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INCOME TAXES | 12 Months Ended
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Jun. 30, 2014
Notes to Financial Statements |
INCOME TAXES (IN THOUSANDS, EXCEPT EARNINGS PER SHARE AND NUMBER OF SHARES) | On a consolidated basis, the Company’s net income tax provisions (benefits) were as follows:
|  | For the Year Ended June 30, |
|  | 2014 |  |  | 2013 |
Current: |  |  |  |  |  |
Federal |  | $ | - |  |  | $ | - |
State |  |  | 5 |  |  |  | 2 |
Foreign |  |  | (175 | ) |  |  | (956 | )
|  | $ | (170 | ) |  | $ | (954 | )
Deferred: |  |  |  |  |  |  |  |
Federal |  | $ | - |  |  | $ | - |
State |  |  | - |  |  |  | - |
Foreign |  |  | (174 | ) |  |  | 694 |
|  |  | (174 | ) |  |  | 694 |
Total provision |  | $ | (344 | ) |  | $ | (260 | )
The reconciliation between the U.S. federal tax rate and the effective income tax rate was as follows:
|  | Year Ended June 30, |
|  | 2014 |  |  | 2013 |
Statutory federal tax rate |  |  | (34 | )% |  |  | (34 | )%
State taxes, net of federal benefit |  |  | (6 | ) |  |  | (6 | )
Foreign tax related to profits making subsidiaries |  |  | (400 | ) |  |  | (1 | )
NOL Expiration |  |  | 5 |  |  |  | 0 |
Other |  |  | 5 |  |  |  | 5 |
Changes in valuation allowance |  |  | 95 |  |  |  | 0 |
Effective rate |  |  | (335 | )% |  |  | (41 | )%
At June 30, 2014, the Company had net operating loss carry forwards of approximately $459 and $931 for federal and state tax purposes, respectively, expiring through 2023. 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, |
|  | 2014 |  |  | 2013 |
Deferred tax assets: |  |  |  |  |  |  |  |
Net operating losses and credits |  | $ | 1,572 |  |  | $ | 956 |
Inventory valuation |  |  | 99 |  |  |  | 99 |
Depreciation |  |  | - |  |  |  | - |
Provision for bad debts |  |  | 788 |  |  |  | 3 |
Accrued vacation |  |  | 15 |  |  |  | 16 |
Capital loss |  |  | 78 |  |  |  | - |
Accrued expenses |  |  | 217 |  |  |  | 135 |
Investment in subsidiaries |  |  | 182 |  |  |  | - |
Deferred Income |  |  | 201 |  |  |  | - |
Other |  |  | 112 |  |  |  | 3 |
Total deferred tax assets |  | $ | 3,264 |  |  | $ | 1,212 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Accrued expenses |  |  | (10 | ) |  |  | - |
Depreciation |  |  | (192 | ) |  |  | (191 | )
Other |  |  | - |  |  |  | - |
Total deferred income tax liabilities |  | $ | (202 | ) |  | $ | (191 | )
Subtotal |  |  | 3,062 |  |  |  | 1,019 |
Valuation allowance |  |  | (2,876 | ) |  |  | (1,007 | )
Net deferred tax assets |  | $ | 186 |  |  | $ | 12 |
Presented as follows in the balance sheets: |  |  |  |  |  |  |  |
Deferred tax assets |  |  | 388 |  |  |  | 203 |
Deferred tax liabilities |  |  | (202 | ) |  |  | (191 | )
Net deferred tax assets |  | $ | 186 |  |  | $ | 12 |
The valuation allowance was increased by $1,869 in fiscal year 2014 and decreased by $134 in fiscal year years 2014 and 2013, respectively. For U.S. income tax purposes no provision has been made for U.S. taxes on undistributed earnings amounting to $1,152 and $1,026 as at June 30, 2014 and 2013, respectively, 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 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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