Income Taxes (Tables)

12 Months Ended

Jun. 30, 2014

Reconciliation of federal income tax attributable to operations to income tax expense (benefit)

The reconciliation of federal income tax attributable to operations computed at the federal statutory tax rate of 34% to income tax expense (benefit) is as follows for the years ended June 30:

	2014			2013			2012
Statutory federal income tax benefit	$	(3,072	)	$	(1,049	)	$	(1,695	)


Unbenefitted net operating losses and credits		2,163			1,272			2,012
State and local taxes		(326	)		(234	)		(329	)
Merger costs		757			-
Other		75			11			12
Total income tax benefit	$	(403	)		-			-

Components of company's deferred tax assets and liabilities for federal and state income taxes

Significant components of the Company’s deferred tax assets and liabilities for federal and state income taxes are as follows:

	June 30, 2014			June 30, 2013
Deferred tax assets
Net operating loss carryforwards	$	34,154		$	31,342
Income tax credit carryforwards		1,995			2,161
Depreciation and amortization		-			190
Other		1,750			1,490
Valuation allowance		(37,317	)		(35,183	)
Total deferred tax assets		582			-

Deferred tax liabilities
Depreciation and amortization		(8,223	)		-
Net deferred tax assets and liabilities	$	(7,641	)	$	-