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INCOME TAXES (Tables) | 12 Months Ended
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Jun. 28, 2020
INCOME TAXES [Abstract] |
Provision for Income Taxes | Provision for income taxes from continuing operations consists of the following (in thousands):
|  | Fiscal Year Ended |
|  | June 28, 2020 |  |  | June 30, 2019 |
Current - Federal |  | $ | – |  |  | $ | – |
Current - Foreign |  |  | 18 |  |  |  | 131 |
Current - State |  |  | – |  |  |  | 15 |
Deferred - Federal |  |  | 4,053 |  |  |  | (189 | )
Deferred - State |  |  | 7 |  |  |  | (8 | )
Provision for income taxes |  | $ | 4,078 |  |  | $ | (51 | )
Effective Income Tax Rate Reconciliation | The effective income tax rate varied from the statutory rate for the fiscal years ended June 28, 2020 and June 30, 2019 as reflected below (in thousands):
|  | June 28, 2020 |  |  | June 30, 2019 |
Federal income taxes (benefit) based on a statutory rate of 21.0% |  | $ | (33 | ) |  | $ | (168 | )
State income tax, net of federal effect |  |  | 20 |  |  |  | 93 |
Foreign taxes |  |  | – |  |  |  | 15 |
Permanent adjustments |  |  | 4 |  |  |  | 8 |
Change in valuation allowance |  |  | 4,081 |  |  |  | – |
Other |  |  | 6 |  |  |  | 1 |
|  | $ | 4,078 |  |  | $ | (51 | )
Deferred Tax Assets | The tax effects of temporary differences that give rise to the net deferred tax assets consisted of the following (in thousands):
|  | June 28, 2020 |  |  | June 30, 2019 |
Reserve for bad debt |  | $ | 61 |  |  | $ | 48 |
Deferred fees |  |  | — |  |  |  | 17 |
Other reserves and accruals |  |  | 568 |  |  |  | 795 |
Operating lease liabilities |  |  | 937 |  |  |  | — |
Credit carryforwards |  |  | 171 |  |  |  | 156 |
Net operating loss carryforwards |  |  | 5,371 |  |  |  | 5,206 |
Depreciable assets |  |  | 306 |  |  |  | 263 |
Total gross deferred tax asset |  |  | 7,414 |  |  |  | 6,485 |
Valuation allowance |  |  | (6,515 | ) |  |  | (2,425 | )
Total deferred tax asset |  | $ | 899 |  |  | $ | 4,060 |
Right-of-use asset |  |  | (815 | ) |  |  | — |
Other deferred tax liabilities |  |  | (84 | ) |  |  | — |
Total deferred tax liabilities |  | $ | (899 | ) |  | $ | — |
Net deferred tax asset |  | $ | — |  |  | $ | 4,060 |

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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://fasb.org/us-gaap/role/ref/legacyRef -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://fasb.org/us-gaap/role/ref/legacyRef -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://fasb.org/us-gaap/role/ref/legacyRef -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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