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Taxes (Tables)

3 Months Ended

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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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
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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/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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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.

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-Topic 740
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-Name Accounting Standards Codification
-Section 55
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