Annual report [Section 13 and 15(d), not S-K Item 405]

INCOME TAXES (Tables)

v3.25.2
INCOME TAXES (Tables)
12 Months Ended
Jun. 30, 2025
Income Tax Disclosure [Abstract]  
SCHEDULE OF CONSOLIDATED PRE-TAX INCOME (LOSS)

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

 

         
    Years Ended June 30,  
    2025     2024  
US operations   $ 1,099,957     $ (1,719,058 )
Foreign operations     4,947,300       4,942,505  
Net income before income taxes   $ 6,047,257     $ 3,223,447  
SCHEDULE OF COMPONENTS OF PROVISION FOR INCOME TAXES

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

 

         
    Years Ended June 30,  
    2025     2024  
Current:            
Federal   $ -     $ -  
State and Local     1,600       1,600  
Foreign     1,411,601       1,143,918  
                 
Deferred:                
Federal     -       -  
State and Local     -       -  
Foreign     63,137       -  
Provision for income taxes   $ 1,476,338     $ 1,145,518  
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,        
    2025           2024        
Income tax (benefit) provision at statutory rate   $ 1,269,924       21.0 %   $ 676,924       21.0 %
State income (benefit) taxes, net of federal tax benefit     422,099       7.0 %     224,997       7.0 %
Foreign earnings taxed at different rates     90,483       1.5 %     (238,995 )     -7.4 %
Change in valuation allowance for deferred tax assets     (179,699 )     -3.0 %     351,633       10.9 %
Other     (126,469 )     -2.1 %     130,959       4.1 %
Provision for income taxes   $ 1,476,338       24.4 %   $ 1,145,518       35.5 %
SCHEDULE OF DEFERRED INCOME TAX ASSETS AND LIABILITIES

Deferred income tax assets and liabilities as of June 30, 2025 and 2024 consist of tax effects of temporary differences related to the following:

 

         
    Years Ended June 30,  
    2025     2024  
Net operating loss carry forwards   $ 10,963,495     $ 11,190,703  
Other     200,323       152,814  
Net deferred tax assets     11,163,818       11,343,517  
Valuation allowance for deferred tax assets     (11,163,818 )     (11,343,517 )
Net deferred tax assets   $ -     $ -