Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Tables)

v3.22.2.2
INCOME TAXES (Tables)
12 Months Ended
Jun. 30, 2022
Income Tax Disclosure [Abstract]  
SCHEDULE OF CONSOLIDATED PRE-TAX INCOME (LOSS)

Consolidated pre-tax income (loss) consists of the following:

 

                 
    Years Ended June 30,  
    2022     2021  
US operations   $ (1,140,443 )   $ 1,944,974  
Foreign operations     3,230,184       1,343,275  
Net income before income taxes   $ 2,089,741     $ 3,288,249  
SCHEDULE OF COMPONENTS OF PROVISION FOR INCOME TAXES

The components of the provision for income taxes are as follows:

 

                 
    Years Ended June 30,  
    2022     2021  
Current:                
Federal   $ -     $ -  
State and Local     2,800       113,152  
Foreign     986,138       912,663  
                 
Deferred:                
Federal     -       -  
State and Local     -       802  
Foreign     -       -  
Provision for income taxes   $ 988,938     $ 1,026,617  
SCHEDULE OF RECONCILIATION OF TAXES AT STATUTORY FEDERAL INCOME TAX RATE INCOME TAX EXPENSE BENEFITS

A reconciliation of taxes computed at the statutory federal income tax rate to income tax expense (benefit) is as follows:

 

    Years Ended June 30,
    2022           2021        
Income tax (benefit) provision at statutory rate   $ 438,846       21.0 %   $ 690,532       21.0 %
State income (benefit) taxes, net of federal tax benefit     145,864       7.0 %     229,520       7.0 %
Foreign earnings taxed at different rates     82,333       3.9 %     72,358       2.2 %
Change in valuation allowance for deferred tax assets     318,421       15 %     129,758       3.9 %
Other     3,474       0.2 %     (95,551 )     -2.9 %
Provision for income taxes   $ 988,938       47.3 %   $ 1,026,617       31.2 %

SCHEDULE OF DEFERRED INCOME TAX ASSETS AND LIABILITIES

Deferred income tax assets and liabilities as of June 30, 2022 and 2021 consist of tax effects of temporary differences related to the following:

 

                 
    2022     2021  
Net operating loss carry forwards   $ 7,885,333     $ 7,483,618  
Other     80,311       79,675  
Net deferred tax assets     7,965,644       7,563,293  
Valuation allowance for deferred tax assets     (7,965,644 )     (7,563,293 )
Net deferred tax assets   $ -     $ -