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Income Taxes (Tables)

12 Months Ended

Jun. 30, 2019

Income Tax Disclosure [Abstract]

Schedule of components of income tax expense

The components of income tax benefit from operations are as follows:

		Year Ended June 30,
(In thousands)		2019				2018
Current
Federal		$	858			$	—
State and local			—				—
Total current tax benefit		$	858			$	—
Deferred
Federal			—				—
State and local			—				—
Total deferred tax benefit		$	—			$	—
Total tax benefit		$	858			$	—

Schedule of effective income tax rate reconciliation

A reconciliation of the reported income tax benefit to the amount that would result by applying the U.S. Federal statutory rate to the loss before income taxes to the actual amount of income tax benefit recognized follows:

		Year Ended June 30,
(In thousands)		2019				2018
Expected benefit		$	1,763			$	3,647
State tax (expense) benefit			—				—
Change in valuation allowance			(1,325	)			(3,608	)
AMT credit refund			—				—
Other permanent items			(9	)			(39	)
Total income tax benefit		$	429			$	—

Schedule of deferred tax assets and liabilities

The Company’s deferred tax assets as of June 30, 2019 and 2018 consist of the following:

		Year Ended June 30,
(In thousands)		2019				2018
Deferred tax assets:
Net operating loss carryforwards		$	17,738			$	15,976
Alternative minimum tax credit carryforwards			—				857
Accrued expenses and other timing			1,100				983
Total gross deferred tax assets		$	18,838			$	17,816
Less — valuation allowance			(18,903	)			(17,518	)
Net deferred tax assets		$	(65	)		$	298
Deferred tax liabilities:
Property and equipment, principally due to differences in depreciation		$	65			$	(298	)
Total gross deferred tax liabilities			65				(298	)
Net deferred tax assets		$	—			$	—

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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=84230637&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 http://asc.fasb.org/extlink&oid=84230637&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 http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319

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