v3.22.2.2

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended
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Jun. 30, 2022
Accounting Policies [Abstract] |
Schedule of Inventory, Current [Table Text Block] | Inventory is stated at the lower of cost (computed on a first-in, first-out basis) or net realizable value. The inventory consists primarily of chemicals, finished goods produced in our plant and products purchased for resale. Inventory levels increased during fiscal year 2022 due to the higher prices paid for raw materials versus prices paid in fiscal year 2021, and the decision of the Company to strategically purchase of additional chemical raw materials when they became available. For some materials this required us to hold higher inventory levels than would be held in previous years.
|  | June 30, |
|  | 2022 |  |  | 2021 |
Raw materials |  | $ | 769,277 |  |  | $ | 416,709 |
Finished goods |  |  | 403,517 |  |  |  | 525,565 |
Inventory reserve |  |  | (132,307 | ) |  |  | (119,652 | )
Inventory – net (current and long term) |  | $ | 1,040,487 |  |  | $ | 822,622 |
Property, Plant and Equipment [Table Text Block] | Depreciation and amortization, collectively depreciation expense, is computed using the straight-line method over estimated useful lives as follows:
Leasehold improvements | 5 years, or over lease term
Equipment | 5 to 10 years
Furniture and fixtures | 7 years
Software | 2 years
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | The estimated amortization expense, based on current intangible balances, for the next five fiscal years beginning July 1, 2022, is as follows:
2023 |  | $ | 12,738 |
2024 |  | $ | 16,337 |
2025 |  | $ | 7,464 |
2026 |  | $ | 5,270 |
2027 |  | $ | 4,974 |
Thereafter |  | $ | 11,431 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Deferred taxes are provided on a liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss and tax credit carry-forwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. Net deferred tax assets consist of the following components as of June 30, 2022, and 2021:
|  | 2022 |  |  | 2021 |
Deferred tax assets: |  |  |  |  |  |  |  |
Net operating loss (“NOL”) carryover |  | $ | 7,804,200 |  |  | $ | 8,334,200 |
Section 1231 loss carryover |  |  | 3,900 |  |  |  | 4,000 |
Inventory reserve |  |  | 27,800 |  |  |  | 25,100 |
R & D carryover |  |  | 216,300 |  |  |  | 209,800 |
Related party accruals |  |  | 9,800 |  |  |  | 8,000 |
Deferred revenue |  |  | 22,700 |  |  |  | 5,400 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Depreciation |  |  | (56,500 | ) |  |  | (19,700 | )
Valuation allowance |  |  | (8,028,200 | ) |  |  | (8,566,800 | )
Net deferred tax asset |  | $ | - |  |  | $ | - |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The income tax provision differs from the amount of income tax determined by applying the U.S. federal income tax rate to pretax income from continuing operations for the years ended June 30, 2022, and 2021 due to the following:
|  | 2022 |  |  | 2021 |
Book income (loss) tax effected |  | $ | 90,700 |  |  | $ | 54,300 |
Depreciation |  |  | (34,300 | ) |  |  | (5,900 | )
Nondeductible expenses |  |  | 24,400 |  |  |  | 18,600 |
Inventory reserve |  |  | 2,700 |  |  |  | 6,900 |
Deferred revenue |  |  | 17,300 |  |  |  | 2,900 |
R&D Section 6765 Addback |  |  | 1,400 |  |  |  | 600 |
Related party accruals |  |  | 1,800 |  |  |  | 3,700 |
Loss on asset impairment |  |  | 100 |  |  |  | 300 |
Valuation allowance |  |  | (104,100 | ) |  |  | (81,400 | )
|  | $ | - |  |  | $ | - |
Summary of Operating Loss Carryforwards [Table Text Block] | NOL’s arising in tax years beginning in 2017 or earlier are subject to a 20-year limit. Because Amerityre’s NOL’s were generated from fiscal year end June 30, 2002 to fiscal year end June 30, 2016, there will be some NOL’s expiring each year through fiscal year 2036. The following table shows the amounts that would expire per year it not utilized:
2023 |  |  | 2,568,876 |
2024 |  |  | 4,921,923 |
2025 |  |  | 9,912,014 |
2026 |  |  | 4,478,509 |
2027 |  |  | 3,954,682 |
2028 |  |  | 3,434,035 |
2029 |  |  | 2,893,639 |
2030 |  |  | 1,161,192 |
2031 |  |  | 1,027,013 |
2032 |  |  | 780,467 |
2033 |  |  | 1,035,050 |
2034 |  |  | 651,035 |
2035 |  |  | 237,572 |
2036 |  |  | 107,053 |

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