Income Taxes (Tables)

12 Months Ended

Jun. 30, 2020

Income Taxes

Schedule of components of income from operations

The domestic and foreign components of income from continuing operations before income taxes are as follows (amounts in thousands):

	Fiscal Year Ended June 30,
	2020		2019
United States	$	7,151	$	750
Foreign		(152)		(160)
Income from operations	$	6,999	$	590

Schedule of components of the (benefit) provision for income taxes

The components of the (benefit) provision for income taxes are as follows (amounts in thousands):

	Fiscal Year Ended June 30,
	2020		2019
Current:
Federal	$	—	$	(19)
State		651		34
Foreign		—		—
Total current	$	651	$	15
Deferred
Federal	$	(6,409)	$	6
State		(272)		19
Foreign		—		—
Total deferred	$	(6,681)	$	25
Total	$	(6,030)	$	40

Schedule of reconciliation of the income tax (benefit) expense

	Fiscal Year Ended June 30,
	2020		2019
	(Amounts in thousands)
Provision  at federal statutory rate	$	1,470	$	124
Change in valuation allowance		(8,738)		(1,709)
Permanent differences		1		3
Net operating loss expiration and adjustment		521		2,284
Change in state tax rates		291		(244)
Change in uncertain tax positions		131		6
Foreign rate differential		(15)		(16)
State and foreign tax expense		419		77
(Income) loss attributable to non-controlling interest		(178)		28
Other		68		(513)
(Benefit) provision for income taxes	$	(6,030)	$	40

Schedule of deferred tax assets and liabilities

	June 30,
	2020		2019
	(Amounts in thousands)
Deferred tax assets related to:
U. S. and foreign net operating loss carryforwards	$	14,388	$	16,017
Accrued compensation		1,222		1,262
Unrealized gain/loss on investments		1,751		1,828
Partnership investment		—		237
U. S. credit carryforwards		751		1,225
Stock compensation		919		190
Acquisition costs		62		75
Other		85		76
Deferred tax assets		19,178		20,910
Valuation allowance		(11,697)		(20,435)
Total deferred tax assets	$	7,481	$	475
Deferred tax liabilities related to:
Partnership investment	$	151	$	—
Bond interest accretion		698		—
Deferred tax liabilities		849		—
Total deferred tax liabilities	$	849	$	—
Deferred income taxes (net)	$	6,632	$	475

Summary of unrecognized tax benefits

A reconciliation of the beginning and ending amount of our unrecognized tax benefits for the fiscal years ended June 30, 2020 and 2019 is as follows (amounts in thousands):

Balance at July 1, 2018	$	251
Activity for year ended June 30, 2019		—
Balance at June 30, 2019		251
Increase related to tax positions - Current year		121
Balance at June 30, 2020	$	372