INCOME TAXES (Notes)

9 Months Ended

Mar. 31, 2017

Income Tax Disclosure [Abstract]

Income Taxes

INCOME TAXES

The Company files income tax returns in the United States federal jurisdiction and in several state jurisdictions.  The Company’s federal tax returns for tax years beginning July 1, 2013 or later are open.  For states in which the Company files state income tax returns, the statute of limitations is generally open for tax years ended June 30, 2013 and forward. For the three and nine months ended March 31, 2017, the Company recorded an income tax expense of $62,523 and $188,948, respectively, compared to income tax expense of $497,865 and $685,310 for the three and nine months ended March 31, 2016, respectively. The Company received income tax refunds of $530,446 during the three and nine months ended March 31, 2017.

During the three and nine months ended March 31, 2017, the Company increased the valuation allowance by $444,000 due to certain indications that the full benefit of the related deferred income tax assets may not be realized.

The Company does not believe it has any unrecognized tax benefits as of March 31, 2017 and as of June 30, 2016. Any changes to the Company’s unrecognized tax benefits as of March 31, 2017, if recognized, would impact the effective tax rate.