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

INCOME TAXES (Tables)

v3.26.3
INCOME TAXES (Tables)
 12 Months Ended
Jun. 30, 2026
Income Tax Disclosure [Abstract]  
SCHEDULE OF CONSOLIDATED PRE-TAX INCOME (LOSS)

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

 

    2026     2025  
    For the Years  
    Ended June 30,  
    2026     2025  
US operations   $ (669,670 )   $ 1,099,957  
Foreign operations     7,895,549       4,947,300  
Net income before income taxes    $ 7,225,879     $ 6,047,257  
SCHEDULE OF COMPONENTS OF PROVISION FOR INCOME TAXES

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

 

    2026     2025  
    For the Years  
    Ended June 30,  
    2026     2025  
Current:                
Federal   $ -     $ -  
State and Local     24,552       1,600  
Foreign     1,653,965       1,411,601  
                 
Deferred:                
Federal     -       -  
State and Local     -       -  
Foreign     (48,141 )     63,137  
Provision for income taxes   $ 1,630,376     $ 1,476,338  
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:

 

    For the Year Ended        
    June 30, 2026        
Income tax (benefit) provision at statutory rate   $ 1,517,432       21.0 %
State income (benefit) taxes, net of federal tax benefit     2,636       0.0 %
Foreign tax effects                
Pakistan statutory rate differential     515,228       7.1 %
China statutory rate differential     (107,494 )     -1.5 %
United Arab Emirates statutory rate differential     (372,081 )     -5.1 %
Pakistan alternative tax regimes     (151,661 )     -2.1 %
Pakistan prior-period super tax     442,805       6.1 %
Other foreign tax effects     208,276       2.9 %
Changes in valuation allowances     387,154       5.4 %
Nontaxable or nondeductible items                
Pakistan tax-exempt income     (1,486,727 )     -20.6 %
Thailand nondeductible bad debt     526,377       7.3 %
Nondeductible executive compensation     135,822       1.9 %
Other nontaxable or nondeductible items     49,405       0.7 %
Other     (36,796 )     -0.5 %
Income tax expense (benefit)   $ 1,630,376       22.6 %

SCHEDULE OF DEFERRED INCOME TAX ASSETS AND LIABILITIES

Deferred income tax assets and liabilities as of June 30, 2026 and 2025 consist of tax effects of temporary differences related to the following:

 

    2026     2025  
    For the Years  
    Ended June 30,  
    2026     2025  
Net operating loss carry forwards   $ 12,003,107     $ 10,963,495  
Other     220,065       200,323  
Total deferred tax assets     12,223,172       11,163,818  
Valuation allowance for deferred tax assets     (12,097,786 )     (11,163,818 )
Deferred tax assets, net of valuation allowance     125,386       -  
Deferred tax liabilities     (119,787 )     (171,096 )
Net deferred tax asset (liability)   $ 5,599     $ (171,096 )

SCHEDULE OF INCOME TAXES PAID, NET OF REFUNDS RECEIVED

The following table presents income taxes paid, net of refunds received, disaggregated by federal, state and local, and foreign jurisdictions for the year ended June 30, 2026.

 

For the year the ended June 30, 2026  

Income taxes paid,

net of refunds received

  
U.S. federal   $ -  
State and local     24,552  
Foreign        
United Kingdom     562,528  
Pakistan     588,050  
Thailand     90,100  
UAE     249,835  
All other foreign jurisdictions     -  
Total foreign     1,490,513  
Total income taxes paid, net of refunds received   $ 1,515,065