Provision for Income Taxes (Tables)

12 Months Ended

Jun. 30, 2018

Income Tax Disclosure [Abstract]

Schedule of components of the provision for income taxes

A summary of the components of the provision for income taxes for the years ended June 30, 2018 and 2017 is as follows:

	2018			2017
Current tax expense - federal	$	880,213		$	559,171
Current tax (benefit) expense - state		(2,009	)		2,986
Deferred tax expense (benefit)		115,075			(46,488	)
Provision for income taxes	$	993,279		$	515,669

Schedule of effective income tax rates

The combined U.S. federal and state effective income tax rates of 24.4% and 31.2%, for 2018 and 2017 respectively, differed from the statutory U.S. federal income tax rate for the following reasons:

	2018			2017
U.S. federal statutory income tax rate		28.1	%		34.0	%
Increase (reduction) in rate resulting from:
State franchise tax, net of federal income tax benefit		(0.1	)		0.1
ESOP cost versus Fair Market Value		1.1			3.6
Dividend on allocated ESOP shares		(2.9	)		(7.2	)
Qualified production activities		(2.1	)		(2.8	)
Stock-based compensation		0.1			1.8
Other		0.2			1.7
Effective tax rate		24.4	%		31.2	%

Schedule of deferred tax assets and liabilities

The tax effects of temporary differences that give rise to deferred tax assets and deferred tax liabilities as of June 30, 2018 and 2017 are presented as follows:

	2018			2017
Deferred tax assets:
Accrued expenses	$	203,150		$	195,915
ESOP		32,875			73,696
Stock-based compensation		51,140			81,659
Inventory - effect of uniform capitalization		53,863			36,935
Unrealized loss (gain) on investment securities		1,060			666
Other		1,437			2,384
Total deferred tax assets	$	343,525		$	391,255
Deferred tax liability:
Property, plant and equipment - principally due
to differences in depreciation methods	$	361,218		$	294,267
Total deferred tax liability		361,218			294,267
Net deferred tax (liability) asset	$	(17,693	)	$	96,988