INCOME TAXES (Tables)

12 Months Ended

Jun. 30, 2016

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The income tax provision in 2016 and 2015 consisted of the following:

Year Ended June 30,	2016		2015
Current:
Federal	$	169,350	$	(100,126	)
State	2,675		(167,282		)
Deferred	702,013		284,783
Total income tax provision	$	874,038	$	17,375

Schedule of Effective Income Tax Rate Reconciliation

The 2016 and 2015 tax results in an effective rate different than the federal statutory rate because of the following: 

Year Ended June 30,	2016			2015
Federal income tax expense at statutory rate	$	769,433		$	169,996
State income tax expense (benefit), net of federal income tax benefit	91,660			(21,442		)
Decrease in valuation allowance	(370,000		)	—
Stock-based compensation	447,180			53,596
Adjustments for unrecognized tax benefits	—			(175,000		)
Other	(64,235		)	(9,775		)
Total income tax provision	$	874,038		$	17,375

Schedule of Deferred Tax Assets and Liabilities

Temporary differences which give rise to deferred income tax assets and liabilities at June 30, 2016 and June 30, 2015 include: 

	2016			2015
Deferred income tax assets:
Deferred compensation	$	864,954		$	835,270
Stock-based compensation	603,159			889,325
Accrued expenses and reserves	1,390,910			2,075,601
Federal and state net operating loss carryforwards	418,296			463,237
Valuation allowance	(409		)	(370,409		)
Equipment and leasehold improvements	—			11,566
Other	5,979			14,650
Total deferred income tax assets	3,282,889			3,919,240
Deferred income tax liabilities:
Equipment and leasehold improvements	(67,390		)	—
Other	(2,943		)	(4,671		)
Net deferred income tax assets	$	3,212,556		$	3,914,569

Summary of Positions for which Significant Change in Unrecognized Tax Benefits is Reasonably Possible

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:

	2016		2015
Unrecognized tax benefits at beginning of year	$	—	$	175,000
Reductions based on settlements with taxing authorities	—		(175,000		)
Unrecognized tax benefits at end of year	$	—	$	—

Summary of Valuation Allowance

The following are the changes in the valuation allowance: 

Year Ended June 30,	Balance, beginning of year			Increase in valuation allowance	Release of valuation allowance	Balance, end of year
2016	$	(370,409	)	—	370,000	$	(409	)
2015	$	(370,409	)	—	—	$	(370,409	)