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10. Income taxes (Tables)

9 Months Ended

Mar. 31, 2021

Income Tax Disclosure [Abstract]

Provision for income tax expense

		March 31, 2021				March 31, 2020
Current:
Federal		$	555,430			$	212,722
State			258,204				98,316
Total current income tax provision		$	813,634			$	311,038
Deferred:
Federal			(36,221	)			–
State			(16,726	)			–
Total deferred taxes		$	(52,947	)		$	–
Total provision for income taxes		$	760,686			$	311,038

Reconciliation of effective income tax rate

		March 31, 2021				March 31, 2020
Statutory tax rate
Federal			21.00%				21.00%
State of California			8.84%				8.84%
Net effect of state income tax deduction and other permanent differences			13.18%				1.79%
Effective tax rate			43.02%				28.05%

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- References

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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=121826272&loc=d3e32639-109319

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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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319

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