INCOME TAXES (Tables)

12 Months Ended

Jun. 30, 2017

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The income tax provision in 2017 and 2016 consisted of the following:

Year Ended June 30,	2017		2016
Current:
Federal	$	19,822	$	169,350
State	425		2,675
Deferred	170,299		702,013
Total income tax provision	$	190,546	$	874,038

Schedule of Effective Income Tax Rate Reconciliation

The 2017 and 2016 tax results in an effective rate different than the federal statutory rate because of the following: 

Year Ended June 30,	2017			2016
Federal income tax (benefit) expense at statutory rate	$	(262,851	)	$	769,433
State income tax (benefit) expense, net of federal income tax benefit	(32,287		)	91,660
Increase (decrease) in valuation allowance	444,000			(370,000		)
Stock-based compensation	51,197			447,180
Other	(9,513		)	(64,235		)
Total income tax provision	$	190,546		$	874,038

Schedule of Deferred Tax Assets and Liabilities

Temporary differences which give rise to deferred income tax assets and liabilities at June 30, 2017 and June 30, 2016 include: 

	2017			2016
Deferred income tax assets:
Deferred compensation	$	904,435		$	864,954
Stock-based compensation	621,966			603,159
Accrued expenses and reserves	1,280,181			1,390,910
Federal and state net operating loss carryforwards	751,021			418,296
Valuation allowance	(444,409		)	(409		)
Other	—			5,979
Total deferred income tax assets	3,113,194			3,282,889
Deferred income tax liabilities:
Equipment and leasehold improvements	(67,675		)	(67,390		)
Other	(3,262		)	(2,943		)
Net deferred income tax assets	$	3,042,257		$	3,212,556

Summary of Valuation Allowance

The following are the changes in the valuation allowance: 

Year Ended June 30,	Balance, beginning of year			(Increase) decrease in valuation allowance		Balance, end of year
2017	$	(409	)	(444,000	)	$	(444,409	)
2016	$	(370,409	)	370,000		$	(409	)