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Income Taxes (Tables)
12 Months Ended
Jun. 30, 2018
Income Tax Disclosure [Abstract]  
Schedule of components of income tax expense

 

The components of income tax expense from operations are as follows (in thousands):

 

 

 

Year Ended June 30,

 

 

 

2018

 

 

2017

 

Current

 

 

 

 

 

 

 

 

Federal

 

$

 

 

$

 

State and local

 

 

 

 

 

(2

)

Total income tax expense

 

$

 

 

$

(2

)

 

Schedule of effective income tax rate reconciliation

A reconciliation of the reported income tax expense to the amount that would result by applying the U.S. Federal statutory rate to the loss before income taxes to the actual amount of income tax expense recognized follows (in thousands):

 

 

 

Year Ended June 30,

 

 

 

2018

 

 

2017

 

Expected benefit

 

$

3,647

 

 

$

3,996

 

State tax expense

 

 

 

 

 

(2

)

Change in temporary tax adjustments

 

 

(3,608

)

 

 

(3,905

)

Other permanent items

 

 

(39

)

 

 

(91

)

Total income tax expense

 

$

 

 

$

(2

)

 

Schedule of deferred tax assets and liabilities

The Company’s deferred tax assets as of June 30, 2018 and 2017 consist of the following (in thousands):

 

 

 

Year Ended June 30,

 

 

 

2018

 

 

2017

 

Deferred tax assets:

 

 

 

 

 

 

 

 

Net operating loss carryforwards

 

$

15,976

 

 

$

20,439

 

Alternative minimum tax credit carryforwards

 

 

857

 

 

 

857

 

Accrued expenses and other timing

 

 

983

 

 

 

1,344

 

Total gross deferred tax assets

 

$

17,816

 

 

$

22,640

 

Less — valuation allowance

 

 

(17,518

)

 

 

(22,195

)

Net deferred tax assets

 

$

298

 

 

$

445

 

Deferred tax liabilities:

 

 

 

 

 

 

 

 

Property and equipment, principally due to differences in

   depreciation

 

$

(298

)

 

$

(445

)

Total gross deferred tax liabilities

 

 

(298

)

 

 

(445

)

Net deferred tax assets (liabilities)

 

$

 

 

$