NOTE 11 - INCOME TAXES - (Details Narrative) - USD ($) |
12 Months Ended | |
---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Note 11 - Income Taxes - | ||
Total Deferred tax assets | $ 18,809,757 | $ 20,937,747 |
Deferred Tax Liability | 234,106 | |
Net Operating Loss (NOL) Carryforwards Available to Offset Future Taxable Income | 54,883,000 | |
Change in valuation allowance | $ 195,000 | $ 2,350,000 |
Reimbursement of alternative minimum tax credits description | Company is allowing a full reimbursement of $1,342,370 of tax credits relating to the alternative minimum tax credits. The Company received the first half payment in June 2020. The balance of alternative minimum tax credits of $671,185 was received in July 2020. Previously, these credits were to be refunded over a 3 year period. | |
Research and Development Tax Credit Carryforwards | $ 4,440,000 | |
Valuation reserve for anticipated unused tax credit caryforwards | 4,437,000 | |
NY State Tax Credit Carryforwards | $ 208,000 |