Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Tables)

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INCOME TAXES (Tables)
12 Months Ended
Jun. 30, 2023
Income Tax Disclosure [Abstract]  
SCHEDULE OF CONSOLIDATED PRE-TAX INCOME (LOSS)

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

 

    2023     2022  
    Years Ended June 30,  
    2023     2022  
US operations   $ (394,914 )   $ (1,140,443 )
Foreign operations     (2,822,999 )     3,230,184  
Net income before income taxes   $ (3,217,913 )   $ 2,089,741  
SCHEDULE OF COMPONENTS OF PROVISION FOR INCOME TAXES

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

 

    2023     2022  
    Years Ended June 30,  
    2023     2022  
Current:                
Federal   $ -     $ -  
State and Local     13,972       2,800  
Foreign     912,588       986,138  
                 
Deferred:                
Federal     -       -  
State and Local     -       -  
Foreign     -       -  
Provision for income taxes   $ 926,560     $ 988,938  
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:

 

Reconciliation of effective income tax rate

 

    Years Ended June 30,  
    2023           2022        
Income tax (benefit) provision at statutory rate   $ (675,762 )     21.0 %   $ 438,846       21.0 %
State income (benefit) taxes, net of federal tax benefit     (224,610 )     7.0 %     145,864       7.0 %
Foreign earnings taxed at different rates     1,702,463       -52.9 %     82,333       3.9 %
Change in valuation allowance for deferred tax assets     111,473       -3.5 %     318,421       15.2 %
Other     12,996       -0.4 %     3,474       0.2 %
Provision for income taxes   $ 926,560       -28.8 %   $ 988,938       47.3 %
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:

 

Components of deferred tax asset

 

    2023     2022  
    Years Ended June 30,  
    2023     2022  
Net operating loss carry forwards   $ 8,281,162     $ 7,885,333  
Other     184,916       80,311  
Net deferred tax assets     8,466,078       7,965,644  
Valuation allowance for deferred tax assets     (8,466,078 )     (7,965,644 )
Net deferred tax assets   $ -     $ -