Note 8 - Income Taxes

6 Months Ended

Dec. 31, 2017

Notes to Financial Statements

Income Tax Disclosure [Text Block]

Note

8.

Income Taxes

On

December 22, 2017,

the U.S. enacted the Tax Cuts and Jobs Act (the “

Act”), which significantly changed U.S. tax law. The Act lowered the Company’s U.S. statutory federal income tax rate from

35%

to

21%

effective

January 1, 2018.

During the

three

month and

six

month period ended

December 31, 2017,

the Company recognized a provision for income taxes of

$338

and

$294,

respectively, of which

$250

was considered a provisional estimate under the U.S. Securities and Exchange Commission Staff Accounting Bulletin

No.

118.

The Company’s provisional estimate of

$250

included

$263

related to the impact of re-measuring the Company’s deferred tax balances to reflect the new tax rate.

The Company re-measured certain d

eferred tax assets and liabilities based on the rates at which they are expected to reverse. In addition, the Company elected to record certain deferred tax assets and liabilities related to the alternative minimum tax carry forward credits now allowed to be utilized in future taxable years. The provisional estimate of

$263

incorporates assumptions made based upon the best available interpretation of the Act and

may

change as the Company receives additional clarification and implementation guidance.