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,
	2020		2019
US operations	$	417,885	$	(1,941,611	)
Foreign operations		1,915,206		15,016,935
	$	2,333,091	$	13,075,324

Components of Provision for Income Taxes

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

	Years Ended June 30,
	2020		2019
Current:
Federal	$	-	$	-
State and Local		2,275		-
Foreign		1,138,793		1,057,784
Deferred:
Federal		-		-
State and Local		-		-
Foreign		-		-
Provision for income taxes	$	1,141,068	$	1,057,784

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,
	2020					2019
Income tax (benefit) provision at statutory rate	$	489,949		21.0	%	$	2,745,818		21.0	%
State income (benefit) taxes, net of federal tax benefit		162,850		7.0	%		912,658		7.0	%
Foreign earnings taxed at different rates		602,918		25.8	%		(3,143,954	)	-24.0	%
Change in valuation allowance for deferred tax assets		(120,739	)	-5	%		356,905		2.7	%
Other		6,090		0.3	%		186,357		1.4	%
Provision for income taxes	$	1,141,068		48.9	%	$	1,057,784		8.1	%

Schedule of Deferred Income Tax Assets and Liabilities

Deferred income tax assets and liabilities as of June 30, 2020 and 2019 consist of tax effects of temporary differences related to the following:

Components of deferred tax asset
	Years Ended June 30,
	2020			2019
Net operating loss carry forwards	$	7,318,282		$	6,994,268
Other		115,253			257,337
Net deferred tax assets		7,433,535			7,251,605
Valuation allowance for deferred tax assets		(7,433,535	)		(7,251,605	)
Net deferred tax assets	$	-		$	-