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v3.22.2.2

Income Taxes (Table) | 12 Months Ended
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Jun. 30, 2022
Income Taxes [Abstract] |
Components of Income Tax (Benefit) Provision |
Year Ended June 30, |  | 2022 |  | 2021
Current: |  |  |  |  |  |
Federal |  | $ | — |  | $ | —
State |  |  | 7,517 |  |  | 4,125
Deferred |  |  | — |  |  | —
Total income tax provision |  | $ | 7,517 |  | $ | 4,125
Effective Income Tax Rate Reconciliation |
Year Ended June 30, |  | 2022 |  | 2021
Federal income tax liability at statutory rate |  | $ | 267,945 |  | $ | 104,522
State income tax liability, net of federal income tax effect |  |  | 5,938 |  |  | 3,259
Increase in valuation allowance |  |  | 1,486,001 |  |  | 7,741,570
Stock option (deduction) |  |  | (1,966,822) |  |  | (8,326,662)
Non-deductible officers' compensation |  |  | 127,612 |  |  | 657,464
All other permanent items |  |  | (50,573) |  |  | (172,863)
R&D credit |  |  | (34,936) |  |  | (30,000)
Return-to-provision |  |  | (38,863) |  |  | (3,303)
Expiration of stock options and tax credits |  |  | 7,573 |  |  | 40,572
State tax rate change |  |  | 157,716 |  |  | (30,887)
Other |  |  | 45,926 |  |  | 20,453
Total income tax provision |  | $ | 7,517 |  | $ | 4,125
Schedule of Deferred Income Tax Assets and Liabilities |
|  | 2022 |  | 2021
Deferred income tax assets: |  |  |  |  |  |
Deferred compensation |  | $ | 479,340 |  | $ | 664,705
Stock-based compensation |  |  | 107,499 |  |  | 116,582
Accrued expenses and reserves |  |  | 551,562 |  |  | 543,940
Deferred revenue |  |  | 176,447 |  |  | 222,341
Federal and state net operating loss carryforwards |  |  | 9,942,511 |  |  | 8,333,391
Credit carryforwards |  |  | 292,155 |  |  | 252,192
Equipment and leasehold improvements |  |  | 122,764 |  |  | 57,639
Lease liability |  |  | 803,603 |  |  | 580,053
Valuation allowance |  |  | (11,671,606) |  |  | (10,185,605)
Total deferred income tax assets |  |  | 804,275 |  |  | 585,238
Deferred income tax liabilities: |  |  |  |  |  |
ROU asset |  |  | (803,603) |  |  | (580,053)
Other |  |  | (672) |  |  | (5,185)
Net deferred income tax assets |  | $ | - |  | $ | -
Schedule of Change in Valuation Allowance |
|  | Balance, |  | Decrease (Increase) |  |  |
|  | beginning |  | in valuation |  | Balance,
Year Ended June 30, |  | of year |  | allowance |  | end of year
2022 |  | $ | (10,185,605) |  | $ | (1,486,001) |  | $ | (11,671,606)
2021 |  | $ | (2,444,035) |  | $ | (7,741,570) |  | $ | (10,185,605)

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