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INCOME TAXES (Tables) | 12 Months Ended
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Jun. 30, 2014
Income Taxes Tables |
Components of income tax provision (benefits) | 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 | )
Reconciliation of income tax rate | 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 | )%
Deferred income tax assets (liabilities) |
|  | 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 |

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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://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 + 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://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 + 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://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32687-109319 + Details
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