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INCOME TAXES | 12 Months Ended
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Jun. 30, 2012
Income Taxes |
Note 12. INCOME TAXES (In Thousands) | The Company generates income or loss before income taxes and non-controlling interest in the U.S., Singapore, Thailand and Malaysia and files income tax returns in these countries. The summarized income or loss before income taxes and non-controlling interest in the U.S. and foreign countries for fiscal 2012 and 2011 were as follows:
|  | For the Year Ended June 30, |
|  | 2012 |  |  | 2011 |
U.S. |  | $ | (206 | ) |  | $ | (413 | )
Foreign |  |  | (4,219 | ) |  |  | 286 |
Total |  | $ | (4,425 | ) |  | $ | (127 | )
On a consolidated basis, the Company’s net income tax provisions (benefits) were as follows:
|  | For the Year Ended June 30, |
|  | 2012 |  |  | 2011 |
Current: |  |  |  |  |  |  |  |
Federal |  | $ | - |  |  | $ | - |
State |  |  | 8 |  |  |  | 2 |
Foreign |  |  | (473 | ) |  |  | 428 |
|  | $ | (465 | ) |  | $ | 430 |
Deferred: |  |  |  |  |  |  |  |
Federal |  | $ | - |  |  | $ | - |
State |  |  | - |  |  |  | - |
Foreign |  |  | 400 |  |  |  | (235 | )
|  | $ | 400 |  |  | $ | (235 | )
Total provision |  | $ | (65 | ) |  | $ | 195 |
The reconciliation between the U.S. federal tax rate and the effective income tax rate was as follows:
|  | For the Year Ended June 30, |
|  | 2012 |  |  | 2011 |
Statutory federal tax rate |  |  | (34 | )% |  |  | (34) | %
State taxes, net of federal benefit |  |  | (6 | ) |  |  | (6) |
Foreign tax related to profits making subsidiaries |  |  | 36 |  |  |  | 64 |
Other |  |  | 3 |  |  |  | 24 |
Changes in valuation allowance |  |  | 0 |  |  |  | 107 |
Effective rate |  |  | (1 | )% |  |  | 155 | %
At June 30, 2012, the Company had net operating loss carry forwards of approximately $443 and $1,005 for federal and state tax purposes, respectively, expiring through 2022. The Company also had tax credit carry forwards of approximately $834 for federal income tax purposes expiring through 2032. Management of the Company is uncertain whether it is more likely than not that these future benefits will be realized. Accordingly, a full valuation allowance has been established. The components of deferred income tax assets (liabilities) were as follows:
|  | For the Year Ended June 30, |
|  | 2012 |  |  | 2011 |
Deferred tax assets: |  |  |  |  |  |  |  |
Net operating losses and credits |  | $ | 1,086 |  |  | $ | 998 |
Inventory valuation |  |  | 99 |  |  |  | 112 |
Depreciation |  |  | - |  |  |  | - |
Provision for bad debts |  |  | 53 |  |  |  | 2 |
Accrued vacation |  |  | 15 |  |  |  | 12 |
Accrued expenses |  |  | (103 | ) |  |  | 314 |
Other |  |  | 24 |  |  |  | (31 | )
Total deferred tax assets |  | $ | 1,174 |  |  | $ | 1,407 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Depreciation |  |  | (714 | ) |  |  | (630 | )
Other |  |  | (2 | ) |  |  | - |
Total deferred income tax liabilities |  | $ | (716 | ) |  | $ | (630 | )
Subtotal |  |  | 458 |  |  |  | 777 |
Valuation allowance |  |  | (1,342 | ) |  |  | (1,261 | )
Net deferred tax liabilities |  | $ | (884 | ) |  | $ | (484 | )
The valuation allowance was increased by $81 and $48 in fiscal 2012 and 2011, respectively. For U.S. income tax purposes no provision has been made for U.S. taxes on undistributed earnings of overseas subsidiaries with which the Company intends to continue to reinvest. It is not practicable to estimate the amount of additional tax that might be payable on the foreign earnings if they were remitted as dividends or lent to the Company, or if the Company should sell its stock in the subsidiary. However, the Company believes that the existing U.S. foreign tax credits and net operating losses available would substantially eliminate any additional tax effects.

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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 Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 136, 172 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. 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=6881521&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 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 43, 44, 45, 46, 47, 48, 49 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 6: 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 7: 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 8: 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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