(Benefit) Provision for Income Taxes (Tables)

12 Months Ended

Jun. 30, 2021

Income Tax Disclosure [Abstract]

Schedule of components of the provision for income taxes

A summary of the components of the (benefit) provision for income taxes for the years ended June 30, 2021 and 2020 is as follows:

	2021			2020
Current tax (benefit) expense - federal	$	(122,221	)	$	190,801
Current tax benefit - state		(37	)		(1,158	)
Deferred tax benefit		(64,396	)		(44,122	)
(Benefit) provision for income taxes	$	(186,654	)	$	145,521

Schedule of effective income tax rates

The combined U.S. federal and state effective income tax rates of 50.7% and 11.1%, for 2021 and 2020 respectively, differed from the statutory U.S. federal income tax rate for the following reasons:

	2021			2020
U.S. federal statutory income tax rate		21.0%			21.0%
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		1.3			1.6
Dividend on allocated ESOP shares		25.9			(14.5	)
Stock-based compensation		(6.7	)		3.0
Foreign Derived Intangible Income Deduction		—			(0.2	)
Rate Differential on Net Operating Loss Carryback		10.5			—
Other		(1.4	)		0.3
Effective tax rate		50.7%			11.1%

Schedule of deferred tax assets and liabilities

For the years ended June 30, 2021 and 2020 deferred income tax benefit of $64,396 and $44,122, respectively, results from the changes in temporary differences for each year. The tax effects of temporary differences that give rise to deferred tax assets and deferred tax liabilities as of June 30, 2021 and 2020 are presented as follows:

	2021			2020
Deferred tax assets:
Accrued expenses	$	186,339		$	171,880
ESOP		2,190			—
Stock-based compensation		59,659			56,280
Inventory - effect of uniform capitalization		46,197			74,352
Other		—			1,437
Total deferred tax assets	$	294,385		$	303,949
Deferred tax liability:
Property, plant and equipment - principally due
to differences in depreciation methods	$	422,771		$	503,009
Prepaid expenses		40,171			33,893
Total deferred tax liability	$	462,942		$	536,902
Net deferred tax liability	$	(168,557	)	$	(232,953	)