Expense (Benefit) | The income tax provision in 2018 and 2017 consisted of the following:
Year Ended June 30, |  | 2018 |  | 2017
Current: |  |  |  |  |  |
Federal |  | $ | 414 |  |  | $ | 19,822 |
State |  | 25 |  |  | 425 |
Deferred |  | 3,042,257 |  |  | 170,299 |
Total income tax provision |  | $ | 3,042,696 |  |  | $ | 190,546 |
Schedule of Effective Income Tax Rate Reconciliation | The 2018 and 2017 tax results in an effective rate different than the federal statutory rate because of the following:
Year Ended June 30, |  | 2018 |  | 2017
Federal income tax (benefit) at statutory rate |  | $ | (94,425 | ) |  | $ | (262,851 | )
State income tax (benefit), net of federal income tax benefit |  | (8,736 | ) |  | (32,287 | )
Increase in valuation allowance |  | 2,338,590 |  |  | 444,000 |
Stock-based compensation |  | 91,179 |  |  | 51,197 |
Remeasurement of deferred income taxes |  | 713,826 |  |  | — |
Other |  | 2,262 |  |  | (9,513 | )
Total income tax provision |  | $ | 3,042,696 |  |  | $ | 190,546 |
Schedule of Deferred Tax Assets and Liabilities | Temporary differences which give rise to deferred income tax assets and liabilities at June 30, 2018 and June 30, 2017 include:
|  | 2018 |  | 2017
Deferred income tax assets: |  |  |  |  |  |
Deferred compensation |  | $ | 636,002 |  |  | $ | 904,435 |
Stock-based compensation |  | 420,247 |  |  | 621,966 |
Accrued expenses and reserves |  | 896,428 |  |  | 1,280,181 |
Federal and state net operating loss carryforwards |  | 659,680 |  |  | 751,021 |
Equipment and leasehold improvements |  | 26,580 |  |  | — |
Valuation allowance |  | (2,638,589 | ) |  | (444,409 | )
Total deferred income tax assets |  | 348 |  |  | 3,113,194 |
Deferred income tax liabilities: |  |  |  |  |  |
Equipment and leasehold improvements |  | — |  |  | (67,675 | )
Other |  | (348 | ) |  | (3,262 | )
Net deferred income tax assets |  | $ | — |  |  | $ | 3,042,257 |
Summary of Valuation Allowance | The following are the changes in the valuation allowance, which are net of the impact for the remeasurement due to the TCJA:
Year Ended June 30, |  | Balance, beginning of year |  | (Increase) in valuation allowance |  | Balance, end of year
2018 |  | $ | (444,409 | ) |  | (2,194,180 | ) |  | $ | (2,638,589 | )
2017 |  | $ | (409 | ) |  | (444,000 | ) |  | $ | (444,409 | )

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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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- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319 + Details
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