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Income Taxes (Tables)
12 Months Ended
Jun. 30, 2020
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense

 

The components of income tax benefit from operations are as follows:

 

 

 

Year Ended June 30,

 

(In thousands)

 

2020

 

 

2019

 

Current

 

 

 

 

 

 

 

 

Federal

 

$

 

 

$

858

 

State and local

 

 

 

 

 

 

Total current tax benefit

 

$

 

 

$

858

 

Deferred

 

 

 

 

 

 

 

 

Federal

 

 

 

 

 

 

State and local

 

 

 

 

 

 

Total deferred tax benefit

 

$

 

 

$

 

Total tax benefit

 

$

 

 

$

858

 

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the reported income tax benefit 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 benefit recognized follows:

 

 

 

Year Ended June 30,

 

(In thousands)

 

2020

 

 

2019

 

Expected benefit

 

$

1,746

 

 

$

1,763

 

State tax expense

 

 

 

 

 

 

Change in valuation allowance

 

 

2,961

 

 

 

(1,325

)

Prior year true-up

 

 

(4,650

)

 

 

 

Other permanent items

 

 

(57

)

 

 

(9

)

Total income tax benefit

 

$

 

 

$

429

 

Schedule of Deferred Tax Assets and Liabilities

The Company’s deferred tax assets as of June 30, 2020 and 2019 consist of the following:

 

 

 

Year Ended June 30,

 

(In thousands)

 

2020

 

 

2019

 

Deferred tax assets:

 

 

 

 

 

 

 

 

Net operating loss carryforwards

 

$

14,786

 

 

$

17,738

 

Alternative minimum tax credit carryforwards

 

 

 

 

 

 

Lease liability - current and non-current

 

 

202

 

 

 

 

Accrued expenses and other timing

 

 

1,047

 

 

 

1,100

 

Property and equipment, principally due to differences in depreciation

 

 

85

 

 

 

 

Total gross deferred tax assets

 

$

16,120

 

 

$

18,838

 

Less — valuation allowance

 

 

(15,941

)

 

 

(18,903

)

Net deferred tax assets

 

$

179

 

 

$

(65

)

Deferred tax liabilities:

 

 

 

 

 

 

 

 

Right-of-use assets

 

$

(179

)

 

$

 

Property and equipment, principally due to differences in depreciation

 

 

 

 

 

65

 

Total gross deferred tax liabilities

 

 

(179

)

 

 

65

 

Net deferred tax assets

 

$

 

 

$