XML 62 R33.htm IDEA: XBRL DOCUMENT v3.8.0.1
INCOME TAXES (Tables)
12 Months Ended
Jun. 30, 2017
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]
The provision for income taxes benefit consists of the following:
 
For the years ended June 30,
 
2017
 
2016
 
Federal
 
 
 
 
 
 
 
Current tax expense
 
$
(34,000)
 
$
-
 
Deferred tax benefit
 
 
(81,000)
 
 
2,362,000
 
 
 
 
(115,000)
 
 
2,362,000
 
State
 
 
 
 
 
 
 
Current tax expense
 
 
(1,000)
 
 
-
 
Deferred tax benefit
 
 
(80,000)
 
 
375,000
 
 
 
 
(81,000)
 
 
375,000
 
 
 
 
 
 
 
 
 
Total income tax benefit
 
$
(196,000)
 
$
2,737,000
 
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]
A reconciliation of the statutory federal income tax rate to the effective tax rate is as follows:
 
For the years ended June 30,
 
2017
 
 
2016
 
 
 
 
 
 
 
 
 
 
Statutory federal tax rate
 
 
34.0
%
 
 
34.0
%
State income taxes, net of federal tax benefit
 
 
2.6
%
 
 
3.1
%
Noncontrolling interest
 
 
0.0
%
 
 
-1.5
%
Other
 
 
7.8
%
 
 
-0.9
%
 
 
 
44.4
%
 
 
34.7
%
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]
The components of the Company’s deferred tax assets and (liabilities) as of June 30, 2017 and 2016, are as follows:
 
 
 
2017
 
2016
 
Deferred tax assets (liabilities)
 
 
 
 
 
 
 
Net operating loss carryforward
 
$
11,207,000
 
$
8,070,000
 
Investment reserve
 
 
1,033,000
 
 
1,157,000
 
Basis difference in Justice
 
 
-
 
 
1,805,000
 
Other
 
 
1,563,000
 
 
1,123,000
 
 
 
 
13,803,000
 
 
12,155,000
 
Deferred tax liabilities
 
 
 
 
 
 
 
Basis difference in Justice
 
 
(1,625,000)
 
 
-
 
Unrealized gains on marketable securities
 
 
 
 
 
(260,000)
 
State taxes
 
 
(769,000)
 
 
(807,000)
 
Valuation allowance
 
 
(482,000)
 
 
-
 
 
 
 
(2,876,000)
 
 
(1,067,000)
 
Net deferred tax assets
 
$
10,927,000
 
$
11,088,000