Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.21.2
Income Taxes (Tables)
12 Months Ended
Jun. 30, 2020
Schedule of Investments [Abstract]  
Schedule of Consolidated Pre-Tax Income (Loss)

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

 

    Years Ended June 30,  
    2021     2020  
US operations   $ 1,944,974     $ 417,885  
Foreign operations     1,343,275       1,915,206  
    $ 3,288,249     $ 2,333,091  
Components of Provision for Income Taxes

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

 

    Years Ended June 30,  
    2021     2020  
Current:                
Federal   $ -     $ -  
State and Local     113,152       2,275  
Foreign     912,663       1,138,793  
                 
Deferred:                
Federal     -       -  
State and Local     802       -  
Foreign     -       -  
Provision for income taxes   $ 1,026,617     $ 1,141,068  
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,        
    2021           2020        
Income tax (benefit) provision at statutory rate   $ 690,532       21.0 %   $ 489,949       21.0 %
State income (benefit) taxes, net of federal tax benefit     229,520       7.0 %     162,850       7.0 %
Foreign earnings taxed at different rates     72,358       2.2 %     602,918       25.8 %
Change in valuation allowance for deferred tax assets     129,758       4 %     (120,739 )     -5.2 %
Other     (95,551 )     -2.9 %     6,090       0.3 %
Provision for income taxes   $ 1,026,617       31.2 %   $ 1,141,068       48.9 %

 

Schedule of Deferred Income Tax Assets and Liabilities

Deferred income tax assets and liabilities as of June 30, 2021 and 2020 consist of tax effects of temporary differences related to the following:

 

Components of deferred tax asset

 

    Years Ended June 30,  
    2021     2020  
Net operating loss carry forwards   $ 7,483,618     $ 7,318,282  
Other     79,675       115,253  
Net deferred tax assets     7,563,293       7,433,535  
Valuation allowance for deferred tax assets     (7,563,293 )     (7,433,535 )
Net deferred tax assets   $ -     $ -