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Taxes (Tables) | 3 Months Ended
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Sep. 30, 2024
Taxes [Abstract] |
Schedule of Provision for Income Tax | The provision for income tax for the three months ended September 30, 2024 and 2023 consists of the following:
|  | For the three months ended September 30, |
|  | 2024 |  |  | 2023 |
Current income tax expense |  | $ | - |  |  | $ | - |
Deferred income tax expense (recovery) |  |  | 89,581 |  |  |  | (19,953 | )
Deferred state tax adjustment – change of tax rates |  |  | - |  |  |  | 17,894 |
Total income tax expense (recovery) |  | $ | 89,581 |  |  | $ | (2,059 | )
Schedule of Reconciles the Statutory Tax Rate | The following table reconciles the statutory tax rate to the Company’s effective tax the three months ended September 30, 2024 and 2023:
|  | For the three months ended September 30, |
|  | 2024 |  |  | 2023 |
Loss before tax |  | $ | (1,245,826 | ) |  | $ | (309,344 | )
Statutory state tax rate |  |  | 21 | % |  |  | 21 | %
Income tax recovery at the federal statutory rate |  | $ | (261,623 | ) |  | $ | (64,962 | )
Illinois state tax/PET tax recovery |  |  | (79,470 | ) |  |  | (21,654 | )
Illinois replacement tax recovery |  |  | (28,382 | ) |  |  | (7,734 | )
Tax effect on change in tax rate |  |  | - |  |  |  | 92,291 |
Change in valuation allowance |  |  | 463,478 |  |  |  | - |
Tax effect on other tax jurisdiction |  |  | (4,422 | ) |  |  | - |
Total income tax expense (recovery) |  |  | 89,581 |  |  |  | (2,059 | )
Schedule of Deferred Tax Assets and Liabilities | The Company’s deferred tax assets and liabilities consist of the following:
|  | September 30, 2024 |  | June 30, 2024
Deferred tax assets: |  |  |  |
Allowance for credit loss |  | $ | 20,405 |  |  | $ | 16,490 |
Lease liability – operating |  |  | 1,352,707 |  |  |  | 1,126,429 |
Lease liability – financing |  |  | 14,471 |  |  |  | 16,799 |
Non-capital loss carried forward |  |  | 362,204 |  |  |  | - |
Valuation allowance |  |  | (463,478 | ) |  |  | - |
Total deferred tax assets |  |  | 1,286,309 |  |  |  | 1,159,718 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Right of use assets – operating |  |  | (1,277,195 | ) |  |  | (1,058,707 | )
Right of use assets – financing |  |  | (9,114 | ) |  |  | (11,430 | )
Total deferred tax liabilities |  |  | (1,286,309 | ) |  |  | (1,070,137 | )
Deferred tax assets, net |  | $ | - |  |  | $ | 89,581 |

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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/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-9 + Details
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