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INCOME TAXES (Tables) | 12 Months Ended
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Jun. 30, 2019
Income Tax Disclosure [Abstract] |
Components of income tax provision (benefits) | Income before provision for income taxes consists of the following:
|  | For the Year Ended June 30, |
|  | 2019 |  |  | 2018 |
United States |  |  | (308 | ) |  |  | (180 | )
International |  |  | 1,717 |  |  |  | 2,470 |
Total |  | $ | 1,409 |  |  | $ | 2,290 |
The components of the provision for income taxes are as follows:
|  | For the Year Ended June 30, |
|  | 2019 |  |  | 2018 |
Current: |  |  |  |  |  |
Federal |  | $ | (337 | ) |  | $ | 900 |
State |  |  | 2 |  |  |  | 2 |
Foreign |  |  | 289 |  |  |  | 79 |
|  | $ | (46 | ) |  | $ | 981 |
Deferred: |  |  |  |  |  |  |  |
Federal |  | $ | - |  |  | $ | - |
State |  |  | - |  |  |  | - |
Foreign |  |  | 4 |  |  |  | 6 |
|  |  | 4 |  |  |  | 6 |
Total provisions |  | $ | (42 | ) |  | $ | 987 |
Reconciliation of income tax rate |
|  | For the Year Ended June 30, |
|  | 2019 |  |  | 2018 |
Statutory federal tax rate |  |  | 21.00 | % |  |  | (27.55 | )%
State taxes, net of federal benefit |  |  | (0.22 | ) |  |  | (6.00 | )
Permanent items and credits |  |  | 11.23 |  |  |  | - |
Foreign rate differential |  |  | (4.76 | ) |  |  | 32.98 |
Other |  |  | 4.71 |  |  |  | (1.45 | )
Changes in valuation allowance |  |  | (11.11 | ) |  |  | 4.01 |
Tax reform related to one-time repatriation tax |  |  | (23.83 | ) |  |  | (45.0 | )
Effective rate |  |  | (2.98 | )% |  |  | (43.10 | )%
Deferred income tax assets (liabilities) |
|  | For the Year Ended June 30, |
|  | 2019 |  |  | 2018 |
Deferred tax assets: |  |  |  |  |  |
Net operating losses and credits |  | $ | 363 |  |  | $ | 633 |
Inventory valuation |  |  | 64 |  |  |  | 69 |
Provision for bad debts |  |  | 296 |  |  |  | 112 |
Accrued vacation |  |  | 94 |  |  |  | 3 |
Accrued expenses |  |  | 325 |  |  |  | 629 |
Fixed asset basis |  |  | 23 |  |  |  | - |
Investment in subsidiaries |  |  | - |  |  |  | 61 |
Unrealized gain |  |  | 55 |  |  |  | 4 |
Other |  |  | 73 |  |  |  | 3 |
Total deferred tax assets |  | $ | 1,293 |  |  | $ | 1,514 |
Deferred tax liabilities: |  |  |  |  |  |
Depreciation |  |  | (390 | ) |  |  | (324 | )
Others |  |  | (78 | ) |  |  | - |
Total deferred income tax liabilities |  | $ | (468 | ) |  | $ | (324 | )
Subtotal |  |  | 825 |  |  |  | 1,190 |
Valuation allowance |  |  | (762 | ) |  |  | (1,117 | )
Net deferred tax assets |  | $ | 63 |  |  | $ | 73 |
Presented as follows in the balance sheets: |  |  |  |  |  |  |  |
Deferred tax assets |  |  | 390 |  |  |  | 400 |
Deferred tax liabilities |  |  | (327 | ) |  |  | (327 | )
Net deferred tax assets |  | $ | 63 |  |  | $ | 73 |

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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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