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Income Taxes | 12 Months Ended
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Jun. 30, 2014
Income Tax Disclosure [Abstract] |
Income Taxes | INCOME TAXES The Company and its non-Canadian subsidiaries file a consolidated federal income tax return. Provisions for income taxes include deferred taxes for temporary differences in the bases of assets and liabilities for financial and tax purposes, resulting from the use of the liability method of accounting for income taxes. At June 30, 2014, the current deferred tax asset primarily consists of temporary differences in the deductibility of prepaid expenses, accrued liabilities and unrealized gains on trading securities. The long-term deferred tax asset is composed primarily of unrealized losses and other than temporary impairments on available-for-sale securities and capital loss carryovers. For federal income tax purposes at June 30, 2014, the Company has capital loss carryovers of approximately $754,000 expiring in fiscal year 2019. The Company also has charitable contribution carryovers of approximately $68,000 expiring in fiscal year 2018 and $34,000 expiring in fiscal year 2019. A valuation allowance is provided when it is more likely than not that some portion of the deferred tax amount will not be realized. At June 30, 2014 and 2013, a valuation allowance of $35,000 and $27,000, respectively, was included related to the charitable contribution carryover. No valuation allowance was included at June 30, 2012. The reconciliation of income tax computed for continuing operations at the U.S. federal statutory rates to income tax expense is:
|  | Year Ended June 30,
(dollars in thousands) |  | 2014 |  | % of Pretax |  | 2013 |  | % of Pretax |  | 2012 |  | % of Pretax
Tax expense (benefit) at statutory rate - continuing operations |  | $ | (421 | ) |  | 34.0 | % |  | $ | 24 |  |  | 34.0 | % |  | $ | 905 |  |  | 34.0 | %
Nondeductible gain on business combination |  | (99 | ) |  | 8.0 | % |  | — |  |  | — | % |  | — |  |  | — | %
Nondeductible membership dues |  | 25 |  |  | (2.0 | )% |  | 27 |  |  | 38.0 | % |  | 27 |  |  | 1.0 | %
Nondeductible meals and entertainment |  | 25 |  |  | (2.0 | )% |  | 44 |  |  | 62.0 | % |  | 41 |  |  | 1.5 | %
Other |  | (47 | ) |  | 3.8 | % |  | 5 |  |  | 7.0 | % |  | 51 |  |  | 1.9 | %
Total tax expense (benefit) - continuing operations |  | $ | (517 | ) |  | 41.8 | % |  | $ | 100 |  |  | 141.0 | % |  | $ | 1,024 |  |  | 38.4 | %
Components of total tax expense (benefit) are as follows:
|  | Year Ended June 30,
(dollars in thousands) |  | 2014 |  | 2013 |  | 2012
Continuing Operations |  |  |  |  |  |
Current tax expense (benefit) |  | $ | (904 | ) |  | $ | 91 |  |  | $ | 1,307 |
Deferred tax expense (benefit) |  | 387 |  |  | 9 |  |  | (283 | )
Total tax expense (benefit) - continuing operations |  | $ | (517 | ) |  | $ | 100 |  |  | $ | 1,024 |
Tax expense (benefit) - continuing operations |  | $ | (517 | ) |  | $ | 100 |  |  | $ | 1,024 |
Tax benefit - discontinued operations |  | (125 | ) |  | (85 | ) |  | (55 | )
Total tax expense (benefit) |  | $ | (642 | ) |  | $ | 15 |  |  | $ | 969 |
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The Company’s deferred assets and liabilities using the effective statutory tax rate (34 percent for 2014 and 2013) are as follows:
|  | Year Ended June 30,
(dollars in thousands) |  | 2014 |  | 2013
Book/tax differences in the balance sheet
Trading securities |  | 84 |  |  | 238 |
Prepaid expenses |  | (142 | ) |  | (152 | )
Accumulated depreciation |  | 120 |  |  | 85 |
Available-for-sale securities |  | (176 | ) |  | (55 | )
Equity method |  | — |  |  | (19 | )
Accrued expenses |  | 108 |  |  | 111 |
Stock-based compensation expense |  | 103 |  |  | 117 |
Tax Carryovers |  |  |  |
Capital loss carryover |  | 252 |  |  | 549 |
Charitable contributions carryover |  | 35 |  |  | 27 |
Valuation Allowance |  | (35 | ) |  | (27 | )
Net deferred tax asset |  | 349 |  |  | 874 |

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph h -Article 4 Reference 4: 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=6907707&loc=d3e32639-109319 Reference 5: 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=6907707&loc=d3e32537-109319 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319 + Details
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