Income Taxes (Tables)

12 Months Ended

Jun. 30, 2015

Schedule of Components of Income Tax Expense (Benefit)

The provision for income taxes for the years ended June 30, 2015 and 2014 consists of the following:



	2015			2014
Current income tax (benefit) provision
Federal	$	—		$	(55,500	)
State	—			(18,500		)
	—			(74,000		)
Deferred income tax provision
Federal	182,843			202,370
State	32,266			30,240
Change in valuation allowance	(215,109		)	(232,610		)
	—			—
Income tax (benefit)	$	—		$	(74,000	)

Schedule of Effective Income Tax Rate Reconciliation

Income taxes (benefit) as a percentage of income (loss) for the years ended June 30, 2015 and 2014 differ from statutory federal income tax rate due to the following:



	2015		2014
Statutory federal income tax rate	34.00	%	34.00	%
Increase (Decrease) in deductable timing differences	43.00	%	(62.23	)%
Net operating loss carryforward	(77.00	)%	12.00	%
Effective income tax rate	0.00	%	(16.23	)%

Schedule of Deferred Tax Assets and Liabilities

The components of the net deferred income tax assets and liabilities as of June 30, 2015 and 2014 are as follows:



	2015			2014
Deferred income tax assets:
Net operating loss carryforward	$	10,882,593		$	10,396,247
Executive post retirement costs	305,769			320,821
General business credit	207,698			207,698
Allowance for doubtful accounts	78,385			105,982
Accrued vacation	116,418			122,292
Inventory reserve	67,361			67,361
Accelerated amortization on goodwill and other intangible assets	—			182,979
Accelerated depreciation	34,878			—
Warranty reserve	10,907			10,907
Total deferred income tax assets	11,704,009			11,414,287
Valuation allowance	(11,629,396		)	(11,414,287		)
	$	74,613		$	—
Deferred income tax liabilities:
Accelerated depreciation	(74,613		)	—
Total deferred income tax liabilities	(74,613		)	—
	$	—		$	—