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Income taxes (Tables)

9 Months Ended

Mar. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of provision for income tax expense

Schedule of provision for income tax expense
		Three Months Ended March 31,								Nine Months Ended March 31,
		2022				2021				2022				2021
Current:
Federal		$	402,373			$	198,079			$	859,341			$	555,430
State			67,642				92,681				276,364				258,204
PRC			122,623				–				122,623				–
Total current income tax provision			592,638				290,760				1,258,328				813,634
Deferred:
Federal			(432,290	)			(36,221	)			(432,290	)			(36,221	)
State			(120,493	)			(16,726	)			(120,493	)			(16,726	)
PRC			–				–				–				–
Total deferred tax			(552,783	)			(52,947	)			(552,783	)			(52,947	)
Total provision for income taxes		$	39,855			$	237,813			$	705,545			$	760,687

Schedule of reconciliation of effective income tax rate

Schedule of reconciliation of effective income tax rate
			Three Months Ended March 31,								Nine Months Ended March 31,
			2022				2021				2022				2021
US calculated statutory tax rate
Federal			21.00%				21.00%				21.00%				21.00%
State (net of federal benefit)			5.45%				8.84%				5.71%				8.84%
Foreign tax rate difference			(1.59%	)			–				(0.54%	)			–
Net effect of state income tax deduction and other
Permanent and temporary differences			(21.59%	)			737.57%				(6.40%	)			10.38%
Effective tax rate			3.27%				767.41%				19.77%				40.22%

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- References

No definition available.

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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 https://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 https://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319

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