Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Tables)

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INCOME TAXES (Tables)
12 Months Ended
Jun. 30, 2024
Income Tax Disclosure [Abstract]  
SCHEDULE OF CONSOLIDATED PRE-TAX INCOME (LOSS)

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

 

    2024     2023  
    Years Ended June 30,  
    2024     2023  
US operations   $ (1,719,058 )   $ (394,914 )
Foreign operations     4,942,505       (2,822,999 )
Net income before income taxes   $ 3,223,447     $ (3,217,913 )
SCHEDULE OF COMPONENTS OF PROVISION FOR INCOME TAXES

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

 

    2024     2023  
    Years Ended June 30,  
    2024     2023  
Current:                
Federal   $ -     $ -  
State and Local     1,600       13,972  
Foreign     1,143,918       912,588  
                 
Deferred:                
Federal     -       -  
State and Local     -       -  
Foreign     -       -  
Provision for income taxes   $ 1,145,518     $ 926,560  
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,        
    2024           2023        
Income tax (benefit) provision at statutory rate   $ 676,924       21.0 %   $ (675,762 )     21.0 %
State income (benefit) taxes, net of federal tax benefit     224,997       7.0 %     (224,610 )     7.0 %
Foreign earnings taxed at different rates     (238,995 )     -7.4 %     1,702,463       -52.9 %
Change in valuation allowance for deferred tax assets     351,633       10.9 %     111,473       -3.5 %
Other     130,959       4.1 %     12,996       -0.4 %
Provision for income taxes   $ 1,145,518       35.5 %   $ 926,560       -28.8 %
SCHEDULE OF DEFERRED INCOME TAX ASSETS AND LIABILITIES

Deferred income tax assets and liabilities as of June 30, 2024 and 2023 consist of tax effects of temporary differences related to the following:

 

    2024     2023  
    Years Ended June 30,  
    2024     2023  
Net operating loss carry forwards   $ 11,190,703     $ 8,281,162  
Other     152,814       184,916  
Net deferred tax assets     11,343,517       8,466,078  
Valuation allowance for deferred tax assets     (11,343,517 )     (8,466,078 )
Net deferred tax assets   $ -     $ -