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Income taxes (Tables)

6 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of provision for income tax

Schedule of provision for income tax
		Three Months Ended December 31,								Six Months Ended December 31,
		2023				2022				2023				2022
Current:
Federal		$	1,705			$	280,781			$	–			$	280,781
States			(904	)			(123	)			11,566				9,799
Foreign			–				–				–				–
Total current income tax provision			801				280,658				11,566				290,580
Deferred:
Federal			(555,981	)			(1,090,318	)			(840,629	)			(1,259,785	)
States			(133,943	)			(203,562	)			(200,567	)			(306,707	)
Foreign			184				(34,527	)			64,809				(219,633	)
Total deferred taxes			(689,740	)			(1,328,407	)			(976,387	)			(1,786,125	)
Total provision for income taxes		$	(688,939	)		$	(1,047,749	)		$	(964,821	)		$	(1,495,545	)

Schedule of reconciliation of effective income tax rate

Schedule of reconciliation of effective income tax rate
		Three Months Ended December 31,								Six Months Ended December 31,
		2023				2022				2023				2022
Statutory tax rate
Federal			21.00%				21.00%				21.00%				21.00%
State			5.82%				5.85%				5.82%				5.85%
Foreign tax rate difference			0.35%				(0.33%	)			0.20%				1.86%
Impairment loss on goodwill -permanent difference			–				–				–				(9.32%	)
Net effect of state income tax deduction and other permanent differences			(0.74%	)			(2.38%	)			(3.89%	)			(2.72%	)
Effective tax rate			26.43%				24.14%				23.13%				16.67%

Schedule of deferred taxes

Schedule of deferred taxes
		December 31, 2023				June 30, 2023
Deferred tax assets
263A calculation		$	183,268			$	239,142
Inventory reserve			209,655				149,907
State taxes			2,619				2,435
Accrued expenses			253,589				273,589
ROU assets / liabilities			113,992				115,125
Net Operation loss			3,002,627				2,173,221
Disallowed interest expense			214,299				163,381
Stock-based compensation			277,228				207,726
Valuation allowance			(66,104	)			–
Others			85,596				85,596
Total deferred tax assets			4,276,769				3,410,122
Deferred tax liabilities
Depreciation			(91,944	)			(105,323	)
Intangible assets acquired			(1,062,462	)			(1,149,549	)
Total deferred tax liabilities			(1,154,406	)			(1,254,872	)
Net deferred tax assets		$	3,122,363			$	2,155,250

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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

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-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 9
-Section 50
-Publisher FASB
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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

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-Name Accounting Standards Codification
-Paragraph 2
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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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