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NOTE 11 - INCOME TAXES (Tables)
12 Months Ended
Jun. 30, 2017
Income Tax Disclosure [Abstract]  
Components Of The Benefit Provision For Income Taxes

Components of the benefit for income taxes are as follows:

 

   Years Ended June 30,
   2017  2016  2015
Current:         
Federal  $250,000   $360,496   $114,683 
State   357,235    —      29,313 
Federal deferred taxes   (4,552,702)   (4,368,901)   (2,353,124)
State deferred taxes   (416,967)   (278,866)   (403,393)
   $(4,362,434)  $(4,287,271)  $(2,612,521)

 

Reconciliation Of Federal Statutory Income Tax Rate To Company's Effective Tax Rate

A reconciliation of the federal statutory income tax rate to the Company's effective tax rate as reported is as follows:

 

   Years Ended June 30,
   2017  2016  2015
Taxes at federal statutory rate   35.0%   35.0%   35.0%
State and local income taxes (benefit), net of federal benefit   4.0%   6.0%   6.0%
Permanent differences   0.1%   0.2%   0.2%
(Decrease) increase in the valuation allowance   (73.0)%   (89.8)%   (65.4)%
True ups   5.0%   (0.0)%   (3.2)%
Effective income tax rate   (28.9)%   (48.6)%   (27.4)%

 

Components Of Company's Deferred Tax Assets And Liabilities

Significant components of the Company's deferred tax assets and liabilities at June 30, 2017 and 2016 are as follows:

 

   June 30,
   2017  2016
Deferred tax assets:          
Allowance for doubtful accounts  $6,255,976   $6,495,094 
Non-deductible accruals   273,435    962,867 
Net operating carryforwards   39,330,708    44,011,554 
Tax credits   5,744,086    6,770,099 
Inventory   130,430    105,250 
Property and equipment and depreciation   298,426    —   
    52,033,061    58,344,864 
Valuation allowance   (34,171,284)   (45,302,504)
Total deferred tax assets   17,861,777    13,042,360 
Intangibles   (331,527)   —   
Capitalized software development costs   —      (481,779)
Total deferred tax liabilities   (331,527)   (481,779)
Net deferred tax asset  $17,530,250   $12,560,581