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Income taxes (Tables)

3 Months Ended

Sep. 30, 2022

Income Tax Disclosure [Abstract]

Schedule of provision for income tax expense

Schedule of provision for income tax expense
		September 30, 2022				September 30, 2021
Current:
Federal		$	–			$	234,629
State			9,921				108,346
Foreign			–				–
Total current income tax provision			9,921				342,975
Deferred:
Federal			(169,467	)			–
State			(103,145	)			–
Foreign			(185,105	)			–
Total deferred taxes			(457,717	)			–
Total provision for income taxes		$	(447,796	)		$	342,975

Schedule of reconciliation of effective income tax rate

Schedule of reconciliation of effective income tax rate
		September 30, 2022				September 30, 2021
Statutory tax rate
Federal			21.00%				21.00%
State (net of federal benefit)			5.85%				8.84%
Foreign tax rate difference			3.91%				–
Impairment loss on goodwill – permanent difference			(17.8%	)			–
Net effect of state income tax deduction and other permanent differences			(3.29%	)			(1.97%	)
Effective tax rate			9.67%				27.87%

Schedule of deferred taxes

Schedule of deferred taxes
		September 30, 2022				June 30, 2022
Deferred tax assets
263A calculation		$	215,434			$	123,884
Inventory reserve			106,071				71,026
State taxes			2,226				45,234
Accrued expenses			157,794				69,172
ROU assets / liabilities			110,319				83,738
Stock-based compensation			99,989				70,266
Net operating loss			416,933				–
Others			18,797				7,539
Total deferred tax assets			1,127,663				470,859
Deferred tax liabilities
Depreciation			(118,576	)			(86,254	)
Intangible assets acquired			(1,280,127	)			(1,323,720	)
Total deferred tax liabilities			(1,398,703	)			(1,409,974	)
Net deferred tax liabilities		$	(271,040	)		$	(939,115	)

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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 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 https://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319

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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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